Importance of Business Naming
Question: I'm about to start a new business and can't think of a decent enough name. My business partner says it's not important, that a good service is what counts in business, but I think we'll be missing a marketing trick if we don't do this properly. Can you give us any advice?
Royal Mail, to Consignia, and back to Royal Mail again, Norwich Union or Aviva, Abbey or Santander - Company and brand names can invoke passion and strong emotions in people.
We say a good name is vital. First impressions count and your business name is very much that opportunity.
I can understand your partner’s sentiment – worrying too much about such things can get in the way of ‘good service’ which will ultimately help to determine the success of the business. However don’t underestimate the value of getting the name right. You need a name that you are both happy with, proud to introduce yourselves with, and positivity is key.
Assessing about how customers see your business and asking a few questions is always a good exercise. Think about the names and brands YOU remember and ask yourself why? Whilst the exact nature of your business will influence the relevance of these questions – This may prove a good place to start.
Consider making it relevant to your product/service (Kwik-Fit) … and/or accessible to your customers. Brands such as Saga or Bebo deliberately attempt to exclude those they do not wish to target.
There is always a place for names that ‘Does exactly what it says on the tin’ particularly in consumer goods.
Think about your future plans. Are you expanding your product or service offering? Generic names that stand for common values can help, i.e. Virgin.
Make it easy to spell, read and pronounce – no tongue twisters.
Make it distinctive, easy to remember. Memorable is good.
Can your name reflect the benefits of your service – Living Well (health club).
Does your business rely on the web? Ensure a suitable domain name is available. Don’t go buying loads of domain names (that’s a whole different topic!).
Spending time on a business name now can save you a lot of unnecessary hitches in the future, ensure you ask yourself a few important questions, but ultimately it’s important that the name is something with which you feel comfortable.
And finally – Good Luck!
Added: 30th June 2009
Tagged: matm, branding, marketing, first-impression, design, concept, royal-mail, brand, business, success, value, product, service, accessible, saga, bebo, target, consumer-goods, web-domain