A business name is your identity. In most cases, it is the first thing customers, investors and followers hear or see of you. With that said, there’s commonly great pressure when it’s time to come up with a business name.
You may have the perfect product or service, a well-executed business plan, investors, branding, even a team behind you, yet without a memorable, original name, your business doesn’t exist. You’re yet to break through the industry noise, seen as invisible.
Although you may feel pressurised to jump into it and come up with a business name quickly, it is advised to spend some valuable time, brainstorming appropriate name ideas. Getting your name wrong by rushing it could jeopardise your entrance into the market. Yet, spending enough time may motivate and inspire the creative juices, helping you capture your true business meaning, turning it into words.
If you’re just starting a business or refreshing your brand image, see our guide on how to come up with a business name that will do your product/service justice in today’s saturated business world.
Why picking the right business name is important?
Selecting the right name for your business is vital. It can make or break your chances of success. It can differentiate you or push you into the background. It can add value to the products you sell or devalue your whole offering. Here’s why your business name carries great importance…
It’s how you’re identified
Your business name is your brand identity. This is how customers and audiences will differentiate you from your competitors. This is how you’ll be acknowledged on a global scale, across social media channels. It’s how your online store will be found on search engines. It’s how you’ll be remembered. Therefore, it is very important that you come up with and chose a good business name, that fully embodies who you are as a company.
It’s how you stand out
By opting for a valuable name, it will help you stand out in a saturated market. Selecting a quirky, memorable or on trend name idea is important. Yet, you’ll require longevity and global acceptance to be remembered for the better. You’ll want an easy to remember name, that also offers relatability. Not to mention the way it looks on packaging and sounds across marketing material.
It’s what you stand for
Your business name is what you stand for. It goes everywhere with you. Therefore, it must reflect what you offer and your values as a business. Your business name could discriminate certain target audiences. It could offend cultures or buying behaviours. It is vital that you position yourself in the right area when choosing your business name.
It controls what target audience you attract
A poor or incorrect choice could attract the wrong target audience to your product/service/brand. This will be a waste of money, time and effort, along with damaging your initial entrance into the market.
It controls your marketing potential
Your business name can control the creative ideas you can come up with for the rest of your marketing content. This is very important to consider when brainstorming and coming up with a business name.
How to brainstorm and come up with a business name
If you’re in the process of starting a business, and you’re keen to come up with a business name by yourself, there are some handy tips you can follow. You could opt for the use of a business name generator, however, some of these services cost. For a cost-effective brainstorming process, here’s some pointers to get your creative name juices flowing…
The format of your business name
Firstly, you’ll need to think of the format of your business name. Do you want a short, clear name which is easy to remember and to the point? Do you want to use acronyms like many other large brands? Do you want to use your own name? How do you feel about symbols?
All of the above are potential ideas to begin the format of your business name. It is important to delve down each avenue to help you brainstorm potential brand identities. If it helps, look through a dictionary, consider foreign counterparts or work with abbreviations, alternative spellings or intentional grammatical mistakes.
The bigger picture of your business name
Once you’ve come up with some business name ideas, it’s now time to consider the bigger picture. How will your business name look on your product? Will it fit in with your existing branding? Does it tell the story of your company? Does it reflect your values as a business?
It is vital that at this stage of brainstorming, you think about how the name will look across social media and PR, how your name will be said, how will it be portrayed on a global scale, how will it be seen by your target audience and how will it represent your company for your future.
The way your business name is translated or transmitted can impact future success.
The availability of your business name ideas
Once you’ve come up with a business name that you favour, it’s important to check its availability. We advise completing some research to ensure that it’s unique and that no other competitor is trading under a similar name. Checking website domains is also important if your business is online, ensuring that you can actually trade.
All of the above steps should help you narrow down your ideas, and help you come up with a business name that you love and that truly reflects your business. It is important that it’s relatable, along with respectful and reflective of your values. If you’re truly struggling, using a business name generator will be beneficial.
Once selected, here at PSC Systems, we can help you get your business name out there through a range of direct mail and fulfilment services; helping your brand identity be known. Get in touch with our team today to discuss your marketing needs as a business owner.
Posted on Monday, February 24th, 2020 at 3:13 pm in Latest News.