Naming your Business

Posted: April 10, 2018 by David Lamont in Marketing topics

Naming your business is one of the first, critical, and long-lasting things that you do. A good business name is very important to get right because it:

  • Becomes your brand name and the reputation associated with that name is a valuable asset.
  • Is trademark-able protecting your reputation from poachers.
  • Becomes your website address where prospects and customers find you online.
  • Is very difficult and expensive to change.

So, what makes a good business name? The following list highlights the interrelated elements that make a business name better. Very few names can claim them all, but all good names can claim some of them.

The premium Internet domain is available (e.g. dot-com, dot-ie in Ireland.)

Most savvy marketers will abandon a name if the domain is not available. If it is available, they will purchase all similar domains to keep them off the market.

The word and spelling are unique enough to be trademarked and the trademark is not already taken.

If the trademark is taken, move on.

Obvious to pronounce and spell.

Do you want to spend limited marketing resources bridging the perception-to-reality gap for your name? It’s an unnecessary sidelining of funds that can otherwise be used to boost sales.

The name makes it clear what you sell.

“Unoso Software” is better than just “Unoso.” You also can achieve clarity with an icon and/or tag line but it’s best if the name itself is all that is required.

The name is as short as practical.

Short names are easier to remember but they are also easier to work with in the Internet age where advertisements are limited by characters and pixels. Try this: Type the name in a font approximating your eventual logo then shrink it to 1-inch. If you can’t read it clearly, it is too long.

The name and its associated reputation are transferable.

In some countries it is common for a company to be named after its founder (e.g. Joe Ryan & Sons.) However, with the reputation tied to an individual the brand name may not have as much value as one that can be more easily transferred.

Starts with a letter that is early in the alphabet, so it appears towards the top of lists (e.g. directories.)

Most prospective customers only contact 2 to 5 vendors so making the shortlist is important to sales.

Learn more about how your business beat your competition, attract better sales leads and win the loyalty of your customers by contacting Marketingsage now.

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Comments
  1. appicu says:

    Great list. Simple and easy to follow. Thanks!

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