4 Essential Rules Of Naming Your Business
The importance of naming your brand or business cannot be stressed too much. The name you choose for your business can make or mar it. Your business’s name is like a one word introduction to the whole world, and that includes potential customers or clients. So many people have faced losses because in spite of having awesome services or products to offer, the name failed to make an impression.
Remember that in the age of the internet, people view a huge number of ads and write ups about various businesses. So the only way you can make your mark is to have a name that is easy for the viewers to remember. The name of the business is like the entire brand summarized into one word. It may be a good idea to hire a branding expert to help you decide the name, but the ultimate decision rests with you, so you need to be able to differentiate between a great name and a terrible one.
So how can you make sure you don’t accidentally give your business a name that ultimately ends up killing it? Here are four tips for you to ensure that your business’s name is a hit among your target customers.
1. Do NOT copy from bigger brands
A lot of businesses succumb to the temptation of naming their businesses something similar to an existing and established business. They do this in the hope of riding piggyback on the publicity and goodwill of the bigger brand, expecting customers to get confused and buy from them. However this is never a good idea in the long run. Customers are not as stupid as you may imagine, they can differentiate between brands, and they will simply dismiss you as a copycat. You will never be able to stand up on your own or create your own loyal customer base.
2. Just the right level of creativity
It is a good idea to be a little creative while naming your business, because this will pique the interest of potential buyers, and will also keep your identity distinct in their minds. But be very careful to keep your innovativeness on a leash while naming. If you go too far into the wild side and come up with a bizarre name, you will end up putting off customers, and moreover you will be unable to earn their trust.
3. Don’t rush into a name
Another key to selecting a good name is patience and meticulousness. Take the time to do your research, study the target market, look at names in your field of business that have succeeded, as well as those who have failed. Create a long list of names and then narrow it down to a shortlist. Have brainstorming sessions with your partners, friends, experts, company officials, and if possible, existing loyal clients.
4. Think of the big picture
When you start a business, you generally have an image in mind about where you want to take it a few years down the line. Keep this big picture in mind while choosing your name. You do not want to get stuck with a brand name that cages your business to a field of hinders its expansion. Remember that it is very difficult to rebrand your business once it starts getting recognized. So make sure the name you choose can accommodate the big picture for your business.
