Selecting a name for a new business is a crucial decision that requires careful consideration. Your company’s name should be easy to remember, easy to pronounce, and capable of becoming a recognizable and successful brand. As your business expands, your company name will grow in value as an intangible asset. However, if your company name is non-original, hard-to-read, or hard-to-pronounce, it is unlikely that things will go well.
Below are several approaches to choosing a company name, to help you make informed decision.
Choose customer-oriented name
When selecting a company name, keep in mind that it should evoke positive emotions from your potential customers. Try not to use meaningless or ambiguous names as this may be a turn off for potential customers. For example, a restaurant named “Blue Chicken” may not elicit appetite from customers. Choose a name that resonates with your target audience’s values and language to enhance identification and brand recall. You can try showing the name of the company to about 20 to 30 people and incorporate their opinion as it will be valuable since your customers come first.
Avoid personal names
Calling your company by the first name of you, your spouse, or relatives is not advisable as it may have an adverse effect on potential customers and future sales. People often have negative reactions to names or products associated with negative experiences. Avoid using First and last names in your company name. Instead, try taking the first letters of the name and using it to make a new name.
Consider the type of activity
Use a name that reflects the type of business you are into. A well-chosen name should indicate the nature of your company’s work. Alternatively, a name that does not make sense in your industry may negatively impact your business. The customer could also find it hard to differentiate your business from hundreds of others. A well-thought-out name can help distinguish your company from the competition.
Choose a unique name
Make your company name unique and memorable. Avoid using generic names that other companies already use. Moreover, do not tie the name of the company to a specific location as it limits expansion plans for the business. Having a name that is unique will help set your business apart and help customers differentiate it from others.
Foreign language names
If you opt to use foreign words or phrases as your company name, ensure that you research the words in a dictionary to avoid negative interpretations that may negatively affect your company image. Ensure your company’s name fits the target audience’s culture and language.
Get help for the best name for your brand by using name generator tools available online like Turbologo. These types of sites can help generate efficient and creative name options for your business.
Consider the potential impact of your business name before finalizing it. A well-considered name that appeals to your customers, reflects your type of business, is unique and easy to remember, will help your business gain traction quickly. Choose wisely and good luck in finding the perfect name for your business!