Importance of a Business Name
An effective branding system starts with a great name. Unless you can put a name to your company that will distinguish it, you cannot proceed with creating a brand. It is similar to a newborn child, who must first be named before he or she can create their unique identity. Only then can you proceed with succeeding methods that are aimed at creating your mark in the market and enabling your business growth.
Creating a Name
Naming a company or brand is not as easy as naming a newborn child. Indeed, multiple factors come into play such as producing a name with a good recall on the consumers, the type of product you have in your business, its features and usage, and other benefits that consumers can experience from using it. That is just one aspect of what you need to consider when naming your product or brand.
The other end of the formula requires you to envision yourself in the mindset of the consumers. How is the product useful to me? And what benefits can I get from using it? Add to that all other competing businesses that offer the same product as you do. These are all pointers you need to look into if you want to get a share of the market and increase sales production.
Do’s and Don’ts
Creating a business name can be confusing sometimes, either for lack or excess of ideas that make it difficult filtering them out. Below are a few tips you should consider when naming a business:
Opt for memorable and catchy names instead of generic ones that are difficult to register in the minds of the consumers.
Never use names that literally describes the product. Go for creative ones.
If possible, do not use geographical names because it limits the scope of your business. However, this is an advantage if your product is associated with a given locale or affinity.
Refrain from restrictive names to save you from trouble in the future in case you want to expand your line of business.
Keep them short so as to produce memorable names.
Name as Part of Branding Strategy
A business name is not just a name; it represents your business identity. And in the business community, the way you represent and project your image is crucial in determining success. This is because perceptions, more than the actual value of the product or services, is essential in helping consumers decide on whether to buy that product or not. On top of the brand itself, it makes association with the company and its reputation. That is why most businesses spend and invest most of their efforts on building a trusted business reputation that will strengthen the trust of consumers on their company.
Your business name essentially determines how far your company will go in this endeavor. When people encounter your business or brand, you have only a meager amount of time to catch their attention. If you fail to do so, then you would have lost a potential customer. More than just intriguing, a good business name is one the compels your target market. If you can produce one, then it will surely catapult your business to your desired commercial success.
A good business name is not just a superficial aspect involved in branding but rather a legitimate business factor that must be taken into consideration.