If you are starting a new business or completely rebranding your existing business, one of the first actions you need to take is to think of a business name. There is no right or wrong choice here, with some people preferring descriptive names and others more abstract names.
For example, “Cadbury’s Chocolate” is clearly descriptive, while “Apple” has no meaning, and if you didn’t recognise this as a brand name you would have no idea about Apple or their products.
So which type of name do you chose for your brand or business? Well, here are 4 steps that should help you make the best decision for your company.
- Ask the experts: Once you have selected your brand name, there is no easy way to go backwards. So if you find that your brand name isn’t working for you, it can be a costly and lengthy process to change it. This means that having experts on board, who can help you pick the best name for your business, is worth every dollar.
- What do you want your name to represent? This is where you need to think about what your company represents, your mission statement, your products or services and your target audience.
- Be careful to not limit your business: If you use a location in your business name then you close yourself off to expanding to other locations, if you use a product type then you can’t expand your range. So “Stoves Atlanta” causes problems for expanding your range to other appliances and to other cities.
- Think about creating a new word: Sometimes abstract brand names are difficult for people to relate to; they simply don’t understand your business offerings from the name. So another tack is to spell a commonly used word differently or add two words together. Examples include Pinterest, Compaq, Netflix, FedEx and Walkman.
The experts you engage will help you through this process and test a few of your favourite creations, before you make the final decision on your new company name.