Most people have plenty of creative ideas when choosing a good company name. The chances are you could opt to name your business after a favorite phrase that you like. However, choosing a good company name involves more than thinking of a name you want.
A good company name will reflect your brand identity and create a unique presence in the minds of your customers. Choosing a name that will market your company and maintain a positive reputation for your brand is essential.
Sometimes having to think of a name for something can be a painful experience. I remember my days as a kid trying to think up a Gamertag for my favorite video games. You want it to be perfect. So you mull over it while playing a game like Grande Vegas online casino USA, or whatever else and stress about every name you come up with.
If you are wondering what makes a good company name suitable, sit back and relax because this article intends to help you discover tips that will help you in the naming process.
Factors to consider when choosing a good company name
A good company name will create an incredible first impression on your clients and determine the success of your business. Since a name will stay with your business indefinitely, it is crucial that you invest time when choosing an ideal one.
Peruse the following factors and discover how to choose an appropriate name that markets your company and resonates well with your clients.
- Authentic
Most customers would prefer to engage with a company that is true to its brand name. Therefore, a good company name should accurately represent your core values, goals, and mission.
When brainstorming a good company name, you can begin by analyzing the following: your company values, what you do and why you do it, and what makes you different from your competitors in the same field.
If you understand what your company and brand represent, it will help you come up with an authentic and unique name that resonates with your values. A company name that does not represent what your brand stands for will ruin your reputation.
- Memorable
A company name that is long, difficult to pronounce, and hard to spell is often a turn-off to many clients. Therefore, when choosing a brand name for your company, aim for one that is simple, easy to pronounce, and memorable.
In this digital age, opt for a name that is web friendly and can be easily spelled and searched online. A good brand name can attract and resonate with clients from all over the globe.
You can keep your company name memorable in your clients’ minds by adopting alliteration. Most prominent and successful brands in the market like Coca-Cola and Dunkin Donuts have over the years used alliteration to their advantage.
When using alliteration, ensure the name you choose sounds good when it’s said out loud and can be pronounced easily. When the company name sticks in the minds of your clients, they are more likely to promote your brand anytime they make a purchase.
- Distinctive
Since you will have competitors within your industry, having a distinctive brand name makes you stand out because sharing the same customer base or having products that meet similar needs is essential.
A distinctive brand name will make it easier for clients to distinguish your brand from other similar products. Therefore, research to establish that the name you want to use for your company stands out from a geographic perspective.
Although some businesses may not be in the same industry as your company, if they have a similar brand name, it can confuse your target audience. For instance, an entrepreneur operating a restaurant in a motor bazaar yard could avoid including the name “motor bazaar” in the restaurant’s brand name.
- Defensible
Most trademark offices have laws and suggestions that entrepreneurs should follow when choosing a brand name to help minimize too-similar company names or overlapping that often leads to confusion in a given industry.
A good brand name for your company should be defensible from a legal perspective. Adhering to the trademark laws protects your brand from imitation as your brand name becomes defensible before the law.
For instance, if you choose to use a name of an existing brand, you might be sued by the company even if you operate from a different geographical location. Consequently, obtain legal rights of your company name within your line of business.
In some cases, companies can have the same name as long as they operate in different industries. Since not every entrepreneur has a legal mind, they could hire the services of an attorney to ascertain if the chosen brand name is defensible.
- Enduring
A good company name should not be seasonal because it takes time to build a brand. Although trendy names may look profitable in the short run, they cannot stand the taste of time.
Trendy names can significantly increase your bottom line and make your brand popular, but your business may become oblivion once the trend dies. Therefore, avoid brand names that may become unfashionable in a few years unless you have deep pockets to rebrand.
How can you know that the brand name you have chosen is enduring? Brainstorm with your team whether the name is flexible to accommodate future growth, potential acquisitions, and mergers.
Also, establish if the name will still be ideal should the company change its objectives, focus, and line of production. To underscore the need for choosing an enduring brand name, consider an example of a company with a trendy title such as “Only Birthday Cakes.”
This name could be restrictive and fail to capture future growth of producing other cakes since consumers are made to believe that the brand bakes birthday cakes only. This company would do well with enduring brand names such as sweet tooth cakes or Mummy’s yummy cakes.
Final thoughts
A good company name is a gateway by which your clients enter your business. Therefore, ensure it is catchy, memorable, enduring, authentic, defensible, and distinctive.
The brand name should represent who you are, your values, goals, and aspirations. It should also highlight what your business is all about and create a lasting impression that resonates with your potential clients.
You also want to ensure you choose a trustworthy brand name that stands the taste of time as your company evolves through the years. I guess every entrepreneur would like that.