Long or short, difficult or a 3 letter word, common or extraordinary, names are an inevitable part of our lives. Right from the first thing we pick in the morning, say tooth brush, to the lamp we switch off before going to bed. All products are recognized by a name and so are their manufacturers.
A name can make a big difference to your business. When you are going to be a part of the market for people to praise you or abuse you, they require a name, a unique identifier that points to you.
Especially when you envisage a small business initiative. Your business is subject to the pressure of survival and hence all the factors impacting market acceptance weigh. As small business startups neither have a legacy behind nor surplus marketing capital. For them company name is one big asset (even for bigger firms). Building credibility through performance, delivery and service is not an overnight job, it takes time. Till then it is only the name that holds the promise potential.
Therefore it’s vital to apply efforts in conceiving a name that people befriend readily. Though you are permitted to change your company name later if you desire and there are no legal repercussions to it. But businesses having historic roots fare well with investors as well as customers on account of their constancy.
But like all other things, do even names have a dynamics behind them? Yes they do.
As there are various implications of a name, it has to pass through all the phases with distinction. Bear in mind a few points when you are discovering that key element of your business – the name.
- Your name will be your first impression with the people as well as with its branding and marketing. Figure that one unique element of your business that will establish you, be it your product or your trade values.
- A name should be good from the SEO perspective to reflect on related search.
- Confirm its meaning in other languages, this will be important for you to gain acceptance in different regions. If your name has an entirely different meaning in any language, it will be difficult to woo those regional consumers.
- Is there a strong value set which forms the foundational stone of your company, and would you like to address them through your company name?
At times a name holds more power than the company assets altogether and this can be illustrated with the example of Bavarian Motor Works popularly known as BMW, the landmark German motor company. The company’s brand name is a word formed by using initial letters of its name of origin. It is short and goes well with all the brand engagement components viz. logo, business card, domain name and others.
While you can resort to any means of naming your juvenile venture, here are the three basic approaches generally followed.
1. Implications of an abstract trendy name
A name directly affects the working of your business as it imbues a perception in customer mindsets. Your business cards, logo all bear your company credentials. And so keep all these aspects in mind while coining a name. A trendy name might not particularly impress your investors but it may connect well with the consumers. American technology major Apple Inc. which produces one of the most fancied devices of its time wears a name that is not even remotely related to its product. The name was devised while the founder of the company – Steve Jobs, who worked at an apple orchard at that time was having a fruitarian diet. Such abstract names allow you the liberty to play around with words and eventually conceive a name that sets you apart in the market. A striking name bears the potential of reverberating user’s psyche. And this aspect pans out in favor of smaller businesses.
2. Conventional Naming
This type of name fares well at most litmus tests. A generic name is preferable by all respects be it company registration or domain registration on web. It will be greeted well with the investors as well (for those looking to impress investors), who fancy traditional appellation standards.
Also a company name that speaks of its work stands to gain from SEO perspective, as it holds more chances of reflecting when people search for that particular service. The name ‘BurgerKing’ will help users looking for burger eateries online to land on their website.
A conventional name has higher retention ability in people’s memory. The name Coca-Cola clearly communicates its carbonated flavored product. Although it has many competitors worldwide the company enjoys a privileged position with its consumers because of its name. And hence when it comes to carbonated drinks what comes to most of our minds is Coca-Cola.
If you are a limited company chances are that all your company stationary and assets will implant your name or logo. In such cases it is preferred to go conventional way. If you have future expansion plans, a conventional name will be helpful to you in the long run. Another option will be to register with a conventional nomenclature and create product brand names using your creative imaginations.
Businesses need to be audible since inception. But this is not the case with small businesses having definite budgets. They are constantly subdued by their superior contemporaries for production capacity and other determinants of power. But researches state more millionaires are born in recessionary times. And it is in these times that a conventional name can sale you through.
3. The Legacy Name
It is an old practice of family owned businesses to carry the family appellation as its company name. The saying “It’s all in the family” holds true here, even the company sequels the name legacy. In such cases the market credibility attributes to the family values and history. And any fluctuation to the family directly affects its market credit and shareholders.
The famous American multinational retail corporation ‘Walmart’ imbues its name from the owner family – ‘The Walton’s’. Earlier known as the Wal-Mart Stores founded by Sam Walton was named after its family.
Imperatively, the name you select has to be consistent across all the sectors. Using hyphen & numbers are some ways of differentiating yourself from existing company names. But it needs to be crafted with care such that it doesn’t downright appear as a different company. A business that is registered with the name ABC will lose its noteworthiness if its website includes a hyphen amidst its spelling (ab-c.com). Hence whatever name you contemplate for your startup ensure its availability on the domain.
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