Originally posted at https://tc-creatives.com/6-traits-of-a-strong-business-name/
The #1 goal of your business name is to generate customers. The average attention span is 8 seconds, 1 second shorter than the attention span of a goldfish (Huffington Post). Your company’s name should be dynamic, visual, and unique to attract consumers and build a culture. It is the most used part of your brand and needs to be easy to use in conversation, on your products, website, and marketing materials.
When creating your business name it is important that you have already clarified your brand’s vision and products. Choosing a name prematurely can lead to having a name that does not match the audience you are trying to reach. Or worse, does not reflect what you are doing at all. Like anything with business, it takes time, research, and testing to get it right.
Before you paint an image, you must know the type of paint, canvas, color palette, and tools you are going to use. Take time and brainstorm about the foundation of your brand, what it stands for, and why you are creating it, before naming your business. Jot down some words that best reflect what your mission is and what your business will offer to the consumer. This will come in handy when trying to create a name that is perfect for your brand.
Clarity is key in this process. It’s always great to have an idea of the big picture. However, start with a small clear idea of how you want your brand to be positioned in the market and delivered to your customers. This will help develop those bigger dreams into your company’s growth strategy while keeping your brand in-tact.
Strong Name Guidelines
There are 6 general guidelines that a great business name follows. Following these guidelines closely can help avoid any headaches caused by building a brand around a name that is not marketable, not available, or simply doesn’t reflect your company’s purpose. When choosing a name, be mindful of these guidelines and if it does not fit into all of these categories, go back to the drawing board. No, the good names are not all taken. Not even close. It’s up to you to develop a unique business name to accurately and creatively represent your company.
1. Reflects What The Company Does
Your name should not create a guessing game with the audience. It should reflect what your company does and the products that it offers. This helps to build brand awareness, even if the name simply comes up in conversation.
Choosing a name that reflects your products or services also creates an opportunity for your client to use your brand’s name as a verb when referencing your company because the product or service will be understood.
Companies such as DoorDash, WeWork, Beats, and Ring do a great job using descriptive words for their name that allows it to become an extension of their product and immediate selling point.
2. Resonates With The Target Audience
Your name should resonate with your target audience. If your business is targeting senior citizens, you do not want to create a company with a name that is trendy or edgy. The message will be lost and your sales will suffer. Instead, consider what will connect with your customers.
95% of all purchasing decisions are made subconsciously (Inc.com). Use descriptive words that create an emotional connection with your audience to strengthen your sale potential and your client’s purchasing potential. Creating clear customer personas can help with this.
Having a clear understanding of the pain points of your customers and how your product/service will solve them allows you to choose words that evoke emotion in your customers. Below is a quick example of how to create a great customer persona for your business.