When they said, “What’s in naming a business,” they were certainly not talking about the 21st century. Unless you invent a time machine and travel back to the ’60s when there were a handful of companies, the name of a company plays a significant role in the success and growth of the company. Let us begin by answering a few questions. Is Xerox the name of a photocopying technique, or is it the name of the company that produces the photocopy machines? Do you WhatsApp a text to someone, or do you send a text on WhatsApp? Intriguing, isn’t it? This tells us how important naming a business is! These companies have managed to hammer their names in the memories of the public. Can you guess why? Yes, because of their excellent service, of course! But there is one more overlooked factor that usually escapes our attention. And that secret weapon lies in the name itself. The names of most of the major tycoons in the world are intelligently thought of.
Today in this highly tech-savvy and fast-moving world, impressions are formed in mini seconds; naming your company might seem like a task. But don’t worry because we have five things that will help you in the process.
Research: Ask Dr. Google!
In the beginning, make sure that the name you are thinking of is not taken. You can do this by looking it up on Google first. You can also go to Google Adwords to search for the name and find out if there is a similar-sounding name.
After this, the second step is to ensure that there is a domain name available for the use. The company and brand can be trademarked in the future.
Bose and Boss look different on paper but sound almost similar. Thank god these two companies operate in two entirely different fields
Think it through
Although it is a free country, you might want to consider before just naming your business, even if it is available to use. The names of companies and brands are there for the long run and are challenging to get rid of once the identity is established. It doesn’t only risk the hard-earned goodwill but also costs a fortune to change even a piece of material printed and published under the name. Hence, it is only logical to name a company with precaution rather than regretting it later.
A history of bad names has cost a lot of companies a fortune. One of the most recent examples is a cosmetic line owned by Unilever called “Fair and Lovely.” Their products had been sold widely for decades. Still, in light of the recent awareness about the irrational norms of beauty propagated by society, the company has faced a lot of criticism and lawsuits because of the name of the product and the idea it conveyed. Consequently, Unilever renamed this cosmetic range by dropping the word “fair” from the name.
To avoid conflicts relating to the nomenclature of your brand, keep in mind the following points,
- Make sure you are aware of the demographics of your target group.
- Be mindful of the norms and rituals of the society the company serves, so that the name doesn’t offend or disrespect anyone.
- Make sure the name is progressive. Calculate the implications of the name in the long run.
Lastly, make sure that the name holds a deeper meaning, which is rooted in the ideology of the company. Take, for instance, the brand Nike is named after a Greek goddess of victory and appeals to the sportsmen who use this sports apparel brand. Naming a company after the surname of its owners is also a widespread practice. Tata, Versace, and Chanel are some companies that have been named after their founders.
Make it adaptable
Google is the name of the parent company, which offers many internet services, the most popular being the search engine and navigation maps. Google was founded by Larry Page and Sergey Brin as a search engine. Its adaptable name made it possible for the company to start other service lines under the same name. The reputation earned by the Google search engine helped the other internet services under the company to prosper. Hence, a company name needs to be adaptable so that expanding it later on doesn’t become a problem.
Scratch the memory!
The whole point of naming a business is to create an identity for the business. Hence, choosing a name that is easy to remember helps the company be memorable and helps the customer come back to the company. The name should also be easily spell-able so that people do not have trouble looking it up.
Keep in mind that the name should be relatable to the field of business the company is established. Another thing to remember is to relate the name to the logo design, which will help the customers remember the brand because of the visual connection. Using color theory in the names and logos of the brand also makes it easy to remember. For reference, read how color psychology works.
The sound will earn you an extra pound!
To create an impression in the customers’ minds, the name of the company sounds good. Take, for instance, Coca-Cola. All three syllables in the name start with a ‘c,’ which makes it sound exciting and pleasant to the ears. Similar tricks have been used by Dunkin’ Donuts, Krispy Kreme, Best Buy, and Oreo. This is an example of a linguist trick called alliteration, which is hugely used in the literary world to make the sound of a text good. Other similar literary devices can be used to make sure that a brand name sounds catchy to increase its popularity among the customers and target audience.