Credit: Markus Spiske
What’s exactly in a name when it comes to setting up a small or a large business entity? Certainly there must be a lot here. In fact, with the right brand name, a business effortlessly turns into the talk of the town. On the other hand, the wrong one will make it obscure, ultimately leading to failure. Therefore, to cut the long story short, we’re talking of a name that conveys one’s expertise, their value and uniqueness of the product/service they are selling.
School of Thoughts Where Brand Names are Concerned
Some experts said that brand names are like a blank slate, on which images are created. Others think they should be informative so that customers know what you are selling. Again, some are of the opinion that coined words (names that have been made up) are more memorable than real words.
However, in real sense, a name can be effective as long as it’s been branded in accordance with good marketing strategy. Here are just some few things you can consider when it comes to finding effective names that are profitable.
(a) Expert help – If you believe you want a name that will influence the success of your business, you should consider expert help. There are plenty of naming firms out there with elaborate naming systems – which they use to come up with new names for businesses and websites. They also know their way around trademark laws and how they affect you.
However, we see some entrepreneurs trying to come up with their own names instead of shopping for names because of the cost associated with buying them. You see, the work you’re paying for often involves identity and graphic design issues. But since we have lots of naming companies charging different rates, you should always go for the cheaper alternative if you believe you’ll be getting value for your money.
(b) The elements of your name – You definitely want to communicate something, so you want the name in question to reinforce the elements of your business. Your niche and mission statement should help you know what you’re going for.
The more the name explains the business, the less effort you will use in explaining what your business is all about. Some naming experts say that entrepreneurs should give priority to real words, or a combination of real words over fabricated ones. That’s because people want names they can relate to and even understand.
Your name may be too meaningful, but you’ll suffer from geographic and generic naming pitfalls. Say you use ”New York Disk Drive” as your name and also that of your website. What if you want to expand across America? What meaning will that name have to residents of New York alone? And what if you diversify your product offerings into computer instruction manuals and software?
(c) Meaningful and broad
A descriptive name will tell something concrete about your company – i.e what it does, its location and so forth. On the other hand suggestive names are more abstract in nature. They only point to what the business is all about. A business has to come up with creative ways in which they can advertize themselves.
Let’s consider an example, say the name ”Italiatour”, a name developed by a naming company to promote tour packages to Italy. Even though this is not a real word, customers will immediately know what’s being referred to when they hear it. In fact, that name evokes the kind of excitement associated with going for a foreign tour.
(e) Longevity
If you choose names that are trendy, or are in season, your brand will quickly fall out of favor as time goes by. If the word you choose was popular or considered the next big thing, chances are that it would fade with the exit of that big thing. You also risk other companies choosing similar names, hence compromising your brand position.
(f) Phonetics
If your brand name is hard to pronounce or uncomfortable to say, you risk failure. Constructed, de-constructed or invented names connect with consumers by mimicking natural language. This is an issue with phonetics. So if your customers can’t pronounce, remember or spell it, it doesn’t serve any purpose.
Get your brand and website noticed when you choose a good brand name. Professionals who specialize in this business have plenty of names and logos to choose from. Names must be single word and easy to remember. Again, the logos should be professionally designed to meet your business needs.
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