One of the first and most important steps for every business is the selection of a name. Choosing the name of your business will have a lot to do with its success. People will make snap decisions simply based on their first impression of your business name. You want a name that will attract potential customers, help clients identify your businesses and build your business identity. How can you choose a good business name? What are the considerations when making your selection?
Here are what some experts in the field, Julia King at CanadaOne.com™ (www.canadaone.com) and BIZTREK Marketing Mentors (www.biztrek.com) say about picking that perfect name.
Consider The Future
Even if you are planning a small local business, plan for and think about the future when choosing your business name and think Big! Consider a name that can grow as your business grows.
Avoid Being A Copy Cat
It is never advisable to copy existing or similar names. The point of marketing is to stand out and differentiate your business. Your company name is your brand. Is your name distinctive enough to standout from the competition?
Keep It Simple And Memorable
Keep the business name short and easy to say and spell. Avoid acronyms or names using initials unless they mean something. The last thing you want people to say is, "How do you spell that?" A good name is something that can be mentioned on the radio or over the phone without a lot of explanation. A great business name does this and is memorable too.
An Alphabetically Desirable Name Helps
Another naming technique is to get the best positioning at the front of Yellow Pages listing by prefacing the name with the letter A. “If you have a good name that happens to start with an A, this could bump it up to a great name,” says Hal Meyerm CEO of Naming Systems. “But if you have a lousy name and it is prefixed with an A, you’re not going to save it. Phone and directory advertising are only part of the marketing mix." Plus, with online search starting to overtake phone directories as the leading product and services search device, ranking high alphabetically will become less and less important.
Avoid Trendy Names
It seems that every few years, some new business naming trend becomes popular. How many times have you seen “Something R US”? After these fads run their course you will be left with an outdated name and that’s probably what most people will think of your company too!Don’t Pigeon-hole Your Business
Including a descriptive word, such as paralegal, in your business name can be useful when marketing your products and services, as the nature of the business is expressed in the name. It is a good idea to consider the type of customers to whom you intend to market your product or service in choosing a business name. If your target will primarily be business to business customers, you may want to choose a name with a strong image. If your customers will primarily be consumers, you might choose a name that brings to mind a memorable image.
Get Outside Viewpoints
Choose a few names that fit the image you want to create. Get some feedback from friends, family and potential customers. Try some names that are strong on imagery, others that are strong on description, and still others that fall somewhere in between. Pay attention to testing your naming ideas with people in your target market.
Check out your ‘.com’ or ‘.ca’ options
Owing a good .com or .ca domain name has great value. You should factor the availability of domain names in your name choice.
Is the name unique and can it be trademarked?
You want your name to stand out in front of your customers and prospects. Avoid names that are close or even similar to your competition. It is important to make sure a possible name isn’t being used by another business, and you are not infringing on anyone else’s trademark or identity. Take the necessary precautions to avoid any legal action. Then take the necessary steps to be sure that your name is protected. For more information on business name searches and trade-marks, please see the NEBS White Paper “Searching For The Right Business Name”.
Once you have chosen a great business name, turn to a talented logo design team to create a memorable logo to strengthen your business brand.
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