Carefully choosing and reserving a name is one of the first steps to be taken when considering starting a new business. Therefore, opting for a powerful name is not a matter that can be left to chance. The name chosen for a firm may determine, to a greater or lesser extent, the success of the newly founded company .
Being an important decision, choosing the name is one of those steps that would greatly benefit from the help of a professional service. However, whether or not the manager decides to hire a specialized firm, there is some information that must be discussed internally in the future company, so that the name reflects real values:
- What type of product/ service are the most representative for the company’s future portfolio?
- What is the target group of the new business?
- What values does the company bring to the market?
- How does the business differentiate from the competition?
A good starting point is brainstorming between the associates of the new company. Even if you do decide to hire a professional service, the advertising agency would like to know what are the ideas of the associates.
Any newly established firm has the objective of developing and strenghtening the brand. Here are some ideas that may be considered:
- The name can have the “wow” factor, which requires novelty, boldness. It may even be an invented word or a relevant acronym;
- The name must strongly identify with the company’s profile, wheter it promotes novelty elements or wants a classic image;
- The fewer words, the better;
- The use of clear adjectives;
- In order for a longer name to be easier to remember, a pun is the ideal choice;
- A positive name will generate a higher level of trust from the customers;
- The name must remain meaningful for a long period of time. If the logo might change at a future time, the change of the name could cancel all previous development efforts.
Of course, in the quest for choosing a good name, it is also necessary to know what to avoid. Here are a series of mistakes that are quite common among small companies:
- Choosing words that are difficult to pronounce or may cause confusion;
- Words with several meanings fail to define the profile of a company, generate insecurity and prospective customers fail to distinguish what type of products/ services are provided by the company;
- First names are indicated only if the identity of the product/ service is closely related with the identity of the one who sells it, such as small family restaurants or products developed by public figures;
- Using geographical regions has the same limitations as above;
- Using prefixes, suffixes and common elements that are unable to make the company stand out on the market.