Choosing the right business name is an art. Do it well, and it can be the start of a great branding strategy – and the thing that sets your business apart from the pack. However, choose a poor business name, and you will be feeling the consequences for years to come, even if you rebrand. Since 90 percent of purchase decisions are made subconsciously, a business (or brand) name must create a strong impression. After all, it only takes a business 7 seconds to create a good first impression on a customer, and your business name is one of the key pieces of information they will be encountering in those few seconds. From driving traffic to your blog and business website to differentiating your business from its competitors, a strong business name is the start of a great branding strategy – in both the short and the long term.
Consider What Your Name Will Say About Your Business
Your business name is your first chance to showcase what your business is about, such as its mission statement, products, and core values. You want your business name to cater to your key demographic, so it is wise to keep them in mind when choosing a name. Also, don’t be afraid to do your market research before settling on a name. One of the best ways to find a business name that resonates with your potential customers is to use a name testing survey. Many business naming services recommend a Customer Validation Study as a way of judging the appeal to your target audience.
Where Does Your Business Stand On The Trendsetting Spectrum?
Some businesses want their names to be innovative and trendsetting like Mezinga or Slumming It. For these businesses, creativity is paramount in the projection of their brand image – including their choice of a business name. Other businesses opt for a name that instantly communicates their purpose/product or evokes a strong emotion like reliability. It helps to decide where your business will fit in on this spectrum before making a shortlist of potential business names. Are you hoping to promote an edgy business image or a more conservative one?
Make Your Name A Part Of Your Brand Identity, Not Vice Versa
Many businesses make the mistake of building their brand identity around company details like their brand name. However, working backward from your brand identity can make the process much easier. Once you have established your brand identity, you will have a good idea of the tone and impression you want your business to project onto customers.
Developing your brand identity includes many aspects that are also crucial to choosing your business name, including deciding on your brand voice, brand culture, and business purpose. These decisions can also give great insight into your brand perception, and if your business and brand are not separate, what you want customers to see when they see your business name. So, before choosing a business name, think of what you want your business’ brand identity to be and how your business name can best match that.
Do You Face Legal Domain Or Copyright Challenges?
Experts also recommend checking that your business name is not being used by any other competitors. One way to do this is to Google your chosen business name. You may also want to check the availability of your business name by checking the U.S. patent and trademark office’s database. Doing this ahead of time could save you and your business some serious cash. Every year, there are over 3,000 trademark infringement lawsuits filed, which end up costing companies over $250 billion.
Lastly, check out the URL availability of your name. With most businesses being online these days, copyright infringement is equally important off and online. Websites like Dreamhost or Bluehost can help you check their availability. If it is not being used, it may be time to register it as a domain.
Your business name is one of the first decisions you will make about your business – and it is likely to be one of the most influential. Take your time, consider what you want your business name to say, and do your research with your target audience.