Naming rights - how to choose an effective business name (pt 2)
21/11/2017 by Ean Brown Partners Limited
Part 16 of our blog article series: "Strategies for business success"
(and part 2 of 2 of our mini blog series on "Naming rights - how to choose an effective business name")
In part 1 we provided you with some ideas to help you get started on a list of possible business names. That divine spark of inspiration can be elusive, but hopefully our tips gave you the starting block to clear any pesky cobwebs.
Following on from there we'll now run through some of the things a good brand name should do, to help you whittle that list down to just one.
Remember that your business name needs to work hard for you – it doesn't just get to sit around idly above your front door, resting on its laurels. So appraise your shortlist carefully and consider if each of the names meet at least some of the following:
Us humans tend to be an emotional bunch, so much so that, according to scientists, emotional recall happens in the brain much faster than rational recall. That is, we will feel much faster than we think. Use this to your advantage when naming your business to create an emotional connection and a deeper brand loyalty. Consider the names "Nana's Biscuits" and "Homebake Biscuits" - both suggest they are freshly baked at home, but no one makes biscuits quite like Nana, right?
Convey your values
Is your brand ethically aware? Is it upholding certain values, such as humane animal treatment, or ethical sourcing of raw product materials? In today's saturated consumer markets, having a defined ethos can be the difference which makes a customer choose your brand over your competitors. Incorporating your values into your brand name can help cement your business image as one of integrity and trustworthiness.
Reference what you offer
A good strategy for businesses on a budget is having a name that tells customers what you are offering. This can minimise money spent on marketing and also gives you better SEO (Search Engine Optimisation) – whenever potential customers search the internet for your product or service, you will show more prominently in the search engine results because the product is right there in your company name! This could prove to be a very competitive advantage over competitors with more abstract names, as everyone is clamouring to be at the top of the search results page.
Concise and memorable
We are bombarded 24/7 by advertisers trying to get our attention, so it can be hard work trying to be heard amongst all the noise. With consumer attention spans stretched to capacity, it helps to keep your business name short, memorable and easy to spell.
Many of the big companies we're all familiar with – think Google, Netflix, and Uber – use single-word names because they are easy to remember. And with more and more people using mobile devices to access the internet, short names and URL's are also faster to enter.
Be mindful of your choices of spelling too – a single wrong character when typing out a web address means a potential client may not find your site (or worse, land on the opposition's website). Word-of-mouth referrals (the best kind of organic, free advertising) will also come easier if people aren't struggling to pronounce or spell your company name. Before committing to a name, think about how your name sounds when spoken out loud, not just how it looks on paper.
To wrap up ...
When thinking of names, there is no right or wrong, but there is definitely a good, better and best. Pit your names against the above considerations towards branding and marketing, and you will eventually arrive at one that simply jumps off the page and screams "EUREKA!"
This concludes our blog article mini-series on 'Naming rights - how to choose an effective business name'. Please feel free to share this article on Facebook, or leave us a comment below to let us know what you thought - we love your feedback!