5 Simple Tips to Name Your Business

Naming your business can inspire growth and it can hinder growth if you're not careful. I have researched several ideas that might help you come to a final conclusion and should absolutely be considered.

1. Avoid acronyms in your company name. How many companies are named ABC, NBC, etc. etc... Since we are no longer driven by telephone book advertising, having an A-name or acronym is not necessary especially for marketing purposes. If you noticed large companies (in most cases), didn't use their acronyms until they were well known and already branded. i.e. - HP, Hewlett Packard; IBM, International Business Machines Corporation; GM, General Motors. Just be careful when you are starting out. Using acronyms can make it difficult for a small fish differentiate in big pond.
2. Be easy to spell and pronounce. If someone says, "huh?, can you repeat that?, or gives you a totally different name when they repeat it back to you" ...it's definitely a good idea to rethink your naming strategy.
3. Be careful not to be a brand extension. I truly believe that each child (Jr.) and each brand name, needs its own identity. A study showing movies that were the II, III, or extension of a very successful first version never did as well as the first. Identity is so important and having a unique fingerprint in the world of brands is important to your success.
4. Can you build a brand with it? Really ask yourself if the brand is clear and concise. Certainly, you can have a Starbucks, nothing to do with coffee really and it has worked for them, but you have to always consider your brands clarity. If you do not have a lot of resources to brand your image like a Starbucks, you need to sit down an go over the 7 Core Branding Values article on this blog and start your own brainstorming.
   
5. Beware similar products and names. Be careful in naming your product or service a name that has 100's of other product names. I recently had a client with a very popular name and trust me, getting a name like that high on the search engines when you have a small marketing budget is quite the challenge. You can name your company Tri-star or Triple AAA this or that, but you are in for a big surprise when trying to brand your product or service.
   

The key here is to really brainstorm and think about the different names you can come up with. I have a link to a company that names your business in the favorite links section of this blog or find a small business marketing consultant to help. Most importantly, research your options. Another great website is www.wordlab.com.

How ever you decide to come up with your name, make sure to have fun, think of long-term effects, and make sure you are comfortable with the end result most of all.