Selecting a name for your business is not an easy task. Our recent “What’s in a name?” competition and the ongoing LinkedIn discussion has elicited some great names along with the history behind the name, and a number of tips come to light from our fabulous responses. In a nutshell, a name does more than identify your company. It tells customers:
- who you are
- what you do
- how you do it
- it differentiates you
- it peaks interest or motivation
- it invites further investigation
….IF you do it right and well. Each of us approaches it differently and our business names have evolved for, and from, different strategies. A way to approach the development of your best business name, or your most effective name, can come from asking yourself the following questions:
What are you selling? Your business name should express the essential elements you are selling – products and services. It should make sense and capture your most important selling point. What are Your Competitors’ Names? Consider the names of your competitors. You don’t want to be accused of taking someone else’s name and you also don’t want to confuse customers.
How Does Your Name Sound and Look?
Your name should be easy to remember, easy to pronounce, and easy to read on a sign or on stationery and brochures.
What Image Does Your Name Bring to Mind?
Ask people who don’t know your business about your name. You may be surprised to find out what they think it means. You might need to change or finesse your name to remove any irrelevant images. Janie Bartlett, winner of the ABN’s competition for “My Best Friend is a Bag” attributes her brand name development to a brainstorming session which looked at how customers used their bags in their busy working lives, how her bags could help keep them organised, support them and the realization that customers wanted a combination of beauty, strength and practicality. This led to the insight that they were describing their best friends, hence the name was born and as well as having huge standout it gets a chuckle and is highly memorable and unexpected.
Before you select a name for your business, be absolutely sure it fits the business now and in the future, and that it is meaningful and not confusing. Does it express where you envisage your business going, as best as it might. Make sure the image your name brings to the minds of those who hear it is what you want. As in any marketing challenge, it’s about how your customer will interpret and perceive your business based on your message. Among a huge number of fantastic entries we chose these runner-ups:
- Leapfrog Financial
- TopNotch Resumes
- The Woo Marketing Services
- The Little Space
- Media8 Australia Pty Ltd
- SOS! Bookkeeping
Consider what you THINK they may offer, then check out their websites for affirmation. I suspect you’ll be pretty close to correct, as each communicate the heart of their business services. Just as it should do!