FINDING YOUR CUSTOMERS
PICKING THE PERFECT NAME
Naming your company is one of the most important decisions you’ll make in the start-up phase. Not only does the name you choose influence everything from your trademark to your Web properties, but it also plays an integral role in your brand.
A superior name should leave a lasting impression and communicate the very essence of your company. It should be distinct enough to make an impact, but broad enough to allow for some degree of flexibility. Moreover, a great name shouldn’t just be catchy and memorable, it should be an extension of your story—a reflection of your products and services.
Perhaps the greatest challenge in the naming process is a lack of definitive rules. For every expert opinion you find on the subject, there are a slew of groundbreaking companies that have gone against the grain and created something exceptional. There are however a few general guidelines to consider as you begin the brainstorming process:
Make it easy to remember: It may sound obvious, but plenty of companies
forget how important a memorable name can be. No matter your business, you’ll likely enter a marketplace that is rife with competition. Creating a name that’s easy to remember can provide a competitive advantage that may otherwise be difficult to attain. Example: Painted Pretzel, Shark Tank Season 3.
Avoid local names: While entrepreneurs should serve their community,
giving your company a local name isn’t advised. If you own a hardware store in Tampa, for instance, it wouldn’t be wise to name your business Tampa Bay Hardware. There’s always the potential your business may grow, and using a local name can cause complications down the line. If Tampa Bay Hardware opened a store in Miami, for example, they would either have to call the store Miami Hardware, which would damage the overall brand identity, or use the original name, which might be confusing to Miami residents. Unless you have absolutely no plans
whatsoever to grow the business outside your immediate area, it’s best to avoid using a local name.
Keep it simple: If your business has more than six or seven syllables or
words, you may want to go back to the drawing board. Your name doesn’t have to be complicated to be memorable. Example: eCreamery, Shark Tank Season 4.
Stay away from strange spelling and made-up words: Names like Kwik and
Kourteous House Repairs and EZ Dry Cleaning may sound clever, but strange spellings or made-up words can actually end up doing your company a great disservice. Since many people use search engines to find businesses, especially local businesses, having a complicated name that’s difficult to spell may end up costing you customers.
Put yourself in your customer’s shoes: It’s easy to get distracted by a name
that has great significance to you but no one else. Don’t forget to consider your customer when brainstorming. Of course your company’s name should be meaningful to you, but it’s even more important that it has a clear meaning to your customer. Example: Game Face, Shark Tank Season 4.
Test it out: Once you’ve come up with a few different options, test them
out on potential customers and colleagues. Your family and friends may also be able to offer some valuable feedback, but keep in mind that they may not approach the task with the objectivity and honesty you need. Be sure to test your ideas with a wide spectrum of people who accurately represent your target market, and incorporate any useful feedback.
Once you’ve decided on a few potential options, the next step is to check the U.S. Patent Office’s website to see if any of your potential names are legally available. With hundreds of thousands of trademarks registered each year, some of your ideas may already be in use. You’ll read more about patents, trademarks, and copyrights in Chapter Six.
“Not only is a good name catchy and memorable, it should help people understand what your business does. Today’s world is all about the Google search. If your name reflects your products or services, you’ll have a much better chance of being found, so it’s important to choose wisely.”
Finally, you’ll want to search online to see which domain names are available. It’s very likely the .com suffix for your company name will already be taken, so you may need to get creative with your domain name. Make sure you don’t get too creative though. You’ll eventually market your business online, and you’ll want to have a domain that’s similar to your company’s name. This would also be a good time to secure your username on Twitter and Facebook. You’ll need those sooner than you think.
A great name is crucial to your business, so don’t feel like you need to rush the process. Whether it’s on the treadmill or in the office, budget a little time each day to brainstorm. Compile a list of competitors’ names, search industry-related media, or find your own unique ways to spark inspiration. Whatever your process may be, don’t forget that a great name has the potential to increase credibility, communicate a mission, and attract customers. And what could be better than that?