A business name has great effect on the growth of such business. However, deciding what business name to use for your company can be a really tasking thing to do. As at year 2016, there were about 300 million companies in the world, in other words 300 million brand names. Therefore, it becomes a big deal these days to get a perfect brand name.
Business names should be chosen carefully and properly and with these tips, you can do just that!
TIP #1: WHAT DO YOU WANT YOUR BRAND NAME TO SAY?
This is very important. Great brand names are known for speaking a thing or two about the guiding principle of such company. For example; Apple is known for simplicity while Nike is known for winning and so does every other great companies. Therefore,
- Write out your vision and mission statement
A vision statement is a written document of what a group or organization intends to achieve or be over a period of time with a set of practical approach in actualizing the vision, called the mission statement.
Note: there is no right or wrong vision.
For Example; An Online Retail store
Vision: To provide people with the best online shopping experience.
Mission: through creating a smart, user-friendly website where people can purchase goods with fast delivery.
- Extract your set of values from the statement written
A collection of guiding principles is called Values
Therefore, using the above example the company’s values include: Best customer service, Smart & user-friendly interface, fast delivery, and so on.
Then from the list of values, select your main value. For this example; Smart & user-friendly interface.
TIP #2: DEVELOP A BRAND NAME
Jonathan Bell, in a TED talk show on How to Create a great Brand Name (Video Below) categorized brand names into 7 different types in which I agree with.
- Eponymous: Formed from Founder’s name e.g Adidas, Tesla, Disney, etc
- Descriptive: American Airlines, DANA airways
- Acronymic: KFC (Kentucky Fried Chicken)
- Suggestive: Formed Real English words. There are 3 sub-categories of this.
- Real English Words: Uber, Slack
- Composite: Facebook, Ray-Bam, BlackBerry
- Invented: Kleenex, Pinterest, Linkedin
- Associative: Amazon, SiriusXm, Redbull
- Non-English: Samsung, Hulu
- Abstract: Kodak, Rolex, Rado
The above listed categories should guide you to what type you want to choose using your company values. For example, using the company values above, I can name the company SmartMart, SmartPurchase, Quicka, Quicker, and so on based on the depth of thought. You can decide to use non-english translations of the words and so on.
However, while doing that, you sure need to AVOID the following;
- Cute puns that only you can understand.
- Long and puzzling names.
- Geographic names: it limits company growth.
- Names that cannot attract your potential clients.
Video: How to create a brand name | Jonathan Bell
TIP #3: VERIFY THE NAME
This is also important. After coming up with a name, check with the organization responsible for registering companies in your country to see if the name is still available for use. If it is not available, think deeper but if otherwise, register your business name.
Also, check if domain name is still available. If it is, purchase it as soon as possible and if it is no longer available, you can coin the URL. It’s best if you get a .com website but if not you have less to worry about.
If you watch the video above, you’ll see how ‘Alphabet’, Google’s parent company, developed its own domain name because alphabet.com has been bought by someone else. The company uses www.abc.xyz, isn’t that superb?
You can do a lot better than that!
Justsmartminds.com, Walmart, Ufitfly, Midas Events, ColdStone, Shoprite are all great brand names well developed and clearly say what the business is about. You can come up with something better, deduce your company values and get started!