Most new entrepreneurs fret about office space, product packaging, and other such details when they think of starting a new business. They leave one of the most critical aspects, company name, as an afterthought. Well, the sad reality is that a business name can make a significant difference when it comes to taking your business towards success.
Coming up with an apt business name is indeed a challenging task. This is why many entrepreneurs even consider looking for company name suggestions online. Well, you can’t just think of a few words and come up with a company name. You need to be creative and use your imagination to come up with a catchy name. The name should also do justice to the products and brand.
A company says a lot about itself and brand identity with its name. So, you must do some research before coming up with an appropriate name for your business. Don’t worry if you don’t know where to begin with. We are here to help!
This blog will provide you with several tips for choosing a catchy name for your business. We will provide an insight into the whole process to help you come up with the best name for your business.
Importance of a Good Business Name
The company name is a medium through which the customers recognize you. It wouldn’t be wrong if we say that your business name is the sole representative of your business. It carries your company’s reputation. Some people even judge the brand and its products just by hearing its name. That’s the importance of a good business name.
A great company name can help you with the following aspects:
Creating Identity
The company name carries value, integrity, and identity of the business. Not all businesses are the same. Customers identify the products with the help of the business name. It helps the customers differentiate the products offered by different entities and assists them in the purchase as well.
Memorability
Customers and passers-by find it challenging to remember complicated names. Besides, difficult to read or understand names are also tough to remember. On the contrary, uncomplicated names are easier to remember, and they provide a good recall value as well.
For example, names like Amazon and Flipkart are easy to remember. We don’t forget these names easily. A business name affects branding as well as marketing. Easy to recall names help the existing customers spread your business name to potential customers. They get the marketing job done for you at free of cost.
Brand Recall
The business name plays another significant role, and that is the brand recall.
This works well for the companies that offer products which are not required at all times, for example, air conditioners. They are not required throughout the year but only in summers. So, your brand name should pop up first in the buyers’ mind whenever they feel the need for the product. However, this is quite challenging when the company name is hard to remember as compared to others.
Word of Mouth
Word-of-mouth is the best and free-of-cost marketing tool. It is a long-term asset that also creates genuine publicity for the brand. Existing customers recommend the products and brand to others. With a short and easy-to-pronounce name, it is most likely that your existing customers would spread the word.
When the existing customers recommend your products to a new group, there will be an increase in sales. This will result in better sales and good profit.
Easy to Find and Search
Even after having a good name, there are chances that your customers might forget your company name. They will try to search your brand on the internet or in the local market if your company has a memorable name. They may also ask their family and friends about your company.
How to Choose the Best Company Name?
Choosing the best company name is essential as it directly impacts the image of the brand. Here’s how you can choose a good business name:
Don’t Be Vague
Don’t choose a name that is too vague or complicated. The best name is the one where you don’t have to explain it. Generic company names, like Shyam Painting Service, is boring as well as hard to remember. Moreover, it doesn’t make your company stand apart from other businesses. Now consider – Brush Painting Services. It is engaging and easy to remember.
Creativity
Never stuff unnecessary keywords in your company name. Using keywords in the business name is unnecessary. Alternatively, you can choose a modified version of the keyword that is fascinating and works well too. It must express what does your business do.
Akshat photography is not engaging, right? How about Mirroring Emotions Photography? It indeed is a creative name. However, the name that you choose must define your products and services as well.
KISS (Keep it Simple and Short)
Don’t choose a name that is too long or complicated to remember. The business name needs to be appealing. It should sound familiar and pleasant. Consider the name Zapraox – it is hard to pronounce and is unclear as well. If there’s a need for you to explain your company name to others, it’s probably not the right name. Being smart is okay, but don’t overdo!
Avoid Copying Competitors
Never choose a name that is similar or identical to your competitors’ names. Appearing unoriginal is never appreciated. It can hurt your brand image. Besides, your potential customers can also get confused between you and your competitor, which may result in you losing even your existing buyers.
Avoid Using Your Name
Unless you are a famous brand, don’t use your name in the business name. It doesn’t sound good to the buyers. This is not the right idea, especially if you ever wish to sell your business in future or expand it.
Company Name Availability
After narrowing down the list of possible business names, next, you need to ensure their availability. Make sure that no other business has already acquired or trademarked the name you like. To ensure this, you can visit the Ministry of Corporate Affairs website.
In today’s world of eCommerce business, it is vital to have a website. So, if you too are planning to have an online presence, check if your desired domain name is available or not by doing a domain name check. You are suggested to keep your company name and domain name same. Else, customers would be required to remember two names, which is definitely not a great idea.
Choosing the right business name is indeed a challenging task. Get ideas and opinions from your family and friends. You can even ask your potential customers. Getting different viewpoints is never a bad idea!
