It is no secret that the small business and entrepreneur
landscape is growing. That leads to a
lot more competition and an increasing number of choices for consumers. So, if you are starting a new business it’s
important to get it right the first time.
The first step? Solidifying your
company/organization name.
What's in a name? A lot, when it comes to small-business
success. The right name can make your company the talk of the town. The wrong
one can doom it to obscurity and failure. Ideally, your name should convey the
expertise, value and uniqueness of the product or service you provide.
Some prefer to be abstract, a blank slate upon which to
create an image. Others choose to be informative. Some decide on coined names or made up words
and others choose to be straightforward (i.e. SK Consulting). No matter what your personal choice is –your
name and logo need to attract your target audience (not you).
In reality, any name can be effective if it's backed by the
appropriate marketing strategy. But, there are things to consider in order
to give your small business the most appropriate and effective name.
Enlist Expert Help to Start
Coming up with a good business name can be a
complicated process. Consider consulting an expert, especially if you're in a
field in which your company name may influence the success of your business. An
expert can advise you against bad name choices and explain why others are good.
You may be surprised (as were we) to learn that there are
professional naming firms that charge as much as $80,000 to develop a business
name and concept (gulp!). Sure, spending
a reasonable amount of money early for quality, expert advice can save you
money in the long run…but make sure you don’t go bankrupt on the way to
success! At SK Consulting, we can help
for mere peanuts on those dollars!
What's in a Name?
Start by deciding what you want your name to communicate. It
should reinforce the key elements of your business. Your work in developing a
niche and a mission statement will help you pinpoint the elements you want to
emphasize in your name.
The more your name communicates to consumers about your
business, the less effort you need to explain it. When choosing a business name
keep the following tips in mind:
- Choose
a name that appeals not only to you but also to the kind of customers you
are trying to attract.
- Choose
a comforting or familiar name that conjures up pleasant memories so
customers respond to your business on an emotional level.
- Don't
pick a name that is long or confusing.
- Stay
away from cute puns that only you understand.
- Check
domain names to ensure your business name is included in your website URL
Get Creative
At a time when almost every existing word in the language
has been trademarked, the option of coining a name is becoming more popular.
Coined names can be more meaningful than existing words, but
they aren’t the right solution for every situation. New words are complex and
may create a perception that the product, service or company is complex, which
may not be true.
An easier solution is to use new forms or spellings of
existing words. Compaq was a name developed by a naming firm after a new
company came to them touting its new portable computer. The agency thought about the word
"compact" and came up with Compaq, which they believed would be less
generic and more noticeable.
Test Your Name
After you've narrowed the field to four or five names that
are memorable and expressive, you are ready to do a trademark search. Not every
business name needs to be trademarked, as long as your state government gives
you the go-ahead and you aren't infringing on anyone else's trade name. But you
should consider hiring a trademark attorney or at least a trademark search firm
before to make sure your new name doesn't infringe on another business's
trademark.
Final Analysis
If you're lucky, you'll end up with three to five names that
pass all your tests. Now, how do you make your final decision? Recall all your
initial criteria. Which name best fits your objectives? Which name most
accurately describes the company you have in mind?
Some entrepreneurs arrive at a final decision by going with
their gut or by doing consumer research or testing with focus groups to see how
the names are perceived. Read each name aloud, paying attention to the way it
sounds if you foresee radio advertising or telemarketing in your future.
Keep in mind that professional naming firms devote anywhere
from six weeks to six months to the naming process. (We understand that not
everyone has that time luxury and we can work with you to get you up and
running within a couple weeks).
Once your decision is made, start building your enthusiasm
for the new name immediately. It’s time for logo development, website design and
promotion, social media outreach – the list goes on. Bottom line?
Make sure you have a marketing plan in place. After all, you’ve invested so much time (and
some money) in getting your business together and your name solidified. Support your name and your mission with a
strong strategy to get you noticed and successful!
Need help developing a business name and brand? Contact the experts at SK Consulting. From Concept.
To Creation. To
Implementation. We’re there with you
every step of the way!
