1. Do Some Research
Research is crucial when naming your business. Remember the brand name tells the whole story of the business distilled into one or two words. In 1995, Adidas and Reebok were battling for popularity among 18 to 34-year-old females. In the process of searching for a name for their products, Reebok named its sneaker line “Incubus”. Apparently, Incubus means a mythical demon who engages in sex with women while they sleep. The mistake went unnoticed for a year before Reebok had to pull out all the 53,000 pairs of $57.99 shoes from the market. If these guys only took some basic steps it would have saved them a few dollars.
- Google your ideas – quickly you will see what is already out there
- Check social media
- Understand what your name means in your market(s)
2. Be Smart
A business name has a value that goes beyond choosing a word you like for the sake of branding. You must take into consideration the legal perspective alongside search engine compatibility when choosing a name. Take a list of names and filter them while you consider their compatibility with the search engines. Use Google to gauge the common stream visibility of a word or a phrase. There are many free Trademark search tools available in each country which will alert you to any impending issues before you spend your investment on a lawyer only to find out you can’t register it.
3. Know Your Audience
Even if it takes you a while, you need to study your audience so that you choose a name that will resonate with the intended customers. Think about the behaviour and preference of the people you want to attract. Think about what they value and the things that appeal to them most. Choose a name that resonates with their culture and moral standards, and uses a language that they all understand.
4. Keep Your Brand Name Simple
Keep it simple without compromising the value of the name. Make sure that the name you choose represents the business characteristics in simple one or two words. Remember that you don’t have to be complicated. Take a moment and think about the names such as Google, Apple, Windows, Virgin, Adidas and many others. Though they are not self – explanatory, yet they set the benchmark for what they do as companies. The words are simple, and they have become synonymous with the brands they represent.
5. Consider the Domain Name
It is evident that simple domains that have single word names are becoming difficult to find. Unfortunately, the short names are often taken by companies or squatters, and this means you have to think outside the box, change the spelling, even explain your brand name through the URL, part of your story or offering. Play around with phrases. For example, a company with the name “Fireworks” is good for a business that makes candles. A domain name such as lightmycandle.com can capture the real purpose of the business without compromising its functionality and mnemonic power.
The Final Thoughts
Whether you are a startup or a business that already has a strong market presence and considering rebranding you need to get a brand name that invokes different thought and a feeling of uniqueness in your audience. If possible, engage the audience and ask them what they think. After all, you are asking them to part with their money.
Recently a new connection started the conversation stating – ‘I love the Waking Giants name, I totally get it and what you believe’.