10 Things You Should Know Before You Name Your Business
1. Target Market: Research by international marketing agencies has proved that businesses should spend a considerable amount of time and money to know the demographics of their target market. This not only enables the business to understand their market but also enables them to develop a business name that is most appropriate for their business.
2. Competition: When you are naming a business do not get influenced by your competition and do not be a wannabe. Always remember that your business offers something unique and the name of your business should be able to communicate this fact to your clients. Studies have shown that businesses that have names similar to the first 4 entrants in the industry do not last long.
3. Product: There should be some relevance of the name that you select for your business. In the day and age of Digital marketing, domain names, SEO and SEM selecting a name that is not even remotely related with your business can hurt your sales figures.
4. Unique: Select a name that sets you apart from the pack. This does not mean picking up a synonym. Consult a professional. There are several Branding Agencies with in-house knowledge tools that can guide you towards the most appropriate name. You pay a professional to design a logo, might as well pay a professional to develop a handcrafted name, which will be the foundation of your brand identity.
5. Difference: Naming a business is different from naming a product. The name of the business should be related to the industry that you plan to operate in. it should be broad and holistic in nature. Whereas the product or the service that you plan to name should be related to the need that you are planning to cater to or the gap in the market that you are planning to cover.
6. Imaging: The Name of your business, product or service will result in creation of an image in your prospective consumer's mind. What image does a Rolls Royce create and would it have been the same had it been called Toyota? Marketing Gurus across the world use this technique to guide startup's and entrepreneurs to come up with a name for their business that creates a brand identity inline with their business.
7. Recall: The top of the mind recall of the brand is embedded in the name of the business. Empirical studies done by leading brand agencies across the world have proved that your target audience is most likely to recall the name of your business before they recall the logo of your business.
8. Farsighted: You may launch 10 services over the course of the existence of your business so do not focus on the 1st one you are launching while you name your business. Businesses across the world have had to spend millions of Dollars to rebrand after they have renamed. This logic applies to all businesses irrespective of the nature or size of your business.
9. Interplay: The name of your business is connected with the tag line you will choose, the logo of your business, the color combination of Logo and depending on the nature of your business even your letterhead, stationery and visiting cards of your employees. The dots need to be connected by a professional before the business is named. Rolling Stones in Green would not leave the mark that it does in Red. Always keep in mind that Naming a business is like laying the foundation of the company. There is a specialty in Marketing called brand architecture that delves upon the scientific nature of Brand identity and the subliminal, conscious and unconscious impact that a business, product or service name has on the human mind.
10. AIDA: The name of your Business should gather Attention, create Interest, elicit a Desire of owning the brand and result in the Action of purchase. The name should result in completion of all 4 steps.
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