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Why Is Choosing The Right Business Name So Important?

Why Is Choosing The Right Business Name So Important?

It takes five to seven impressions for consumers to recognize a brand, which is one reason why two aspects of brand recognition – the logo and brand name – are two of the most important considerations to be made prior to launching your business. When it comes to names, originality is a key factor to be considered, with statistics showing that 72% of the most successful brand names are acronyms or invented words. It isn’t enough to come up with an original or onomatopoeic word, of course. Brand naming is a complex task that seeks to find the perfect balance between creativity and an authentic expression of what a brand stands for and what demand it can fulfill.

Key Steps To Creating A Successful Name

Many companies have a small list of brilliant, quirky or interesting names in mind, but they can come to an impasse when it comes to setting on one. Some rely on a brand naming service when they realize that there are many steps that cannot be overlooked during the process. These include brainstorming regarding key values that need to be expressed with just a mention of your brand name, coming up with a shortlist of names, conducting trademarks and common law usage screenings, fine tuning the name if necessary, and testing it out on your target market. Global linguistic screenings are also important, since you want to ensure your name does not sound offensive, insensitive, or even humorous in another language. This is especially vital if your brand is international or if international expansion is a possibility.

Names That Resonate With An Audience

Many of the most successful brand names have an instant appeal that arouse curiosity or interest. Names like Cracker Barrel, Apple or Google are perfect examples of brand names that are memorable. However, they go beyond ‘stickability’ in that they also suggest what the brand is all about. Cracker Barrel exudes tradition; Apple, says Steve Jobs, was meant to connect an high-tech brand to an ethos that was “fun, spirited, and not intimidating”; Google, inspired on ‘googol’ (a number with 100 zeroes) captured the numerous search results that users could count on finding every time they hit the ‘return’. These names have another characteristic in common: they are easy to spell and say; they seem to ‘roll off the tongue’.

Brand Name Adaptability

Your name should not be too restrictive – unless you are certain from the get-go that you plan on operating within a specific niche. If you are a fashion store, for instance, including a term that mentions clothing in your brand name may not work if you eventually expand into jewelry, accessories or leather goods. Your name should express the interests of your target audience without locking you into one activity that may end up playing a supporting role (rather than a main one) in your business.

Brand names are a key pillar of successful branding. Many of the best names have specific qualities in common – including originality, clarity of purpose, and ‘stickability’. When choosing a name, ensure it is able to be adapted, unless you are 100% sure that you will only be operating within a specific niche.

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