Choosing a name for your business – be it a product or a service – is among the foundational steps of setting up a venture. It is also the most important element as the name of your brand will be fundamental in setting up the kind of brand identity and brand image that you want to develop. Your brand name will impact your logo design, branding process, image in the mind of the audience and even your marketing efforts.
In a lot ways, deciding on a name for your business can be like selecting a name for your child.
Importance of Brand Name
It is important to understand why the process of selecting a brand name is serious business.
Firstly, the name you decide upon will be very likely permanent and you’ll be stuck with it. It is an extremely difficult process to change the brand name once marketing and branding activities have established a brand identity. Changing brand name can result in loss of all branding capital that has been acquired after extensive efforts.
Secondly, brand name helps identify what your product/service or business is all about and it helps audiences to connect with your company. They are able to do so, in part, with the help of the image that your brand name conjures in them and in part, with the branding and marketing activities that we help you undertake. Which is why, the brand name is so important.
Selecting A Brand Name
When undertaking the process of selecting a brand name for your business, there are some things you should keep in mind:
- It Should Reflect Your Business
A brand name should capture the identity of the business that you would like to build. It should reflect what industry your business is in, what product/service the business is providing and how you envision to expand in the future. For example, a cosmetics company should ideally have a name related to femininity, virtues associated with beauty etc.
- It Should Be Simple
As Da Vinci said, ‘simplicity is the ultimate sophistication.’ Short, easy to pronounce and containing familiar words is the best way to ensure that your brand name is remembered by your audience. As much as possible, use a single word. And make sure it’s easy to spell.
- It Should Be Memorable & Unique
It’s no use to have a brand name if no one can remember it and it’s no use to have a brand name that is easy to confuse for your competitors. The aim of branding is to stand apart in the crowd and that is only possible when your name is unique and memorable.
Before deciding on a name, make sure it is not already in use. You can do this by doing a simple Google search. Once you finally decide, ensure to register it so that it cannot be copied.
- It Should Be Versatile
Versatility is extremely important in a brand name, especially if you have plans to expand and grow big in the future. Simply put, it means that the brand name is flexible enough to be able to accomodate products/services that you are currently not dealing in but might in the future.
- It Should Connect With Your Audience
When deciding on a brand name, keep your audience in mind. Think about their background, their level of education, their interests, what they may be able to relate to. This will help you come up with a name that your audience can connect with and understand. If there is a disconnect between a brand name and the audience you are catering to, it will lead to ineffective marketing.
Once you’ve made a short-list of the names, it is always a good idea to conduct some research like a focus group to determine if it sets well with the people you want to target.
The right brand name can go a long way in ensuring the success of your business.