Are you quitting your job this year? Or are you starting your fresh start-up? If yes, then you will be wondering how to bring more audience to your online store. This can be simply done by branding, which is not that simple. But branding is accessible to everyone and can be easily done if one chooses the best brand name for their new company.
A good brand name is the first step towards successful brand building, and you would not want to mess up with this step. And that’s why you should thoroughly read the below guide to naming your company in the new-age 2019-20.
What’s in a Name?
As a coming of age entrepreneur who is launching a new start-up company, you need to know the importance of choosing the right name. Many new entrepreneurs ask the question – what’s in the name? Here’s a descriptive answer to that.
- Brand recognition
Over 80% of brand recognition is attracted by a good name. A good name lays up the foundation of the multi-million success of a business. When your startup has a catchy name that reflects your power of doing things, people are more prone to giving your products/services a try.
- Customer loyalty
When the consumers give your products/services a trial for the first time, and they find them worthy of their (consumer’s) resources and time, it’s a win-win situation for both the parties. The exceptional service you gave them iced the cake of a good name. When you have a name with a lasting impression, along with exceptional service, your one time customers will come back to you time after time.
- Global attention
When you are exceptional with your service, it’s natural that you will get more and more exposure with each passing day. With that, you might have to go on a global level, affecting more lives, globally. So when you have an easily translatable name, it’s easy for you to go to global markets with multi-linguistic marketing.
Go for some creative name that is easy to spell
You are starting a business in 2019-20, and it’s proven that almost every word in the English dictionary has been trademarked by business owners around the globe. In times like this, it’s profitable to coin a new term that’s creative as well. The new term that you coin should reflect what your start-up does to sustain the cash flow around the organization.
Don’t pick a name that could be limiting as your business grows
This one’s pretty simple, you need to select a name that slightly tells people about how you operate. Do remember, they need to have a gist about what you do, they don’t need the whole process. So avoid choosing a name that limits you to only one specific product/service or confine you to only one city or country. Think big and smart, choose a name that gives wings to your business, and make it multi-dimensional, allowing you to serve everything to everyone, within your reach. If you choose a limiting name, and your business expands, which it will, you will have to re-invest money in rebranding your whole business, which is a lengthy process.
Use a name that conveys some meaning
Picking a name that doesn’t limit you is one thing, but you should not forget about the whole concept of naming something. The sole reason for naming something is to describe what that thing does. So you need to find a fine line of balance between not picking a limiting name and picking a name that describes, clearly or subtly, your organizational functions.
Apart from telling about how you operate, you can also share your organizational message to tell people what you think about your business, and how do you want to work at a grassroots level for improving the world with your business.
In a nutshell, you should state something with your name. Your name should not be out of the context.