To determine whether your current business name or a business name you’d like to propose is or would be successful, you should consider the following factors that go into a good corporate title and take some time analyzing whether your new business name has these qualities. Check with other people, as well, for sometimes it’s harder to decide such matters when we are particularly close to them. Consider seeking out people in online forums of a certain age, gender and other demographic characteristics that coincide with those of your target market. That is, think about who your customers are, who the name really needs to be effective with. Then take appropriate measures to ensure that you create a business name or corporate title that works effectively the way you desire it to in the eyes of these individuals or groups.
1) A good business name rolls off the tongue and is very easy to read the first time people see it. Avoid using awkward phrases or a corporate title with too many words unless you can successfully pull off something whose awkward name (like, say for instance, a tongue twister of sorts for a humorous company) caters appropriately to the type of business and services it stands for.
2) You would also be wise to create a business name that is catchy. It should be something people will remember-for obvious reasons. It should also be unique. Do not choose a business name that is already the title of something else, even if, and especially if that “something else” business is in a business category completely unrelated to, or worse, in opposition to your own.
3) Additionally, you should choose a business name that is fairly straightforward and not confusing. Keep in mind, though, there are occasions where an intentionally misleading business name or corporate title is not only acceptable but some might argue business savvy and a smart sales technique. Take, for instance, the chain of dramatically discounted stores known simply as The Dollar Store. Here is a superb example of misleading but good business name that works amazingly well to define the business culture and speak to the customers simultaneously. People see The Dollar Store logo or hear the business name and immediately think “cheap items”.
Most people who have been to The Dollar Store are well aware that not all products are sold for literally one simple dollar, and realize in fact that most of the items of any decent quality could maybe cost up to ten times that amount. But this is accepted and the name The Dollar Store properly distinguishes the less expensive goods with a certain connotation and does so, I might add, very successfully.
If you are able to think up a great, creative business name that, like The Dollar Store, similarly misleads successfully and are confident you have the determination and skills to really utilize marketing and advertising strategies to work with the said name, by all means choose a title that is more daring or controversial. Just make sure you consider the potential negative effects of taking such a risk before you set this new business name in stone.
4) Your selected new business name should also be easy to read and recognize at first glance if it is seen written on surfaces such as building signage or highway billboard advertising. Think about people passing by in a car and make sure the corporate title is something that a person (in the driver’s seat) passing by will be able to read and understand in the brief moment they approach and pass alongside of it. Note there are only a few seconds here for them to see and form an opinion about your business name and advertising. The rest of the sign, including the logo and graphics are obviously important too but sticking with strictly the rules of the name itself, make sure to keep that interstate driver in mind while narrowing down your preferred business titles to a single one.
5) Another note on signage- naturally you want your new business name to look good in print no matter where and on what it is located. Write it out on paper or type it into a word processing document using several different fonts and type sizes. You want to look for a good business name that will work in many formats, especially if you will have yet to create your official logo. You might also try out the proposed business name with different colors. Consider how the name will look on various signs written large or small and on different surfaces or backgrounds.
6) In addition to selecting a new business name that will look appealing on signs, you must also think about what will be cost effective. Consider the fact that many companies who create signs or who are affiliated with the presentation of your business name over a variety of different mediums and such tend to charge more according to how large the name is. In other words, they charge by letters and check with your service company about specifics, because some particular letters may even cost more than others.
7) Finally, think about the connotation that one might identify with your new business name. Do the associations that come along with hearing or reading the term or phrase make you think of ideas that are appropriate for the company culture and external brand portrayal of your company? Make sure they business name doesn’t draw up any negative misleading connotations. Also, try to select a name that stays true to the company culture, as previously mentioned, in general, as much as is possible. For example, does your desired business name sound youthful? Fun? Trendy? Does it sound professional, uptight, exclusive, one of a kind?
Perhaps you may want to consider surveying some of your desired customer base as well as those completely different than the people you intend to associate your company practices with. Ask them what word associations come with your X proposed new business name. This should be quite simple and quick to orchestrate and will likely provide you with a better idea of how your business name will be received.
Don’t forget that you have a direct personal attachment to the business and subsequently, as well, to any business name idea that you come up with and begin tossing around. You may not be the best judge of your own ideas, as it is tough to remain objective when you are so close to such a concept. So be willing to ask for other peoples’ opinions, especially those who have no preconceived idea or knowledge whatsoever about your company and its services.
