When starting a business, coming up with a great company name is a vitally important decision. A good business name reflects your identity and sets you apart from competitors. So, aside from considering the market and financial factors like in “How to Write a Startup Business Plan, It’s Components?” coming up with a name should also be one of the key early decisions that you make.
Due to the importance of having the right company name, lots of entrepreneurs commit time and resources in to the name-finding process. Some utilise research teams, focus groups, and brainstorming sessions. Others use online tools such as the company name generator at Namechk to come up with creative ideas that haven’t already been used by other companies.
Whichever route you want take to come up with a company name, you have to ensure that the name will be easily remembered and resonates with your target audience. So without further ado, here are some factors that can make a company name unforgettable:
Simplicity
Most well-known brand names are simple and short, such as Nike or Jaguar. It is no secret that words that are easy to say and spell can be remembered more often than difficult ones. In fact, a Journal of Marketing study showed that even choosing unconventional spellings for common names may backfire, reducing consumers’ likelihood to support the brand.
However, it does not necessarily mean that you have to stick to only the words in the dictionary. Even “created names” such as Google proved simple and short enough to remember that it is now used in daily life.
“When people use your brand name as a verb, that is remarkable,” said Quibi CEO, Meg Whitman.
Authenticity
Brand authenticity means that your company name and message align with what you sell or offer. A company name that reflects the product or service not only makes it easy to remember it also promotes immediate association when customers think of the product.
An example of this is the history of the name of the toy company, Lego, which came from two Danish words “leg” and “godt” which mean “play well”. Aside from the meaning being consistent with their goals, their name has become easily associated with play.
Think about what your company offers or the message you want to convey and go from there. The inspiration for your business may also be the inspiration for your company name.
“The crucial ingredient in the success of any brand is its claim to authenticity,”said American marketing professional Al Reis.
Distinctiveness
It is important to stand out among your competitors especially in a tough marketplace. Unique company names can provide this differentiation and provide memorability at the same time.
Creating a new word instead of using a common term answers this need. Some company names are entirely made up of acronyms such as MAC for Make-up Art Cosmetics. Some are created by putting words together especially rhyming words such as the company Stubhub. Some companies can also be named after their founders, such as Cadbury or Rolls-Royce.
“And so we can use association of ideas, combination of ideas, extraction of principles, and application of those principles to areas where they were never applied before. We need to be open-minded,” remarked Professor at Alma Mater Studiorum University of Bologna Giovanni Corazza at TedTalkxRoma
Connection and response
Good brand names bring up positive feelings and associations. When customers feel an emotional connection to your brand name, they will be more inclined to remember it. Descriptive names can be good in trying to evoke vivid images in the brain, such as London Fog or Superdry. Onomatopeia, or using words to represent a sound, has also been used effectively in company names such as Ziploc, and makes it easier to remember.
Try to paint a picture or conjure up a sound that you want in the minds of your target audience, or try to evoke a certain feeling. Then, find the words that fit these things.
“The most important thing to remember is you must know your audience,” states best-selling author Lewis Howes.
This list of factors can help you in coming up with a wonderfully memorable company name that will remain in people’s minds. The endurance legacy of your name will go far in helping to create long lasting success, which is the primary goal. As Ray Kroc said, “Success is not about how fast you can make it, but how long you can keep it.”