You might think naming a company is the easy part of launching a business. . To get the branding aspect of your company right, consider your company name a crucial part of your business plan. Here is some advice to help you navigate the process:
Creating a memorable and appropriate name
Your goal is to create a company name that sticks out in the minds of consumers, while still prompting associations with your overall mission. Google is an especially brilliant name because the 100 zeros comprising a "googol" conjure up the limitlessness of the Internet. (Back when Google was founded, the Internet was light-years away from being infinite, so that choice was prophetic as well.)
When you brainstorm, consider how your business's name will look on paper, as part of a logo, and on different websites. Does it appear as nicely as it rolls off the tongue? Engage in free association to get a sense of what the name suggests—for better or for worse—so you know what people will think of when they hear it.
Differentiating your brand
As with your business itself, differentiating your company from the competition is essential when finding a name. Think how the name will sound when used in a sentence with competitors' names. If your name is the most attractive of the bunch, then you are off to a good start.
Words with one or two syllables work better because they are easy to remember and could potentially become the start of a phrase once your business model expands. Think of how easy it was for Google to add Google Mail, Google Docs, and Google Maps to its roster of products. That short, memorable name lent itself to expansion without the slightest hitch.
Targeting your market
Entrepreneurs sometimes find it difficult to step back and view their concepts impartially. This is natural; after all, your passion and focus are the reasons you have brought an idea to the marketplace. But remember: You are the creator of the brand, not its target audience. To reach the consumers you need to succeed, you have to think about your brand from their perspectives.
Think about the ages, income brackets, habits, wants, and needs of those you will target with your product. Your target audience hopes for something—is your company name giving it to them?
Protecting your brand
Once you wade through the process of naming a company, remember there are numerous practical concerns, starting with your URL. Run searches to determine whether your company name is available should you slap a ".com" at the end. Though a nice web address helps, it is not essential. For example: ESPN.com is not the web address of the sports and entertainment giant. The company has chosen ESPN.go.com because its original choice was taken; despite this, the URL seems to have worked well.
With a solid company name and your URL ready to go, it is time to consider trademark protection. Although anyone can place a trademark symbol on a motto, name, or phrase, you need a registered trademark to ensure legal protection. Trademarks are not expensive and take just a few months to obtain, so the investment is well worth it when you pick a winner. While you are at it, you may want a patent for your unique product.
What is in a brand name? For Google, it was everything. For Apple and IBM, it took years of building associations through branding to become the giants they are today. For small business owners who do not have massive marketing budgets, it pays to get it right the first time.
