The success of your business relies a great deal on what you do with it. Having said that your company name will embody everything you and your company stand for. You want to be the talk of the town, rather than sink into obscurity because no one understands your brand.
Your company name should ideally reflect the unique value of the service or the product you want to sell. It should be eye catching and memorable.
Certain industry experts believe that abstract company names create the best image because they are quite liberating, whilst others advise you to choose a name that immediately tells your customers what you are selling. There are experts who firmly believe that names from made up words (coined names) stay in the mind more effectively than real words.
The most important thing to remember when choosing your company name however is to back it up with a good marketing strategy.
Naming firms can help you create the right business name for you, if the name will be very influential on your company’s success because of the particular field you are entering. Such firms use systems to create names and they understand the trademark laws.
Your company name should reinforce the important elements of the business. The more your name speaks to customers about your products and services, the less you will have to explain it. Naming experts advise using words that people can relate to, rather than fabricated ones.
However in today’s marketplace almost every real word has been trademarked and so companies are turning increasingly to coined names, for example ‘Acura’ (for precision engineering) or ‘Compaq’ (compact).
You should choose a name that you find appealing, naturally, but also one that attracts your target customer. Within this spectrum, you can pick a familiar, perhaps emotive name that customers respond to on an emotional level.
Try to avoid long, confusing names and puns on words that mean something to you but nothing to your customers.
Once you have narrowed your choices down to perhaps five favourites, carry out a search to see if someone else is already using the name. Limited companies need to have unique names that no one else shares.
Choose the name that fits your objectives the closest and describes the company in the best way. Choose the more memorable name.
Some entrepreneurs prefer to test the name through consumer research or gathering a focus group together. You might see how the company name looks, visually, too, as well as how it sounds aloud.
Companies House states that the name cannot be offensive in any way and that it cannot use ‘limited’, ‘public limited company’ or ‘unlimited’ anywhere but at the end.
You could also make sure that your company name is available as a domain name, because it makes business sense to use it for the creation of your website.
Whatever name you choose, make sure it is one that can grow with the business and remain relevant and compelling. You want customers to notice you, not pass you by. The right name can make the right first impression for your company.