It’s great fun choosing a business name and brainstorming the possibilities, checking your options with friends and colleagues, astounding yourself with the smart, original names you’ve shortlisted. It’s great fun for sure, but are you approaching this part of your new business with enough care and attention? Your business name is a crucial part of your business identity. It is a very early influence on how your customers perceive your business. For many, it will be the first step to knowing, liking and trusting you – the essential precursors to placing an order.
Don’t leave the creation of potential business names and the final choice decisions to chance, whim or opinion. I recommend a procedural approach based on behavioural theory and powerful tools to fast track your business naming effort. You’ll come up with a name that will resonate with the right kind of customers and attract them to you.
The graphic below is a brilliant pathway to business naming courtesy of Namergy.com you may find useful. Be sure to see our extra tips at the foot of the page!
Business Naming Tips
Choosing a business name will require you to know a great deal in advance about how you propose your business to work. You will already have a strategic plan for your business concept. If that is the case, the resources referred to below will already be at your fingertips. If not, then working through these subjects will help you create foundations for your business strategy.
Digital marketing relies heavily on keywords and phrases. These provide the intelligence that indicates where peoples interests lie. When someone is interested in learning about “dragon’s blood powder” or “computer repairs” these are the phrases they will search on. Creating and maintaining a list of keywords throughout the life of your business is vital to staying ahead of the pack. Keywords are useful for pushing your message to customers through inclusion. They can also provide valuable research data to see where customer needs lie and how customers behave in your market sector.
Unique Value Proposition
Every business that is going to go places needs a unique value proposition (UVP). A UVP enables your business it to own its space in the market and makes it unassailable by its so-called competitors. Your marketing should consistently bring your UVP front and centre and what better way than through your business name itself?
Know Your Customers
A strategic advantage for your business is in identifying who your customers are, how they behave and why. By identifying your ideal customers, you will be able to focus your efforts on this group, to the exclusion of non-ideal customers who will, thankfully, contact your competitors. Knowledge of your customers will tell you where their interests lie, the language they use, what they value, what they like, what they dislike, what their buying journey looks like and more. With this knowledge, you can create a path of strongest influence and least resistance. A business name that embodies this knowledge will use words that communicate ideas and feelings to your target customer group.
Having a statement of values for your business can be enormously helpful in deciding what your company does and how it does it. Using words that encapsulate your business values and communicate them to your customers will help give you a business name that actively works to promote your business.
Digital Business Media can assist you in developing your strategic business plan or implementing it through marketing communications. We do this through Digital Business Builder online resource centre, online workshops and 1:1 assistance in practically applying knowledge and theory to your specific business situation. We can work with startups and established businesses anywhere in the world. Contact us to discuss what you want to achieve.