While you are starting a new business, there are some major facts to keep in mind for a better success rate, naming a business is one of them. With extensive experience in branding and naming, you can discover the main mistakes which people make in naming their business. The name creates the first impression with potential investors and customers so don’t take this decision lightly.
- It is too hard to hear, say or spell
Whenever you start a new business, make sure the name is simple to say. If it is difficult to remember or pronounce, nobody will recall it. Always give an easy name to hear and spell. Follow this simple formula which will help your business. The name should be fluent to spell and easy to remember, choosing a difficult name will affect the success rate of your business.
- Not researching competitor names
Brand recognition in business will work as giving power to your business. The name should be strategic and creative, sets you aside from the pack and can review what the company does. The exact name of your competitor can cut your customers in the same industry. For a successful business, you should always be a way ahead of your competitors.
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- Don’t make your business name so obscure
If the business name has intuitive sound, natural and special meaning, it can work. If it’s too puzzling it will prevail a mystery to the customers. To reach a mass audience you have to follow the above guideline. The name always depends on what business you are doing, the name should be bright, illuminated and brilliant. The business name should have special significance or meaning. But if the name is too obscure or too hard to pronounce and spell, you will lose the opportunity to interact with the customers.
- Test your name with customers
We can say that naming a company is the most strategic decision. Always test the target audience you have, if you choose a different name and audience is not convenient with that then you are doing it wrong. Business name delivers the image of your business, so make sure the audience can easily spell the name, which eliminates market confusion. Customers are the god in business, so before taking any step always keep in mind them.
- Choosing the wrong name
Many company owners know they have a problem which is in their company name and they just hope it will resolve itself. Your company name should be accurate and not make any confusion to the customers. Some company names are hard to understand what they do or what they serve. Time to time the demand of customers change and the business owner should be always updated. Don’t hesitate to change your company name if it will give you better success.
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- Overthinking your name
Naming a business plays an important role in success rates but by just assigning a good name will not grow your business. Don’t over think it does not give your company value. The name is just a small tactical expression, think about it but don’t over think. Work hard to make your name known to everyone, don’t make it heavy lifting.
- Using a region to name your company
Many businesses choose their region, state or city name as a part of their company name. In the beginning, this may help but as the business grows it becomes a hindrance to the business. Some owners are having this problem they are serving more market than their name. After naming your business and doing the paperwork, it is too hard to change the name. These companies should make strategic moves.
- Don’t follow short term trend
Choose a name which will stay unchangeable for years. Many phrases are memorable, so they get clichéd and get annoying in a few years. Trends could be influenced by business but they don’t control it completely. Only certain group or stereotypes develop associations with trends frequently. But those stereotypes will not always your audience.
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- Involving committee in your decision
Involving everyone like your family, friends, employees, and clients will get you lots of suggestions of name and it will be a trouble to select one of them. Selecting that one name will estrange the remaining people. The fewer the better is a better method just involve some decision makers who have company’s interests at heart. If you involve many people in naming a business you will end up too descriptive and literal.
- Failed to do a Trademark search
In new business, the owners spend money and time promoting a certain name, and someone is using that name already. If someone is using that name before you used it, they have the rights even if the trademark is not registered by them. A professional trademark search is an absolute must, before naming a business. Using a name which someone is already using is not a solution do proper research for a trademark and owning the rights.
Above mentioned are some of the facts to keep in mind before naming a business. Always take enough time to think about these facts. By avoiding these potential issues and with your creativity you can name your business which will be suitable for both the short and long term. It will support your company to reach new heights.