Did you know that your business name can actually make or break your chances of success? When consumers hear the brand Amazon, for instance, they picture a multi-billion dollar company offering every type of item they might ever need. Jeff Bezos originally intended to name it “the everything store”, before deciding that the word “Amazon” was a much better fit. A name evoking the river’s vastness, it was perfect for what would become one of the biggest e-commerce companies of today.
For entrepreneurs, naming a business could be a complicated process. And although there’s no exact formula for the perfect business name, there are a few guidelines you can choose to follow. Here are some of the most important ones:
Naming a business entails doing your research and looking for unique names that are new to the public. This could pose quite the challenge, as you might want a name already taken by another business that has entered the market. Using a Business Name Generator could help you check its availability, or give you variations to make your business name unique. It could also provide you and your branding team some inspiration if you’re lacking in that department. Simply type in your business keywords and get creative.
If you want your business name to grasp customers’ attention, then it should be able to tell a story. It should pique consumer interest and reflect the attributes that you want to convey. The brand Nike has been a long-time giant in the sportswear market, valued at more than $33 billion as of 2022. Originally called “Blue Ribbon Sports”, the company rebranded itself in 1971 and took the name Nike from the Greek goddess of victory. Such a narrative is encouraging to the company’s target market which is primarily athletes and fitness buffs.
A good name must also be able to move people. Business names can tell a lot about the people working in it and what the company values as a whole. For example, 100% Pure is committed to creating cruelty-free and natural makeup and skincare products. Similarly, beauty brands such as Lush, BareFaced Beauty, and Ethique Beauty also send their respective companies’ messages across just by their names. This also invites people who value the same things to support your business.
Your business name also matters to your overall branding identity. According to Search Engine Journal, solid branding that stems from your business name can carry over to your website, social media profiles, and to your presence in the industry. A social media presence, in particular, plays an important part in a business’s success in the modern world. Customers also appreciate brands that grow and develop over time, which is why you need a business name that can grow with you.
Lastly, the concept of “sticky names” for businesses means that a name is easy for customers to remember. Names that are simple, easy to pronounce, and evoke some sort of image are helpful for brand recall. Ideally, you would also want to avoid names that are hard to spell, obscure, or ones that are too similar to competitors’ names. One way to measure brand recall is to conduct surveys and ask customers what they recall about your business and its products, services, or markets.
The bottom line is that your business name should connect and give a lasting impression to those who encounter it. And because you know what’s best as a business owner, it’s also vital that it reflects your vision for the business’s future.
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