What should you name it?
Some names are better than others. And they have to communicate what’s most valuable to your market.
“Calvin Klein” immediately communicates luxury, exclusivity, and distinction.
“Dollar Tree” focuses on price.
You can guess what kind of customer buys from each brand. Nothing wrong with either approach. You just have to be clear on who you serve. And you have to give your business a name that reflects what your ideal customer really wants.
So here’s some more tips for doing that:
1. Involve Only the Right People
Remember, you designed your business to serve a specific niche. When naming your business, you might be tempted to ask for feedback from a slew of friends and family members.
You can certainly include them. But only if they reflect the market you want to serve.
Everyone you know may have an idea on what your business’s name should be. Only listen to the people who really “get” you and your business.
2. Stay Away from Literal and Descriptive Business Names
These names are a good first step. They describe exactly what your business does. That’s better than a vague business name that confuses.
But you really need something that communicates value. What does your market really want?
Cheap prices? A good deal? A high-end product? Relaxation? Convenience?
Figure out what they really want when they buy your products. Your business name should reflect that.
3. Avoid Inventing New Words Too
Think of Xerox. What comes to mind when you hear “Kodak?” Or how about “Wal Mart?” You have certain thoughts and feelings that arise when you hear these names.
Don’t go that route with your business…at least when your business is young anyway.
That’s because it takes lots of dollars spent on advertising to condition people to associate your business name with certain values.
You can always rebrand in the future when your business takes off. So, don’t feel immense pressure to come up with the perfect name now.
4. Consider a Simple, Inexpensive Test
The great thing about the web is that you can test all sorts of things and get reasonably accurate results without spending a lot of money. Consider creating a few landing pages with different business names…keeping all else the same.
See how visitors to your landing pages react. Always best to let your market determine what works at your business.
So…there’s no perfect business name out there. But you can find good ideas that inspire trust and build connections with customers instantly.