In the classic “Romeo and Juliet,” the love-torn Juliet posed the question: “What’s in a name? That which we call a rose by any other name would smell as sweet.” Well, I hate to break it to Juliet, but when it comes to running a business, there is more than a lot riding on a name. Indeed, choosing the right name for your company is one of the most important steps in creating a strategic branding strategy. The right name could make the difference between your company sinking and swimming. So, here are some tips to help you get it right and stay afloat.
First of all, don’t make the classic mistake of choosing a name that actually describes what your company does. Nike didn’t choose a name that had anything to do with running shoes. Instead, it focused on the name for the Greek goddess of victory. You want to choose a name that represents your company and what it stands for, but also something that is memorable. Think of some of the world’s biggest corporations: Adidas, McDonalds, Puma. How many of their names are directly related to their products? None. That should be your first hint.
But, while you don’t want your company’s name to be too descriptive and clear, you also don’t want something that is overly elusive and vague. Companies that try too hard to be cool often pay the price when cool turns into confusion in the minds of customers. You also don’t want to have a name that is composed solely of initials. IBM did it, but that’s IBM. Unless you’re sales are in the billions of dollars, you’re no IBM. Chances are that even a word that you invent will be easier to remember than a random grouping of initials.
Choosing the right name for your company is so crucial in your strategic branding process because it’s the first and last thing that customers will have to associate with your company. Do your research and test your top suggestions with focus groups to see if any red flags go up, or which are the most popular and memorable. But, remember, it’s your company and you should have the final say as to what name you choose. Often times your gut will be more on track than whatever your research comes back saying.
Another important thing to remember is that you don’t want to just take the safe road. When was the last time the safe entrepreneur was rewarded? Running a business is all about taking risks, and you need to do the same thing with your name. How many people probably told the founders of Google and Yahoo! that their names were ridiculous and should be changed? Likewise for IKEA? When it comes to choosing a company name, I say go different or go home.
Finally, keep it short. Even where they can remember long company names, people don’t like to say them. If you do have a favourite long name, think of what nicknames people would give it, and go with one of those.
Focusing on choosing a company name should not be your entire strategic branding process, but it will never be complete without it.
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