Brand Style Series
Naming Your Business
Naming a business can be a difficult task sometimes, but here are some tips I learned as an undergrad that may help ease the pain of deciding what to call your business.
What is Your Brand Architecture?
Understanding how your business will brand itself is crucial. As an undergrad I remember my professors always telling us to ask ourselves if we plan on being a branded house such as Apple or a house of brands Procter and Gamble. It is undoubtedly difficult, risky and expensive to do both, so understanding this will help guide your process.
What is you Long-Term Goal?
If you are chasing a long-term goal or technology, you do not want a name that might ultimately become obsolete. Let’s take Netflix for instance, when Reed Hastings originally named the company, his vision was to deliver movies streamed over the Internet, not by DVD. The infrastructure and market, however, they were not ready. Regardless, his name reflected his long-term goal, and the company eventually grew into it.
Again, Like I said in the previous post NEVER chase Trends!
As tempting as it may be to do so, I want you to fully understand that trends change. Also, because language changes even faster these days, adopting a slang word or phrase is very risky too. You do not want to be stuck with a name that becomes irrelevant.
You Don’t Have to Describe Your Business.
There is an argument for having a name that is descriptive and educates customers about what you do. While this might be important in some cases, more important are names that stir emotions. Great names engage but do not declare, and they evoke rather than explain. Instead of flat out describing your business, look to a name that prompts the customer to seek more information.
Take Risks.
MAKE UP A WORD AND OWN IT!! Besides, the fact that you’re starting your own business is a risk in and of itself, so stay courageous and keep taking risks. Along these lines, you really want a name that will get you, and your customers excited and talking about your business. Sometimes, this requires getting a little more creative than you might be comfortable with. Just remember that If your name gets everyone curious, it will definitely help drive the conversation.
I hope you take these tips into consideration, and please stay tuned for my next post
