Naming your company is pretty easy stuff.
Ya right! If you have ever started a new business, you’ll know that finding the perfect name for your company is also arguably one of the most torturous aspects. Getting the right name is unbelievably important. Why? Well, let’s think about what’s at stake.
First of all, you have to get everyone of the company’s key stakeholders to agree on a name, which is usually easier said than done. Decisions by committee rarely turn out well. Ideally you need one person entrusted with making the tough decisions, but that is a whole other topic all together.
Let’s say for the purpose of this article that a group decision is your only option and somehow you miraculously agreed on the name; this is where the real fun starts.
- Your name needs to somehow embody what your company is all about.
- It needs to somehow fit with the product or service you offer and perhaps indicate the level at which you offer it.
- It needs to work with the image you want to convey and hint at what your brand stands for.
- It needs to convey what your message is and what industry you are in.
- It may also indicate where you are from, your background, your beliefs, your influences, and in some situations—even your dreams and aspirations.
So in other words, your name has to convey everything your company is and hopes to ever be—all in a couple syllables. And until your company becomes famous, you’ll use this name to convey all this information to complete strangers in a very crowded market place.
Then from a marketing point of view, your name has to lend itself to succinct communications and clean graphic design. We all know how important image is—it’s everything!
The following are some companies that clearly failed at the name game.
Finally, your name has to be unique. One company per name per industry. If someone else already has dibs on the name that you chose, too bad for you. Either start back at square one or use the name and risk legal action.
So finding the right name for your company is one of the most difficult exercises you and your business partners will ever tackle, but it has to be done before you start doing whatever it is that you hope to do so well.
This is where history can be helpful. Millions of companies, (all with names) have come before you. Is there something we can learn from their approach that can help you in your dilemma over nomenclature?
We’ll find out later soon!