Naming a Business Is the First Step In Building a Strong Business Identity

The name seems to be a simple factor, but choosing the correct name of the business has a vital role in the success of a business.

Even if the business has a good marketing strategy, product quality and other sources, the first thing that strikes the customer’s mind is the name of the business.

The naming a business must be abstract and it must convey the uniqueness, value and proficiency of the product or service or a process.

Mistakes committed while naming

There are many mistakes committed by the business owners and entrepreneurs while naming the business. Selecting a wrong name can doom the business to failure and obscurity.

While deciding the name of the business, everyone gets involved in the decision making like friends, family, clients and employees.

Each one gives random names of their choice, but end up choosing a synonymous name that might not suit the business type.

At some point, the business owners name their business by connecting the adjectives with the nouns to frame a name that sounds catchy among the customers, but this idea never works.

They also use truncations in the name thinking that it is the rule in naming the business. Some of the truncations are the Corp, Tron, and Tech.

They select a name that is descriptive but not impressive to the audience, which itself negates the popularity of the business in the market.

Some entrepreneurs use the name of the city or town where their business is headquartered or where they hail from.

But some customers mistake that the service or process operates only in that particular place and not elsewhere. This method might click for some businesses but not for the others because of the strategic moves made by them.

And some people keep a name that carries a significant meaning, but hard to pronounce or spell and it might confuse the customers to understand and memorize the name of the business.

Some names are kept in the business that will match the domain of the service or process, but it becomes harder for the clients and customers to locate the brand online.

Thus, while the entrepreneurs are busy in expanding their business or starting a new venture, they have to remember the consequences of naming the business with an inappropriate name will doom their entire business in the market.

How to Name a Business

Naming Firms:  While there are many complications underlying in choosing the right name for a business, an expert advice will help in framing the right name for the business.

In many fields of business, the name of the business influences its success in the society.

The Naming firms have a wide range of systems that is aware of the trademark laws in creating a new business name, they will provide a detailed explanation of the reason why some names are not for naming the brand and also give elaborate information about the set of good names that are applicable for the brand.

A professional firm charges a minimum of eighty thousand dollars for naming the business, which includes the graphic designing and the identity work.

There are even naming firms available in the market that provide services for fifty dollars, but spending in the initial stage can avoid future expenses and pitfalls.

Significance of the name: The name of the business must reinforce the main aspects of the business and communicate about the product or process or services provided by the business.

If the name is able to pinpoint the key elements of the business, it helps in minimizing the efforts of explaining about the business to the customers and clients.

The expert advice while naming the firm is that the business owners should give importance to the combination of words rather than the fabricated words that are understandable and people can relate to it.

The strings of initials and numbers are considered as a bad idea by the professionals while naming the company.

Points to remember while naming

• The name suggested for the business must not only appeal to the business owners and the entrepreneurs, but it should also be impressive so that it attracts the targeted audience.
• The name must remind the customers about the pleasant memories which will help them help them to respond and relate the business on an emotional level.
• The suggested name must not be complicated or long, it must be easy to pronounce and spell. Using truncations and adjectives must be strictly prohibited from naming and branding.
• Using Inc. after the company’s name must be avoided if the company is not incorporated and it helps to avoid the confusion.
• Using creative words or by replacing the spellings in the word can attract the crowd in remembering the brand name.

Trademark search

Once when the business owner or the entrepreneur has filtered the names that are more suitable for their business, they must be prepared for the trademark search.

A trademark is a recognizable design, expression or sign which identifies the service or product or the name of a particular source from those of the others, the trademark owners can either be an individual or legal entity or a business organization.

So, the entrepreneur must consult a trademark search firm or a trade attorney to make sure that the business name must not infringe on other business.

If a business is similar to an existing trademark, they must face the legal battle that can bankrupt the existing business.

Identity work

Once when the names selected by the entrepreneurs have cleared the trademark search result, analyzing the name with the focusing group and the customer research chooses the final name for the business.

The entrepreneurs can also follow certain steps to check how each name looks like on the signboards, by reading the name aloud and even listen to the way it sounds when the name is used in the telemarketing and radio advertisements.

Generally the professional naming team takes 6 weeks to 6 months in the process of naming a business, even if the entrepreneurs do not have that much time, they must spend some quality time in naming and branding a business.

With the growth of the internet and mobile technology, a business must have an online presence to attract a large crowd.

And it also requires a domain name to establish the business in the online platform. The availability of the domain name must be checked and see to that it matches with the business type.

Business Logos

A part of the naming process includes the logos and it provides professional standards for a business and establishes consumer recognition.

The logos are used in many places like the business stationary, invoices, business cards, advertisings and publications.

It must also be included in the yellow page advertisements, business vehicles and signage.

In the case of the business websites, the logo must be visible on all the web pages, the logos must also be printed on the promotional items like the key chains, pens, calendars, t-shirts, bags and mugs.

The purposes of including the business logo are to differentiate the business from its competitors and to increase the brand recognition.

While speaking about the logos, the colors used on the business name and logo is important. The colors have a strong emotional connection between the business and its clients and customers.

Author Bio :

Anand Rajendran is a freelance writer living in Chennai, India. His interest in personal finance and budgeting began when he was earning an MFA in theater, living in one of the most expensive cities in the country (Chennai, TN) on a student’s budget. Today, he writes for a number of websites and keeps up his own Tax Consultancy Services named Uptra.