Five considerations when naming a business, product or service – StartupSmart

Creating a name for a new business, product or service can be an overwhelming task, particularly when it can determine the identity, personality and the perception of your brand.

 

With this in mind you need more than a trusty thesaurus and clever word play, you need to think about the end result, the ultimate brand you want to create and then work backwards.

 

So here are five considerations to take into account when naming your new business, product or service.

 

1. Know your target markets and what they want

 

The first step in creating a great name is to know who you are targeting. While it won’t impact the name in every case, it can be a way of appealing and positioning your business, product or service in a way that easily identifies through name or slogan who it will benefit.

 

2. Research keywords

 

Research what words and terms your target market is searching for when trying to find your industry, products or services, and see if there is a way you can use these keywords in your name.

 

By incorporating keywords into your business, product or service name, slogan and domain names you have a slight edge when it comes to search engine optimisation (SEO) as it is an easy and natural way to incorporate them into your copy.

 

3. Be mindful of spelling and phrasing

 

While it can be fun, and advantageous for trademarking to invent new words and phrases, or change the spelling of existing words, be mindful of how your potential customers may spell it or search for it if they were to only hear your name.

 

Potential customers won’t always see your logo or the spelling of your name the first time they are introduced to you. They may hear it mentioned in an infomercial, be referred to you while talking to a friend or colleague, or perhaps even hear it on the radio or a podcast interview.

 

With this in mind, it is wise to make the spelling clear while it becomes established and also take precautionary methods (if possible) with domain names for instance in order to pick up potential searches and enquiries that may spell it incorrectly.

 

Also think about your name in terms of a hashtag. If you have multiple words in your name could they be interpreted as something else if you were to run them all together as a #hashtag on social media?

 

4. Use or create a verb

 

Using a verb or creating a word that could be used as a verb can be a great way to make your business, product or service stick in the mind of your customer and make it appear to be the best or ‘in’ thing to do. For example how many times have you said or heard someone say “Google it”.

 

5. Incorporate the problem you solve or benefit you provide

 

This can be a powerful positioning strategy that can set you apart from the very beginning.

 

Be mindful though that when you incorporate the problem you solve or benefit you provide in your business, product or service name you are making a promise to your customers. So whatever you say, you need to make sure that you can (while thinking of all ‘what if’ scenarios) live up to it and maintain it over the course of your business.

 

Do you have a process behind choosing names for your businesses, products or services?