A small business name will become an important part of your identity and will need to sustain your growth through many different business cycles. A name is transmitted day in and day out via conversations, presentations, emails, and social media. It will pave the way for positioning your brand, and the right name can become a self-propelling campaign. The wrong name can hinder your marketing efforts and limit your reception with potential buyers.
An effective name should possess these basic qualities:
MEANINGFUL – Connects with your prospects and reflects the image you want to portray.
DISTINCTIVE – Unique and easy to remember, pronounce and spell.
FUTURE ORIENTATED – It positions the company for growth, change and possibilities.
POSITIVE – It has positive connotations in the markets served. It leaves no potential negative perceptions.
PROTECTABLE – It can be trademarked and a domain is available.
Naming should be a key part of your marketing strategy and while some larger businesses pay upwards of $50,000 to create their identity, we believe small businesses can have a great name created at a much lower cost. Whether you prefer an abstract, informative, descriptive or coined name for your business, there is a process to developing a name that will optimize and sustain your business long term. Tune in next week to learn why you may need the support of a professional and what you should expect from the naming process.