It can be hard to tell the difference between a good idea and a brainchild, and when it comes down to naming your very first business, the distinction becomes even blurrier.
In the modern marketplace, good branding is everything. From collateral pieces and website domains to monthly newsletters, a brand should mean something to every customer, lead, and brand ambassador. Arguably the most important part of a brand package is the name of the business in question. How people read, speak, and visually inspect a company name will play a significant impact on the way it is treated in a professional environment.
For example, consider the differences between a self-published book and a professionally marketed novel. Both written works may have the same level of writing, marketability, and audience appeal, but one thing will be entirely different: the name. The psychology of business names is such that even the tiniest hint of unprofessionalism can turn paying customers away. Here’s why:
- Brand names that rely on temporary lingo or short-lived fads will likely fade out of the public eye extremely quickly. Worse still, names considered to be dated or trying too hard will be seen negatively by consumers and thereby avoided.
- Some businesses may rely too much on their competitor’s branding scheme during the naming process. Business names that fail to distinguish themselves from other competitors will not last long in the open market. For example, what’s the difference between FitU and YouFit? A judge may need to decide.
- Many business names sound catchy at first but fail to grow with the company needs over time. Businesses may be unable to expand to meet the needs of changing consumers. As a consumer, you would hardly expect Xerox to begin selling computers, but that is exactly what they tried to do. Don’t choose a business name that locks your business into a corner.
If you are one of the 65% of Americans dreaming of starting a new business, you will need to prepare yourself for success by understanding the deep-set psychology of business names.
Poorly chosen or rushed names indicate a sense of disorder or ‘shoddiness’ in a commercial environment. In some cases, business names can actually be offensive or derogatory to certain demographics. Choose a name that reflects positive keywords of your company, such as dependability, service-minded, or fast-acting.
Refuse to commit to a name as you begin the process of business licensing. It is perfectly acceptable to balance between two or three names while looking for the perfect fit. Be sure to have friends, family members, and even other business owners take a look at your brand idea. Their input may be invaluable during the planning process.
Finally, ensure the business name you choose is fully compatible with your social media channels, websites, and digital branding programs. If the name is too long or too short, it may lose some of its impact on the audience.
In the world of business, a name means everything. Be sure that the one you choose positively reflects the changing psychology of corporate names.
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