One of the unpardonable errors that business start-ups make is naming
their business wrongly. This is also
about the most unnoticeable factor in business failure analysis. The name of a
business can either fast-track its popularity and acceptability or doom it to obscurity
and failure for good. Good business names are money in the bank, even though a
number of the best known global names are the result of pure serendipity. Steve
Jobs and Steve Wozniak were thinking of calling their computer company,
EXECUTEK or MATRIX ELECTRONICS until Jobs, a onetime fruitarian, suggested
Apple.
Thinking of building a successful
global brand name? Then start by deciding what you want your company name to
communicate at all times. Coming up with a memorable name for companies and
products should not be taken lightly. How well and fast your business name will
pop up in consumers’ minds amongst other things will depend on the ease of
remembering the name. The best names are those that tell at a glance what
business you are in----Kentucky Fried Chicken, Tasty Fried Chicken, Guarantee
Trust Bank, GE, Coca Cola etc. All of these strike a sharp chord in the minds
of consumers. A marketing consultant
once said ‘’All that exists in the world of marketing are perceptions in the
minds of the customer or prospect. The perception is the reality. Everything
else is an illusion.
The story of the world’s first
personal computer-MITS Altair 8800 provides us with huge lesson in choosing the
right name for a business. MITS Altair 8800 ought to be the world’s number 1 personal computer brand but unfortunately
the brand is no longer with us for its unfortunate choice of name.
It’s on record that one of NameLab’s (A Foremost
business naming specialist firm in the U.S) best piece of work till date is
‘’Compaq’’ to describe a new company that intended to sell portable computers
and went to chalk up the highest first-year sales in U.S history. NameLab founder
Ira Bachrach believes that product names should be as memorable as the moniker
of the companies that make the products. Bachrach invented an index for
measuring how well consumers will remember a product’s brand name, using a
scale from -5 to +5.
Your name should convey at a glance
the value and uniqueness of the product or service you have developed. The more
your name communicates to consumers about your business, the less effort you
exert in having to explain it. People prefer words they can relate to and
understand. For instance, ‘’Acura’’(A global automobile brand) has no
dictionary definition but the word suggests precision engineering; just as the
company intended.
Before you name your business, Please keep
the following tips in mind:
- Choose a name that appeals not only to you but also to the kind of customers you are trying to attract.
- Choose a comforting or familiar name that conjures up pleasant memories so customers can respond to your business on an emotional level.
- Don't pick a name that is long or confusing.
- Stay away from cute puns that only you understand.
- Don't use the word “Inc.” after your name unless your company is actually incorporated.
This article used an excerpt from ‘’How to Name your
Business’’ by Entrepreneur Staff.
