The right name goes a long way to selling your product
In a competitive market, consumers are already spoilt for choice and new products are hitting the shelves all the time. But for the already time-pressured consumer, this increased choice can be overwhelming and it’s often just easier for them to go with tried-and-tested products that they’re already familiar with, even if there are superior alternatives available. If you want to capture their attention, it’s important to do so quickly and the first step in doing so is by choosing the right name for your business.
Your business’ name is the first and most arguably the most important step in establishing your brand. Remember that the purpose of a brand is to create a psychological and emotional connection between consumers and your products. So you want a name that invokes a desired, positive reaction in your customers’ minds when they think about or see your mind.
What makes a good product name?
A good product name is one that’s easy to remember, say and is distinctive as possible as to avoid confusion with your competition. Ideally, it will communicate what your product is and will convey the chosen message and purpose of your brand. Your ultimate aim is for a new customer to see or hear your name and immediately have an idea of what it is and subsequently if it’s something they’re interested in. It’s important to remember that a confused customer will not buy!
But we appreciate that this is often easier said than done, which is why we’ve created a helpful list of tips and advice for choosing a great name for your business
Here are some tips on how to choose a business name
- Start by deciding what you want your name to communicate.The more your name communicates to consumers about your business, the less effort you’ll exert in an effort to explain it in your marketing materials and campaigns. You can instead concentrate on explaining the benefits of your products and why the customer will love them
- Try and avoid geographically-based names unless you intend for your product have a geographic limit
- Consider how the name will fare as your business expands, grows, and evolves.
- Another thing to consider is to avoid including the name of a particular food product in your name, especially if you plan on expanding your product range. It’s a good idea to refer to your business plan and factor your overall vision for your new venture into your naming decision.
- Consider whether you’re going to go with an abstract or a concrete name for your business. Concrete names are made up of words familiar to the consumer and potentially offer a clearer description of your products such as Anzac biscuits and After Eight mints.
- Abstract names, on the other hand, are often composed of made up words which are less known to customers. There’s less competition for them as compared to concrete names and it is easier to pick a distinctive name that will the market will remember. Good examples of abstract names include Tim Tams and Twisties.
- In today’s market place, being found on the Internet is crucial in reaching as large a customer base as possible which is why you should look into the keywords potential customers are using to look for similar products. You may get some great business name ideas from them!
- Test out your potential names by running them past people you trust such as friends, family members, and business mentors and associates.
- Once you start to generate some business name ideas, make sure they aren’t already registered, trademarked and being used by similar companies in their domain names and social media handles.
- Trust your instincts. If you have a number of potential names but have a gut-feeling about a particular one, go with it!
While choosing the right name can often prove time-consuming and mentally-taxing work, the right name will pay unlimited dividends once your business gets up and running. Select 3-4 names that resonate with you, test their availability and get feedback on each from your ideal customers. A little time spent on picking the ideal name now and you’ll save you tons of effort down the line