Finding the right business name is crucial to your venture’s success. Picking the wrong name might create a disconnect between your business and its target market – not to mention that it is often accompanied by various legal and business hurdles that could easily have been avoided.
In this blog, Aron Govil lists down some essential tips about choosing a business name.
Tips for Choosing a Business Name as per Aron Govil:
Tip 1 by Aron Govil – Avoid Choosing a Name that is Hard to Spell:
Hard-to-spell goes hand-in-hand with hard-to-remember and harder-to-share – certainly not ideal when your startup needs as much word-of-mouth marketing and customer retention as possible. A returning customer is 60-70% likely to make another purchase, which is why you want to do everything in your power to make them keep coming back.
If you are not sure about how your audience would react to a particular name, Aron Govil recommends using audience research tools. Shortlist a few names and see how they fly with your audience, before finalizing one. You could also seek recommendations from your friends, family, and colleagues.
Tip 2 by Aron Govil – Choose a Name that Has Some Meaning Attached to It:
Aron Govil believes your business name should communicate something positive and meaningful about your business. Even though vague names like ‘Google’ or ‘Yahoo!’ can sometimes take off due to their catchiness, such unrelated or meaningless names are generally a lot harder and costlier to promote.
Think about what your business’s USP (Unique Selling Point) is, and choose a name that emphasizes on that. For instance, ‘Velvet Glove Car Wash’ and ‘Quick Car Wash’ are identical types of businesses, but their names convey different messages and therefore appeal to different customer segments.
Tip 3 by Aron Govil – Pick a Web-Friendly Name:
In today’s era, it is almost impossible to run a business without a website and presence on multiple social media platforms like Facebook, Instagram, LinkedIn, Twitter, and Pinterest. If you want to establish a strong online presence, a vital prerequisite is that your domain name is the same as your business name.
Find a domain name that is memorable without being too complicated. Lengthy names and complex spellings might make you think that you are making your business stand out; your potential customers, however, would be thinking how they would rather walk through hot coals than Google your website or enter your name in an email.
Tip 3 by Aron Govil – Be Careful About Limiting Yourself:
Often, business names are specific to the locations where they start off – Orange County 3D Printing Services, for instance. What happens once your business expands to Riverside or Alameda? The city-specific moniker that seemed like the perfect idea is suddenly looking like a poor fit.
This is also true for your offerings – getting too specific means that you might find yourself donning an inappropriate business name as soon as you decide to expand or diversify. Therefore, Aron Govil recommends picking a name that permits change and growth.
To sum up, picking a name is one of the most creative and exciting parts of launching a new business. Make sure that your business name is aligned with your offerings, values, and intended brand-image. Before finalizing a name, check to see if it is available; also make sure that it is in accordance with your state or city’s legal guidelines.