Your Business Name Is Your Business Identity

July 18, 2016 1:08 pm0 commentsViews: 56

By :  Anand Rajendran

naming_1The name seems to be a simple factor, but choosing the correct name of the business has a vital role in the success of a business. Even if the business has a good marketing strategy, product quality and other sources, the first thing that strikes the customer’s mind is the name of the business. Naming a business is the first step in building a strong business identity. Thus, naming a business must be abstract and it must convey the uniqueness, value and proficiency of the product or service or a process.

Mistakes committed while naming

There are many mistakes committed by the business owners and entrepreneurs while naming the business. Selecting a wrong name can doom the business to failure and obscurity. While deciding the name of the business, everyone maybe involved in the decision making like friends, family, clients and employees. Each one gives random names of their choice, but end up choosing a synonymous name that might not suit the business type. At some point, the business owners name their business by connecting the adjectives with the nouns to frame a name that sounds catchy among the customers, but this idea often never works. They also use truncations in the name thinking that it is the rule in naming the business. Some of the truncations are Corp, Tron, and Tech. They often select a name that is descriptive but not impressive to the audience, which itself negates the popularity of the business in the market.

Some entrepreneurs use the name of the city or town where their business is headquartered or where they hail from. But some customers mistake that the service or process operates only in that particular place and not elsewhere. This method might click for some businesses but not for the others because of the strategic moves made by them. And some people keep a name that carries a significant meaning, but hard to pronounce or spell and it might confuse the customers to understand and memorize the name of the business. Some names are kept in the business that will match the domain of the service or process, but it becomes harder for the clients and customers to locate the brand online.

While the entrepreneurs are busy in expanding their business or starting a new venture, they have to remember the consequences of having an inappropriate name that will doom their entire business in the market.

Advice from a naming firm

While there are many underlying complications in choosing the right name for a business, an expert advice will help in framing the right name for the business. In many fields of business, the name of the business influences its success in the society. Naming firms have a wide range of systems that is aware of the trademark laws in creating a new business name. They can also provide a detailed explanation of the reason why some names are not for naming the brand and also give elaborate information about the set of good names that are applicable for the brand.  A professional naming firm charges service fees for naming the business which also includes the graphic design and the identity work.  naming_3

Significance of the name

The name of the business must reinforce the main aspects of the business and communicate about the product or process or services provided by the business. If the name is able to pinpoint the key elements of the business, it helps in minimizing the efforts of explaining about the business to the customers and clients. While naming the firm, the business owners should give importance to the combination of words that are understandable and can relate to clients. Professionals consider strings of initials and numbers as bad idea while naming the company.

Points to remember while naming

  • The name suggested for the business must be impressive so that it attracts the targeted audience and not only appeal to the business owners and the entrepreneurs.
  • The name must remind the customers about the pleasant memories which will help them to respond and relate the business on an emotional level.
  • The suggested name must be easy to pronounce and spell and not very long nor complicated. Using truncations and adjectives must be strictly prohibited in naming and branding.
  • Use creative words or replace the spellings in the word which can attract the crowd to remember the brand name.
  • Avoid using “Inc.” if the company is not incorporated to avoid the confusion.

Trademark search

When the business owner or the entrepreneur has filtered several names that are more suitable for their business, they must be prepared for the trademark search. A trademark is a recognizable design, expression or sign which identifies the service or product uniquely and exclusively from those of the others. The trademark owners can either be an individual or legal entity or a business organization. The entrepreneur must consult a trademark search firm or a trade attorney to make sure that the business name will not infringe on other business. If a business is similar to an existing trademark, the owners may face the legal battle that can bankrupt the existing business.

Identity work

naming_2When the names selected by the entrepreneurs have cleared the trademark search result, the next steps involve analysis and final choosing of the appropriate name for the business. The entrepreneurs can also follow certain steps to check how each name looks like on the signboards, by reading the name aloud and even listen to the way it sounds when the name is used in the telemarketing and radio advertisements. Generally, a professional naming team takes 6 weeks to 6 months in the process of naming a business. Even if the entrepreneurs do not have that much time, they must spend some quality time in naming and branding a business. With the growth of the internet and mobile technology, a business must have an online presence to attract a large crowd. It also requires a domain name to establish the business in the online platform. The availability of the domain name must be checked so that it matches with the business type.

Business Logos

The business logo provides professional standards for a business and establishes consumer recognition. The logo also differentiates the business from its competitors and increases brand recognition. The logos are used in many items like the business stationeries, invoices, business cards, advertisings and publications. The logos can also be posted in the yellow page advertisements, business vehicles and signages. In the case of the business websites, the logo must be visible on all the web pages.  They are also printed on the promotional items like the key chains, pens, calendars, t-shirts, bags and mugs. While speaking about the logos, the colors used on the business name and logo are also important because they may create a strong emotional connection between the business and the customers.

 

Anand Rajendran is a freelance writer living in Chennai, India. His interest in personal finance and budgeting began when he was earning an MFA in theater, living in one of the most expensive cities in the country (Chennai, TN) on a student’s budget. Today, he writes for a number of websites and keeps up his own Tax Consultancy Services named Uptra .

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