How to chose the perfect company name for your business

How important is a company name?  The answer is, Very important!

“What’s in a name?”  In business, your name is the first part of the customer experience.  The customer is likely to encounter your name, before experiencing your product or service.  Your company name will build an image before they have even witnessed what you have to offer.  First impressions are important.  A friend of mine used to say – “You never get to make a second, first impression”.

This biblical quote, nicely, and precisely encapsulates the value of a name:

“A good name is more desirable than great riches”. – Proverbs 22:1 (NIV)

I know from past experience that by choosing a bad company name your project could be over before it has even started.  Also, your name is often picked before you start your business plan, and start pitching your business idea.  This is why most entrepreneurs find the process of selecting a name extremely daunting, exhausting and frustrating.  You only need to carry out a quick Google search, or browse any entrepreneur, or startup community to witness this frustration.  So remember, you are not alone.

Depending on what book or blog you read, you will get different advice on what method to use when choosing a name.  Yes, your name is only one aspect of your company identity, but it is the most powerful marketing tool that you have.  You must always remember that your company name is the first thing that comes out of your mouth when pitching your company.  But to receive the full benefits, it must be effectively combined with other business elements to put you on the path to success.

Below are a few insightful tips that I’ve picked up through the years, and I still use continuously when launching new projects.

Things to Consider When Choosing a Business or Company Name

• Research and understand what makes a good name. Some people have the ability to see this, and some people don’t, if you fall in to the latter group don’t be afraid to consult experts to help you choose that killer name. If you are still struggling, and need some clarity, you should check out Julian Shapiro’s guide in thenextweb.com, Before naming your startup, read this – it gives a concise breakdown of what makes a good name.
• Use business name generating tools to help you get creative. During times of severe mental block, I’ve used these tools to help me brainstorm and generate ideas. Here are the best free name generator tools that I have used in the past BusinessNameGenerator, Dot-O-Mator, NameThingy and Naming.
• Your name must suit the customer group you are aiming to attract. And the product, or service you plan to offer. For example, if you were selling sophisticated designer goods, you’d want to avoid using language that was seen as being common.
• Customers use emotions in the buying process. A name that can provoke emotional feelings or memories can help the customer connect to your business on a personal level. This is priceless.
• Avoid names that are too long. I’ll be honest, and say that Latestgistonline is on the upper limit in terms of the amount of letters, words and syllables that should be used for a business name.
• Avoid names that only you understand. If customers don’t understand your name they will not understand your business, and will not connect.
• Don’t be afraid to be creative and create a word that can be used as a company name. Successful examples of this method are – Facebook, Tumblr, Twitter, Google and Instagram.