HOW TO CHOOSE A GOOD BUSINESS NAME
Your business name can make a BIG difference – positive or negative – to your branding or your positioning in the market. It can ultimately determine how people respond to you and your services. Starting off with a strong name is the first step towards making your marketing work.
To start, I suggest to people to write down lots of words that explain your business (services, product, unique selling point, location, what you are offering). You may then want to make combinations of these words based on how you want your potential clients to see you and your services. Try to remember: its more about how your POTENIAL CLIENT sees you, as opposed to how you see yourself and what you want to say. Like many start-up businesses, you may start to consider mixing your name with your partner’s name and come up with something like ‘Jotom’ or ‘Bevmax’. Although that may mean something to you (and your partner), it says very little to your customers and can be confusing without detailed explanations. Below are some examples to help make choosing your new business name a little easier:
EXAMPLES OF GOOD BUSINESS NAMES
Affordable Scapes describes their price point and the word 'scapes' explains the industry they're in and makes it sound professional.
Lightsmith Images uses the descriptive word ‘images’, includes the client’s last name Smith and pays homage to the craft of photography, tracing back to its origins.
The Bakehouse is very self-explanatory, has a modern yet familiar feel and describes exactly what it is.
THE WORDS YOU CHOOSE SAY SO MUCH!
Choose the words you use carefully. Below are types of wording combinations you can make along with their implications.
RANDOM - "Blue Birdy Solutions" - a name chosen often because of personal reasons but not necessarily explanatory of your business, industry or services
TRENDY/QUIRKY - "Crunch" or "Counting Sheep" - tend to be one word and not necessarily descriptive of your business, industry or services
DESCRIPTIVE - "Accurate Bookkeeping" - often uses an adjective related to your business, industry or service and the business description as part of it
LOCATION BASED - "Byron Bay Bookkeepers" - self-explanatory, these are great for instant creditability and Google Ranking
AUTHORITATIVE - "Bookkeepers Australia" - will have an air of high standards, longevity and therefore gives a feeling of instant trust
perceptions OF MONETARY VALUE:
The words you use will give a reflection of your prices and level of service. Use words that will attract the RIGHT CLIENT! Also think about your potential clients' disposable income as some people choose services by price:
"Cut Price" - cheap, maybe not the best, budget
"Executive" - bigger, company, expensive
"Complete" - safe, no obvious price point
DON’T MAKE COMMON MISTAKES:
Unfocussed or irrelevant names – e.g. a bookeeper called “ACME Global Products”
Over-long names – e.g. “Quintessential Management Consulting and Accounting Services Australia”
Obscure names – that don’t flow off the tongue and are difficult to say e.g. ”Proacctim” (made from progressive, accurate & timely)
Odd spelling – Is it easily spelt and typed into a directory or Google? Will people make mistakes or be embarrassed to say it? e.g. “Wot Tha Boox”
Not having a domain name – Look at what domain names will be available e.g. www.ac-me-global-pro.net.au
Not enough $ – The likes of Google and Nike have had trillions of dollars of marketing to show what their obscure names mean
Is it even available? – Check out options connectonline.asic.gov.au
the OTHER STUFF:
Now that you have your new business name you may want to add a positioning statement (also know as memory hook or slogan). It’s a one-liner that will help set your business apart from its competitors. For example, Hungry Jack’s “The burgers are better” or Toyota’s “Oh what a feeling”. Your positioning statement should offer a benefit and give the customer a reason to buy from you and not your competitor.
Armed with your new business name and a dynamic positioning statement, all you need now is the logo and visual identity– now that’s my forte :)
If you would like more information; help with your concept; or if you have any queries, please don’t hesitate to call me.
