What’s In A Name? A Lot If You Are A Startup
A rose would smell just as sweet with any other name but if you are a startup, the wrong name can put people off. The important thing to remember about the name of your startup is it is the first thing everyone sees about your startup or hears if you are pitching your company. The right name is the result of very hard work and sometimes just plain luck.
A website is mandatory for any business which wants to succeed in today’s marketplace. Choosing a name that is a variant or similar to another business is a bad idea and can end up costing you customers. When choosing a name for your startup you don’t want customers to associate it with another business. You have to create your own business identity and that identity begins with a name.
Emotions play a very important role when a product or business is given a name. Look for emotional responses when people hear the name of your startup. If it is a word they have never heard before it can create confusion or curiosity. Find out if the response is a positive or negative emotional response.
Choosing The Name
Most owners choose their name for their business but in today’s market customers identify more with businesses that are different and perhaps have more meaning. This can take more time than you are willing to invest but don’t underestimate the importance of a good name. Family members, friends and employees can help you come up with the right name if you hit a brick wall. You can also run a contest to include a larger group of people and see if you can find a name that identifies your business.
Paying For The Name
If all else fails you can pay professionals to name your startup for you. When you decide on the name you have to have a website created in that name. Whether the name is unique or not the domain can be owned by someone else. Buying domain names can be expensive depending on who owns it, how long it has been operating and if it is generating money for the owner. If it is more than you are willing to pay for the domain you can find creative wordplay to name your site without losing your identity.
The name you choose has to consider every aspect of your startup. Marketing is a key part of a business and the name has to flow and be part of creative slogans that customers can remember easily. Consider the logo, tagline, font and color to see if it fits the overall picture you have in mind about your startup.
Before you commit to the name conduct a survey from a large cross section of the population. Go over the feedback and find out the good, bad and ugly about it and see if you can live with it. While a bad name will not kill your company a great name can have a positive impact.
The name game is important depending on the type of customer acquisition of your startup. If it is a B2B the name becomes irrelevant but if you are dealing directly with consumer it will have some effect.