In today’s world, people are busy and they are bombarded by marketing messages all vying for their attention. In fact, the current average attention span is only 8.25 seconds, which has reduced from 12 seconds in 2000.
What does this mean for your business? It means that first impressions have never been more important. For this reason, your brand name is one of, if not your biggest asset.
Choosing the right brand name is a huge decision, and not something you want to jump right into right away. It may seem intuitive to do so, but your brand name shouldn’t be the first thing you come up with if what you want is long-term business success. Instead, it’s far more effective if you establish a brand strategy before developing your brand name.
Especially considering that today’s world is a global marketplace it’s even more important to approach naming your business with a diligent process if what you want is to create a famous brand that stands out and creates impact.
With that in mind, here are 9 important considerations when creating your brand’s greatest asset:
Do your research before committing to your newly chosen name! Conduct a thorough Google search to see if your name or a similar variation is already being used by another business. If there are similar business names, you may want to make alterations to your name to avoid any confusion.
The Internet has transformed the landscape in which we conduct business. When deciding on a business name, spend some time brainstorming potential URLs that you could be using. A simple URL that is easy to remember, such as one without multiple symbols like dashes, would be ideal.
Say the name out loud… how does the name make you feel? Consider what feelings and emotions the name evokes, and compare that with how you want it to make others feel. Purchasing power is in the hands of customers, which is why it is important to adjust your brand name in such a way that is going to entice customers to purchase your products. The brand name “Acura” has no meaning, but suggests accuracy due to the similarity in spelling.
A great brand name doesn’t have to be complicated. Keep it short and sweet! To avoid confusion, make sure that your brand name isn’t complicated to spell. For example, there may be more confusion when spelling brand names starting with K or Q since they are phonetically similar.
Brainstorm different ways to describe your business… There are plenty of ways to describe your organic produce business without having to use the common terms like “green” and “natural”. Go with a description that customers are going to remember.
Craft a name that supports your growth plan and long-term vision. Where do you see your business in the long run? Having a descriptive business name would be useful, but may potentially limit what you can do with your brand.
More often than not, you’re going to want to have a unique brand name. In other words, you will want to create a word that does not yet exist. Having a descriptive name doesn’t really help if you’re looking to stand out and be remembered. Calling an outdoor winter apparel store something typical like “Everest” or “Peak” won’t reverberate as much as a stand-out name.
Where do you see your brand in five years? What about ten? It’s crucial that you consider the future plans you have for your brand. That will help determine the best fit structure that will align with your vision. Deciding on a brand structure will direct how you will add new products and services to your brand.
Last but not least, take into account trademark registration and formalities to avoid any legal disputes. Consider consulting with a trademark lawyer or agent to err on the side of caution.
Ready to name your business? Download our The Naming Formula sheet:
Let me know what you think in the comments below! I’d love to hear your business name.