A company’s image is crucial to its success. Without the time and energy that major corporations such as Nike and Coca-Cola have spent cultivating their brand public image, they may not have had the success they’ve enjoyed. The same can go for small business and startups.
Branding and public image can count for anything from the custom labels used on products to the return address labels the company may place on thank you notes or event invitations – this is especially true for the actual name of the business. That being said, Entrepreneur Magazine has revealed some tips on the best ways to name a business.
According to Entrepreneur, a company’s name should sound good when it’s said aloud. The magazine gives examples of Coca-Cola and Jimmy John’s, that use alliterations that play with the sound of their names.
Furthermore, companies should choose a name that conveys a benefit to the customer as well the specific industry. A company like Boston Market used to be known as Boston Chicken, but by changing their name, the article suggests that they may have tried to broaden themselves too much. Instead, companies should have a name that points toward their industry and remarks on a differentiator or benefit.
Also, startups and small businesses may be compelled to capitalize on the success Web 2.0 companies may have had by leaving out vowels – as with Flickr and Tumblr – or replacing words with numbers – something similar to “Computer4You” – which may not be the best decision. These kinds of trends can come and go in a matter of a few years if not less. Entrepreneur recommends refraining from these gimmicks.
Whatever name a company chooses, it may want to invest in a high-quality color label printer as this name will be printed nearly everywhere – from office supply labels to fliers promoting a grand opening or major event.