Ben Means Business

The name is one of the most important aspects of your business. Once you've decided to become an owner, the name is probably the first thing that most people start to consider. While I do think that there are probably some other concerns that should be addressed first, considering the name of the business should absolutely be given some priority.

Sometimes people will decide upon a name simply because they are tired of putting thought into it. I guarantee that this will come back to haunt you. Make sure that the name that you choose will be a sustaining representation of what your business is about. I have listed a few things that you should consider when naming your business:

1) Is it Descriptive?

This is probably the first thing that you want to ask yourself when you have tentatively decided upon your business name. You want to make sure that a potential patron can easily figure out what product or service your provide just from the name of your business. How many times have you driven by a building without paying it much attention because you don't know what it is that they do? People will automatically assume that if they don't know what you do, your product or service is not applicable to them.

For instance, I drive by a tall building everyday with the words "Bad Ass" sprawled across the top of it. Of course I payed attention to the building because the title of the company was just ridiculous. However, i had no idea what it was that they offered. Turns out, they are a coffee company very similar to Starbucks. It is allegedly some very good coffee too! So how many people do you think drive right by that place on their way to the Starbucks up the street? Hundreds, I can guarantee it.

One day everybody will catch on that this is a coffee shop but how much many potential customers will have rode right by it by the time their name gains the Brand Awareness of Starbucks? Hmmm..... Makes you wonder about their marketing technique doesn't it. So make sure that your title is representative of what you offer your customers(especially in crowded industries). This will give you an advantage from day one.


2) Is it Memorable?

Well, the company I mentioned above gets extra points for this one. A memorable name is essential to building brand awareness (although its no point in being memorable if nobody knows what you do). Short, simple names that are descriptive are very easy to remember and tend to stay on the minds of customers longer. For instance "Burger King" is a premium names because it conveys a message about both what they serve and about the quality of their products. The best part about it is that they've done this in two words. How easy is that to remember?

A memorable name coupled with some clever marketing tactics could gain you an immediate influx of customers. However, without the memorability, marketing is much less effective and will end up being much more expensive.


3) Is it Timeless?

We have to remember that most business will evolve over time to become slightly different than was initially envisioned. So it is imperative that you choose a business name that will be a great representation of you even in the future.This particular factor is the one that usually requires a great deal of thought and some insight. Nonetheless, it is something that must be considered. For instance, you wouldn't want to name your store "Burgers Only" because you may want to sell fries in the future (bad example but you get my point).

If your gimmick was that "your burgers are so filling that you don't need fries", I would recommend that you use that in your marketing schemes and not your name. That way if your gimmick does not go over as well as you had planned, you can easily adjust your menu to include some products that may bring in more customers. Get my drift?

Final Thoughts

Your business name is your first impression and we all know how important first impressions are. Most people will draw conclusions about your company from the very first glance. So even if your product isn't great, people may have a good image of them from your name alone. It's kind of like cooking. Most chefs will tell you that the majority of taste is sight and smell. Therefore, the greatest chefs are able to make food aesthetically pleasing. Although actual palatability is important, modern chefs have recognized that there are other factors that influence their desired result. The same principles apply to your business name. The name alone can go a long way towards making your company a successful one. Leave your comments...

Like this article?

Subscribe!

OR