Choosing a name for your company is one of the very first tasks any entrepreneur encounters. This is a decision that not only affects the brand’s recognition in the market, but also distinguishes it from competitors, and creates an enduring image in the minds of potential customers. The brand name is something that consumers will encounter frequently, and replaces long descriptions of product/service characteristics, so it is crucial that it creates a clear and memorable image of the product.
Creating a company name
While sometimes the perfect name comes in a moment of epiphany, more often than not, it’s the result of collective, and multi-stage work. To create an effective brand name, marketers suggest the following steps:
- Research and analysis: Study the market, identify existing trends, competitors operating in this niche, their unique selling points, and target audience.
- Generating options: Determine the fundamental parameters of the future name, such as originality, simplicity, attractiveness, modernity, and durability. Creative brainstorming can be complemented by name generators, of which there are now many on the market. Simple names like Uber, Mars, Nike are prime examples of easy-to-remember names.
Most name generators use several algorithms at once. The Turbologo website offers a clear layout that steps the user through a simple process. By entering basic source data, these programs generate lists of possible name options. The selection process can be repeated several times, consequently expanding the list each time. Generators work in two directions – with and without keywords. The program includes keywords or fragments in the name, which carries a specific message. However, these names often run the risk of being unoriginal, which can create difficulties when registering as a trademark.
When using online generators, it is not necessary to enter all keywords at once. Several combinations can be tried to expand the list of options. In the second case, generators can also create completely artificial words, which are more convenient to register as a trade name. Phonetics are also taken into account in most services, so variants sound pleasant and are easy to perceive. These names are well-suited to corporations with multiple product ranges. Some services offer the option of suggesting a suitable and free domain name simultaneously, an important element of corporate growth.
As the name will stay with your company for several years, selecting a name is a very serious undertaking. By implementing the basic marketing principles of research, analysis, and name creation, you can find an effective brand name that resonates with your customers and positively represents your company.