All good business names share certain common characteristics that have made them successful.
Business owners, who are looking to create a Right name for their new venture, should try to adopt as many characteristics as possible from already successful business names.
Here are the most common characteristics that bring clarity on what actually makes for a good business name.
KISS – Keep It Short and Simple
This is one of the most valuable and widely used principles in marketing and is a definite must while creating a business name.
Some experts even recommend keeping the number of letters up to 10.
In simple terms KISS characteristic means, the business name should be:
- Easy to remember
- Easy to spell and write
- Easy to pronounce
- Easy to share so that consumers can pass along the name
Positive Mind Associations
For a business to be successful, it needs to create positive associations with its consumers.
Even before consumers start buying products or services from a new business, the business name should evoke positive mental associations when heard.
What association does the business name Herculean Health evoke?
The word Herculean when heard creates a mental association with something that is muscular and strong. The full business name creates a very important positive mind association for consumers who want to improve their body and health.
Reflect Business Value
What does your business really stand for? Is it your personal expertise, quality, accuracy, solution based, affordability or partnerships?
A good business name should reflect some element of the core business value.
The coined business name Acura, has no meaning of its own. It is derived from the morpheme acu – which means accuracy. The business is into high precision engineering and the name clearly reflects the core business value – accuracy.
What level of consumer-spending group does your new business target? Is it the middle-class, rich or the super-rich segment?
A good business name should create the RIGHT value perception so that you can grab attention from the right consumer group.
The business name Beauty Bargains creates a value perception of affordability. This name will attract consumers looking for bargain deals on beauty products or services.
It may not always be possible to use a value-word in the business name. In such cases, you can use a tagline under your business name to create the value perception.
Are you starting a business that you think is for lifetime?
One of the most crucial characteristics that many entrepreneurs fail at is – name endurance. When picking a business name you need to make sure it will out-live any changes that will take place over the years. Like:
- Selling the business
- Enlarging the target consumer-base
- Entering new markets
- Launching new products or services
- Going online
Think about the future and how your business name will stand in changed circumstances.
Endurance does not mean using a broad business name. It is rather a characteristic that says do not be too narrow. Choose a name with the right balance.
Catchy and Unique
Another common characteristic of good business names is that they all stand out of the crowd. There is this certain something that catches the attention and makes the name stick in the consumers mind.
Of course, this totally excludes the use of words that are too generic, unless you are the first company in your category – which is almost impossible to achieve nowadays.
In summary, the most common characteristics of good business names are that they are simple, short, meaningful, durable, catchy and unique.
A single business name might not have all these characteristics. However, by spending sufficient time on research you may be able to get many of these characteristics in your business name.