For first-time startups and to-be business owners creating a business name may seem stressful and a tardy process.
Defining your business name requirements can ease stress and avoid confusion. It will help you stay on track and ultimately results in you choosing the right name for you new business.
The process of defining your business name requirements involves listing those factors that will help you create a name that stands out from the pack, appeals to your potential customers, and overall contributes to the success of your business.
To start with, you will need to create a Business Name Brief.
Just for the records, a name brief is basically a strategic document that defines the major aspects of a name strategy and provides guidelines for successful business naming.
This document can serve as the foundation for all your business naming efforts and can help you outline those important features that your business name should encapsulate as well as those basic requirements that the name should meet.
Well… the Business Name Brief need not be very complicated document as it may sound. The following section will help you prepare an effective name brief by answering 2 very basic questions.
What You Do and For Whom You Do.
What You Do
What are you naming?
An effective business name needs to carry the business along with it. For instance, it wouldn’t make sense for a food supply business to call itself Weddie Interactive (which sounds like some sort of wedding consultation business).
So first off, you need to clearly define what you’re naming.
The brief needs to capture the distinctive feature of your business and its offering.
Here are some questions to ask. Write the answers down, preferably in single descriptive words or in very short descriptive sentences.
- What is really important to you in your work?
- Is there anything you wish your business to be known for?
- What is your vision?
- What are you passionate about?
What’s unique and different about your business?
A good name brief should show the uniqueness of your offering. Try and write down answers for these questions as well.
- What are the things that make your business different?
- What makes your business better than the competition?
- What are the things that your customers care about?
- Is there a special feature/benefit of your product?
- Is there a witty, value-added service that your competitors are not offering?
You don’t need answer all the questions listed above. These are just sample questions that you need to ask yourself. Write down answers to whatever questions are appropriate to your business/industry.
For Whom You Do
Who will you be selling to?
You already know that the most important people to your business are your customers, right? So, your business name has to appeal to your customers.
Here are some questions to ask. Again, write down answers preferably in single descriptive words or in very short descriptive sentences.
- Who are your customers? Who will you be selling to? Are they tech startups or fortune 500 companies? Local consumers or international travelers?
- Young folks or the aged? Not-for-profits or freelancers?
- Define your ideal customer
- What kind of gigs will attract your ideal customers?
What names are common in your targeted market?
Your business name needs to align with your type of industry. This is where doing a market analysis of competitors business names comes in handy.
A business name market analysis will help you:
- Find naming patterns within your industry space
- Discover the categories of names used most by the competition
- Identify areas of opportunity (usually less competitive categories) where you can explore to stand out.
What meaning do you want the name to communicate to people?
Typically, you should go for a name that has meaning to it and conveys a benefit.
The name should communicate a meaning and reinforce the key elements of your business.
Also, consider the meaning of the name in other languages, especially if you’re planning to sell internationally.
The more your name communicates to your customers about your business, the less time and effort you will put into explaining its meaning to people.
Clearly defining your business name requirements will help you avoid confusion and unnecessary delay. It will also help you clarify your judgement regarding the business idea/concept.
Overall, this process will help narrow down on the right business name much quickly.
Don’t forget to do the business names market analysis activity which is a critical part of clearly defining your business name requirements.