What Makes a Good Business Name?
What makes a good business name?
Because it’s such a broad question, I’ve compiled the top factors that business owners should keep in mind when either selecting or changing their business’s name:
Tip #1: Know the impact that your business name has on your brand
A business name can make or break a brand: just look at these household-name brands who made it big after changing theirs!
A good business name can bolster:
- Your brand’s memorability
- Your brand’s USP (“unique selling point”)
- Your brand’s connection to your ideal audience
(And, of course, a lacking business name can have the opposite effect by failing to convey your brand’s offerings and emotion.)
Example of a good business name change: Google changing its name from BackRub in 1997, which left behind its unsavoury connotations and gave the brand a quirky, memorable name instead.
Example of a bad business name change: Kim Kardashian’s line of shapewear, Kimono. While eventually changed to the name Skims, the name “Kimono” triggered backlash surrounding cultural appropriation and proved the real-life consequences of a brand going with a name that was untested, unmemorable, and had no strong ties to its core offerings.
Tip #2: Consider whether there is a benefit to changing your existing business name
As a brand consultant, many of my clients assume that they need to change their business name in order to grow their brand.
They can spend endless hours, days, weeks, or even months pondering a “better” business name. However, the reality is that this energy is often best used elsewhere. This includes making sure you have your sales processes, brand messaging, and USP nailed-down. Why? Because if you are not attracting your ideal audience, not getting the conversions you’re aiming for, or are not receiving the web traffic you think your brand deserves, the core problem is likely not your business name alone.
Another common mistake? Businesses defaulting to a certain style of marketing (including brand name styles!) simply because they see successful businesses doing it. Instead, often what they need is to focus inward on what is right for their unique brand, not what they see is working for other brands.
During your brand analysis, ask yourself the following to check whether you should be changing your business name:
- “Is it easy to spell?”
- “Is it memorable?”
- “Is it catchy?”
- “Is it adaptable into everyday language?”
- “Is it focused around my hero product or service?”
- “Does it embody my brand’s emotion?”
- “Is it the most profitable next step for me?”
If you answered “Yes” to most of these questions, then it’s time to look elsewhere to grow your business’s success.
Tip #3: Trademark your business name
Regardless of whether you’re changing your business name or not, one action you can take is to trademark your existing business name to ensure that you own it in perpetuity.
I can help you: book your free 30-minute Brand Profit Launch Pad call to talk about your brand and the next best steps you can take to becoming more profitable and growing into a big brand market leader.