Believe it or not, the key to the success of successful companies often lies in their names. A suitable and carefully chosen name can quickly make a good impression on consumers.
The name of the company is also a brand, so we have to be especially careful when choosing it. A wrong decision is likely to be punished with unpleasant consequences.
If you're looking to start a startup in the future, or maybe you're not happy with the name of your existing business, we've got you covered some tips that will help make your business more efficient.
It's never too late to change your business name. A good example of this is the tech giant LG, which began its journey with the title Lucky and GoldStar Co., but later decided on a shorter version of the name. This was reflected in the enormous success that LG still enjoys today.
1. Good company names are memorable.
Allow enough time for the process of gathering ideas. Even when you think you've found some good names, keep brainstorming. The shortlist should include the names that are most easily fixed in your mind, because the same situation will occur with customers.
2. Shorter is better.
What do Nike, Apple, Twitter, Pixar and eBay have in common? It is true that they are very successful companies, but at the same time their names consist of only two syllables. Brevity and conciseness is reflected, among other things, in greater memorability.
3. The name must be functional.
Consider a specific function or service that your business provides. For example, the famous Mozilla company, known mainly for its Firefox browser, got its name by combining the words Mosaic and Godzilla.
4. There should be a story behind the name.
Caterpillar, whose logo can most often be seen on trucks traveling on the roads, got its name in a very special way. In 1904, the Holt Tractor Company organized a photo shoot of their latest tractor model. The photographer remarked that the tractor "crawls like a caterpillar", which impressed the company's founder, Benjamin Holt, to the extent that he renamed the company. The story teaches us that we should always listen to others, because ideas are hidden everywhere.
5. Try something new.
You think outside the box. Even the founders of Google and Snapchat did not find their company names in the book. Focus on finding a new word that will convince consumers. You can do this by combining two words or misspelling a word. It is crucial to differentiate yourself in the market.
