The Key to Developing a Unique Name for Your Business
Finding and developing a unique name for your business may just be one of the most important aspects in developing your company. In this article our naming experts share their insights on how you can get a name as unique as your business.
The old adage that “you don’t get a second chance to make a first impression” is a rock-solid truth. When it comes to starting a new business and that goes for your company name as well. Rightly or wrongly, potential customers will make an initial judgment about your company in a split-second. And the first thing your potential customers know about your business is your business name.
You may have outstanding product selection, exceptional customer service or a clear technological advantage. But potential customers may never know about these qualities because they’ve been turned off by your name. They have likely already formed an initial impression of your business based on your business name and company logo alone. Let your company name get your foot in the door and let your product pull that door open.
Establish a Sustainable Competitive Advantage and Match a Unique Name to This Advantage
Ask yourself this simple question, “What is it that my business will do better than my competitors?”
This requires that you have a good understanding of your own capabilities and an understanding of your key competitors.
Ask yourself the following questions to develop a unique business or product name:
- Where are your unique strengths?
- Do you have a have a better location?
- Is your customer service superior?
- Does your firm achieve distribution efficiency?
- Do you possess a proprietary technology?
- Is your marketing strategy and brand plan better than your competition?
The more areas of advantage that you have over your competitors — the greater the chance of initial startup triumph.
For long term success, you’ll want to consider how “sustainable” the advantage is. For example, a trademark or a patent is an exclusive right granted to you that is highly sustainable. On the other hand, if you provide superior customer service, your competitors could raise their service levels and diminish your advantage.
You’ll also want to take an honest look at what your competitor does better than your startup. You’ll want to work on these areas or relative weakness before you start your business.
Finally, if you can’t think of reasons why a customer should come to you over a competitor, you should give lots of thought to the viability of the concept.
Uniqueness: The Secret to a Winning Startup
Take a moment and think of all the places your company name and logo will “touch” a potential customer. They may include your business cards, website, stationery, e-mail, advertising, signage, brochures, media and so much more.
The individual point of contact between your firm and a potential customer is what we call a “touchpoint.” Each touchpoint is an opportunity for you to make a powerful and compelling message about your company.
The right impression could make the difference between the success and failure of your startup. Also, potential customers see your company name, domain name and logo first …
- You must have a unique company name – short and memorable
- Your unique domain name must be your company name with “.com” added
- Your logo design must be crisp, clear and uniquely capture the essence of your firm in a flash of a second
You need every advantage when you launch a new business. Start with a unique company name, domain and logo that communicates the right message to all your stakeholders at every touchpoint. Whether it’s a mug, website, uniform, van or signage, your brand tells your unique story.