Finding the right high-quality name for your business is one of the most important aspects in developing your company. Our naming experts will share their insights on how you, an entrepreneur, can find or develop not just a good company name but, a great targeted name.
There’s an old adage that “you don’t get a second chance to make a first impression.” In fact, this adage is as true to people as it is with any business. Rightly or wrongly — potential customers will make an initial judgment about your company in a split-second. Often this judgement will be based on their first interaction between you and your potential customer. This interaction or “touchpoint” is typically the combination of your company name and logo.
It doesn’t matter if an entrepreneur launches a startup with all the best, success is not guaranteed. You can have the best product selection, or exceptional customer service, even a clear technological advantage, potential customers may never find out about any of them.
If you don’t spark interest in your potential customers, and get them interested in your business, they’ll never know. Your customers will have already formed an initial impression of your business simply based on your business name and company logo. A good company name can gain interest however, a great company name can actually get them in the door.
Establish a Sustainable Competitive Advantage and Match Your Name to That Advantage
The first way to learn what your competitive is, ask yourself this question, “What is it that my business will do better than my competitors?”
This requires that you to understand your own capabilities. Furthermore, an entrepreneur will need to have an understanding of their key competitors. Keeping this in mind, our naming specialists have developed a series of question. These questions will help you get to know your business better. This in turn may help you derive not just a good business name but a great one.
- Where are your business strengths?
- Does my business have a have a better location?
- Does my business offer superior customer service?
- Is my business better at distribution efficiency?
- Is my business based on proprietary technology?
- Does my business have a better marketing strategy?
The more areas of advantage that you have over your competitors — the greater the chance of initial startup triumph. But, beyond just a competitive advantage, there is a great potential to find the best name for your business in your answers. Why not tout your competitive advantage right in your business name?
Selecting a Great over a Good Business Name
Looking at long term and continued 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 and 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.
Many of these questions you should be able to address just by looking at your Business Plan, but that will be addressed in another article.
Take a moment and think of all the places your company name and logo will “touch” a potential customer … your business cards, website, stationery, e-mail, advertising, signage, brochures, media and so much more.
Goodness: The Secret to a Winning Startup
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 good company name – short and memorable
- Your good domain name must be your company name with “.com” added
- Your logo design must be crisp, clear and goodly capture the essence of your firm in a flash of a second
It’s important to realize that every entrepreneur needs all advantages when they launch a new business. Launching a startup with a good company name is just that good. However, launching a startup with a great name, combined with a dot-com domain and logo you’re off to a far better start. Always make sure that your touchpoint communicates the right message to all your stakeholders. Furthermore, your touchpoint needs right everywhere, no matter if it’s a mug, website, uniform, van, or signage.
So when a good company name isn’t enough, find a great name at Brandings.
Start your search here: GET STARTED
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