A good company name defines who the company is and what it offers. The name sets the tone for the business and cues people in on what it does. Sound important? Absolutely, and that’s why it’s critical for businesses to choose a name that’s impactful and easy to remember, but also conveys what the company does. Choosing a name is a lofty task, but a company name is often the first impression of the brand and is therefore a critical consideration for success.
There are a range of methods that can be used to choose a name, but what’s most important is to approach this process systematically rather than emotionally or politically. It can be easy to become attached to a name, but business leaders must evaluate whether that name helps to tell the company story and sets them apart from the competition.
Dos & Don’ts
So where do you start? First, consider tips and pointers from the experts. In an Inc. article titled “5 Things You Should Never, Ever Do When Naming Your Company,” brand strategist Steven Mason shares his Dos & Don’ts for the naming process. Following is a paraphrased list of key considerations:
Don’t:
- Use a name generator because computers don’t understand linguistics or branding.
- Vote on names – people tend to vote for what they personally like, not because it has anything to do with the business or because it is evocative.
- Confuse your preferences with those of your target market.
Do:
- Consider both positive and negative attributes of the business, product or service. Ensure that potential names embody the positive and do not reflect the negative.
- Measure the names against linguistic and branding criteria. Is the name easy to spell? Is it easy to pronounce? Is the name evocative?
- Consider intellectual property – it’s wise to enlist the support of an attorney to manage the due diligence associated with the naming process.
Best Practices for Naming a Company
Next, outline what’s important to convey in the name and begin the brainstorming process. We’ve played a role in helping companies craft compelling names and through our experience we’ve found the following process to be the best strategic approach to naming a company:
- Hold a brainstorming session with executives – This initial meeting helps bring the story of the company to life. By unearthing the company values and the product/service it plans to sell, you’re helping the stakeholders outline the key attributes of the company and are beginning to define the criteria to judge potential names against. Once buy-in is secured on what these key attributes are, move to the next step.
- Determine the top contenders – Use the brand attributes, competitive differentiators, and key messages the company wants to convey to its target audience(s) as fodder for the name brainstorm with the key stakeholders. Hone in on three to five names and then move to the final step to evaluate each contender.
- Evaluate the names based on criteria – Now that there are a few names in the running, rank the strength of each name by measuring it against criteria—have the executives define what’s important to communicate through the name and rank against these criteria. Using measurable evaluators reduces the possibility of naming a company based on personal preferences, internal perspectives, emotions or politics.
Understanding Different Types of Brand Names
Finally, if you’re stumped after defining the key attributes and looking for some inspiration, Lorraine Carter at branding firm Persona Design provides an overview of the top brand name creation categories in her blog post, “Brand Naming: Top Ten Methods for Brand Name Creation.” Following is a summary of types of brand names:
- Acronyms and Initials – brand names that stand for something longer, such as KFC (Kentucky Fried Chicken), GE (General Electric) or HP (Hewlett-Packard).
- Alliteration or Rhyming Names – these are often particularly memorable and fun to say (Piggly Wiggly, YouTube and Dunkin’ Donuts).
- Derivative Names – these names are similar to something you have heard, but have been changed to sound different (Nespresso, Zappos).
- Descriptive Names – these describe the products/services offered (Whole Foods and Internet Explorer).
- Evocative Names – these are designed to evoke an image for the customer (The Body Shop, Amazon).
- Founders’ Names – examples include Cadbury (after John Cadbury) or Disney (after Walt Disney).
- Geographic Names – this style associates a region or landmark with a product/service (Patagonia, Cisco—drawn from San Francisco).
- Hybrid Names – these names are combinations of current words or recognized syllables which send the right message when combined (Swissair).
- Neologisms (new, made-up words) – these can be unique and memorable, but require more initial marketing resources to become highly recognized (Omniplex, Kodak and Twitter).
- Personification – these names are based on a persona or a real person who is not the founder (Betty Crocker, Aunt Jemima).
As mentioned previously, there are a range of methods for selecting a name, as well as various considerations to take into account. That being said, having a process for measuring names is crucial to success as it removes emotional or political bias that too often comes with such processes. What tips do you have for crafting a compelling name?