One of the studies suggests that more than 540000 companies appear yearly in the market, raising the level of competition. They use new tactics and methods to draw their audiences’ attention because they all need recognition to not lose their identity in the sea of other evolving enterprises. Experts believe that nearly 77% of target groups choose a service or product for its brand name. Think of biggies like Amazon, Hotmail, and Starbucks, for instance. All these names are easy to remember for being cool.
On the other hand, a lackluster name may not create much interest in the customers. You can imagine names like Packaging Corporation of America or Global Payments. All these define the business purpose but lack emotional connection and power – they sound a little too technical. Hence, it’s clear that your company name has to be cool and intelligent. While this looks easy to achieve, the reality tends to be much different on the ground. So, how do you ensure this?
Cool name vs. nature of the business
If you look at companies like Google, Facebook, Samsung, and Apple, you will notice that their brand names don’t have to do anything with their offerings. Still, they resonate well with customers for being punchy and memorable. However, you cannot treat this as a maxim for success because these are huge entities. Startups have a different journey altogether. The budget and client base can differ or require a different approach. Considering this, finding a name that is both cool and defines your business purpose makes sense. It should have a certain amount of intrigue. When it reaches the target audience, they should be able to identify with it and absorb it.
One, two, or more words?
After thorough market research, studying your competitors, and getting some market perspectives, you may want to know the appropriate length of the company name. Some believe one word business names are stronger, while others advise adding more words can make your branding efforts more viable. While all these considerations demand deeper probing, you can pick a few available examples to evaluate your decision. You must be aware that Hewlett-Packard became HP and Federal Express FedEx after rebranding. Even Apple was Apple Computer initially. Because all these rebranded names are catchy, they appeal to the audience more quickly. For more satisfaction, you can explore examples like Dunkin’ for Dunkin’ Donuts, WW for Weight Watchers, and LG for Lucky and GoldStar Co., Ltd.
Is it one-word magic or something else? Of course, they sound cool when you hear those brand names. But most of these brands depend on word-of-mouth marketing for their growth. And there are exceptions like Tiffany & Co., Mercedes-Benz, and others. So, you cannot rule out that the naming process is complex. Some experts say that you can ensure one thing – the word should not have more than four syllables – for easy memorability.
After considering all the nitty-gritty, you can surely come up with a great brand name for your business. And you can also try crowdsourcing platforms for suggestions and feedback. The tests you run in the marketplaces can yield some favorable results quickly.