{"id":42027,"date":"2014-11-25T11:00:43","date_gmt":"2014-11-25T11:00:43","guid":{"rendered":"http:\/\/www.smartinsights.com\/?p=42027"},"modified":"2014-11-28T07:43:04","modified_gmt":"2014-11-28T07:43:04","slug":"name-product-business","status":"publish","type":"post","link":"https:\/\/www.smartinsights.com\/online-brand-strategy\/brand-development\/name-product-business\/","title":{"rendered":"4 ways to choose a name for a business product or business"},"content":{"rendered":"

Plus\u00a0three ingredients that you can combine to create a\u00a0powerful name and strap line<\/h2>\n

The name you select\u00a0for a brand, product or service will clearly have a major impact on how prospects and customers perceive your service,\u00a0but what are the options for choosing the best name?\u00a0There are lots of ways to name a business, a service, or a product. The addition of a strap line can take the name a little further. From nonsensical words, like Google, to highly descriptive names, like Compare the Market \u2013 there are just so many ways to think about naming! Whilst it's true that naming is a bit of an art and today we are often constrained by domain name availability, there are certainly a few issues\u00a0to consider to guide you to choose\u00a0a\u00a0name that can work much harder for you.<\/p>\n

1. Nonsense names \u2013 e.g. Google<\/h3>\n

The benefit of a name like this is that once you\u2019ve lodged a meaning in someone\u2019s mind attached to this word, you own it. In fact, when you really nail this, it can enter the language as a verb... to do the hoovering,\u00a0<\/em>or\u00a0just google it.\u00a0<\/em>It's arguable that when you get here, you've gone too far, as it's no longer associated with your brand. People simply think it's a word. Did you know that Lloyds Banking Group own the name CashPoint?<\/p>\n

The difficulty is getting people to attach meaning to an unknown word, or to attach a new meaning to a word with an existing and clearly understood definition (Like Apple, or Orange \u2013 what is it with fruit?). You can definitely do it. But, it takes time and (lots of) money.<\/p>\n

The downside to a nonsense name, is that you will initially have to explain what you do. So, if you're after to speed to market on a low budget, this may not be the smartest move. Of course, there is an opportunity for conversation in this initial misunderstanding, but it can also risk people simply not understanding (or mis-filing) what you offer.<\/p>\n

2. Founder names or initials \u2013 e.g. Marks & Spencer<\/h3>\n

As above these sorts of names are meaningless in themselves. You need to get people to attach a meaning to them. Once you\u2019ve done so \u2013 it\u2019s yours. Once you own it, you can play with it. As M&S are in their current Magic & Sparkle Christmas campaign. This naming convention can also express traditionalism, that in industries like law or accounting, can be appropriate.<\/p>\n

You need to think to the future to know if this is the right approach for you. In a smaller business, it can create succession and exit issues. If you have growth, or a fat cheque for what you\u2019ve built, in mind then naming the business after yourself is not usually a good move. If however, you are building a business celebrity or speaker status, your own name has to be at the heart of it.<\/p>\n

3. Descriptive names \u2013 e.g. Compare the Market, or WeBuyAnyCar.com<\/h3>\n

Where clarity matters, descriptive names work best. When you want to make sure people understand what you do \u2013 having a name that tells them can be very helpful.<\/p>\n

The potential pitfall here is in extending your business or product range \u2013 if you\u2019ve been extremely descriptive, adding new products lines, etc. can be tough. But, as PC World\u00a0have shown, not impossible.<\/p>\n

4. Conceptual names \u2013 e.g. Smart Insights<\/h3>\n

Then there\u2019s a name that says something about you, but not exactly what you do. This is usually something that expresses your values or style of working. The great thing about this kind of name is that you can own it, like the nonsense name, and you can use it to tag onto a range. When I originally chose Clear Thought as my company name (changed last year when I decided to stick to marketing), it said something about my approach \u2013 but I could have easily extended from marketing, to finance, IT, etc.<\/p>\n

Bringing it together with a strap line with three key ingredients<\/h2>\n

However you choose to name your business, you have the opportunity to make it work even harder for you with the addition of a strap line. This can be integrated into your logo, or work as a line that you use on collateral, document footers, etc.<\/p>\n

Here are the three things to have on your list when briefing or working on this for your own business.<\/p>\n

In the worked example that runs through my book Watertight Marketing<\/a>, I\u2019ve used a fictional company \u2013 VA-Voom!<\/strong> The strap line is: Virtual Assistants. Real Potential.<\/em><\/p>\n

1) What<\/strong> you do<\/h3>\n

\"Tell<\/a><\/p>\n

Somewhere in either the name or the strap line, I\u2019d recommend that you tell people (in pretty simple terms) what<\/em> you do. It can be so easy to get yourself filed incorrectly in someone\u2019s mind\u2026 making it crystal clear in the logo that appears on practically every document, etc. can definitely help.<\/p>\n

2) How<\/strong> you do it, or your values \/ style<\/h3>\n

\"Tell<\/a><\/p>\n

If you can also give a sense it how<\/em> it will will to work with you, you\u2019re onto a winner. This is about values and personality. For VA-Voom! we wanted to express speed, and the feeling of someone waving a magic wand. This is also picked up in the visual styling of the logo.<\/p>\n

3) Why<\/strong> people would want it<\/h3>\n

\"Tell<\/a><\/p>\n

And, of course, there\u2019s the why. I\u2019d always recommend include is a sense of the key benefit of working with you \u2013 i.e. how will their life be tangibly better. If you\u2019ve read about The Logic Sandwich<\/a> \u2013 this is where you want to get to that \u2018towards\u2019 emotion in place, so that people have a sense of what they\u2019re headed towards.<\/p>\n

You can mix and match how you put these elements together:<\/p>\n