Well to start, how about the
first introduction, the first impression and brand recognition? And hopefully
it will be around for a long time, although changing a business name is not
unheard of. Take Foresee Results, a local Ann Arbor customer experience
analytics company that recently shortened its name to ForeSee. They did so to
reflect their growth and image in the marketplace, according to their Press Release.
Choosing a Name
- Relate
to your company: The name should express the expertise, service or product(s)
offered. Some people may advise to keep it simple so it is easy to understand
what the company offers; others may recommend getting more creative. Either
route works as long as it aligns with the brand.
- Make it
memorable: It should be easy to spell and pronounce so potential customers
and/or clients can easily remember it and refer you to others.
- Stand
out from competitors: Make sure it’s not similar to competitors
or larger brand names.
- Check
out search engines: Consider what results will turn up on your search engine page when you type in your company name. For example, Biggby Coffee was called
Beaners. However, the CEO and Co-Founder Bob Fish changed the name in an effort
to not be grouped with derogatory sites, which could negatively reflect on the
brand.
- Consider
a verb or a word that can work as a verb: This is one I recently
heard. A good example of this is Google. You never hear people say, “I’m going
to search this on Google.” Instead it’s, “I’m going to Google it.”
Case Study: MOVE
In 2003, Don and Carol Hart,
principals at MOVE, decided it was time to change the name of their business
from Hart Media Group to MOVE Communications.
The business had begun in the mid-eighties and was primarily creating compelling,
creative, award-winning client videos. As time went on, the economy, clients
and project scope changed and their storytelling
began to trickle into other mediums and industries.
A friend of the Harts’ advised
that the name “go past the personality of the founders.” With that and the
company brand in mind, the list was narrowed down to MOVE Communications. “We
wanted to be known as a company who will stir people emotionally, moving hearts
and minds,” Don said.
A Name is Only as Good as the Marketing Plan
The
name is the first step to creating a business, but the marketing plan is what
helps to sustain the business.