What’s in a Name?

Many of us don’t recognize a really good company name until…well, it becomes a really good company (or at least a well-known one). A meaningful company name should be a component of every solid business plan.

There are many factors insightful, energetic entrepreneurs should consider when trying to decide on just the right name for their new venture. Interestingly, a strategic, thoughtful process is often skipped as stakeholders are busy securing financing, analyzing logistics, and developing key elements of a business plan.

Naming Matters: Beyond the Basics

Bad names tend to stand out, or at the very least, cause brand confusion. A lukewarm company name can overshadow a quality product or service. Not to mention, changing the company name after it has been legally established can be time consuming and costly. 

So does it really matter? The name that is. If the product is reliable and unique or the service is valuable and distinct, who cares what you name the company behind it? In truth, really good names take time and serious effort. 

Collecting buy-in from key personnel in your organization goes a long way in generating buy-in and organizational pride in your brand. If you are looking to build a brand and create longevity with depth in opportunity, then yes, put in the time to give your organization a strategic company name—one that employees are proud to wear on a hat.

Key Considerations in Developing a Company Name

There are many considerations experts explore when implementing a naming strategy. From grammatical considerations to linguistic checks, branding strategists often create a naming matrix to help organize and prioritize the names being considered. The more stakeholders with opinions on the name, the more challenging the naming process can become.

Consequently, it is wise to ask for help. Bringing a team of naming experts to the table to help collect data and build your brand, from the ground up, can be a wise investment. Oftentimes, owners of an emerging business are too close to the project to be objective to various elements contributing to developing a strong company name. Personal biases or preferences may hinder creativity, originality, or perspective.

Here are a few things to consider when developing a company name. Are the names you are considering:

1. Available 
2. Memorable
3. Distinct or unique 
4. Appealing (visually & audibly)
5. Meaningful or representative

Your company’s name is just part of your brand. Great designers and marketing teams can take your company name and mold it like clay on a potter’s wheel, giving it visual appeal and unfolding the story behind the name. Remember, intentionality is key—the best brand names make connections and have meaningful roots.