A business name and simple branding are often one of the first things to consider after you have a product or service idea. It is difficult to sell a product or service without having some type of business identity. You will struggle to gain customer trust if you just sell products using your own name! But how do you choose a business name? What considerations are there, and how do you choose something that is relevant but catchy? We look at this in the below text!
Choosing a Business Name – The Basics
So, you have this amazing idea that you want to share with the world. You are positive it will be a brilliant product that will sell. You now need a business name to build your company around to drive the sale of your product. The following are some simple considerations:
- What is the product or service?
- What is the industry that your product is part of?
- Will your business be based in a specific location?
- Are there existing competitors or products?
Firstly, a business name can often be derived from the product or service you are selling. This is a simple method to use and it is also effective. If your business name includes the name of your product or relates to it, customers will easily be able to identify them.
Secondly, it is important to look at the industry you will be part of. Many businesses incorporate industry terms or general phrases in their name. This can be useful for SEO, but it can also help people quickly identify what type of company they are dealing with.
Next, consider your geographical location. Do you intend to sell your products or services to a global audience? Alternatively, do you intend to sell your products within your immediate area? This can have a bearing on your name. If it was the second option, you may opt to use your location in the business name for SEO purposes.
Creating Branding to Support This Name
Once you have a business name, you need to create branding. Branding is what gives your business identity. It is how customers can recognize your brand and build a bond of trust with you. If you look at some of the most recognizable businesses, they all have strong branding – Coco-Cola, Apple, Nike, and Mercedes, for example.
A logo, color schemes, and business slogans are simple branding elements. A business logo is usually the next logical step after creating your company name. This is because oftentimes a logo contains your business name, or is created using an object or initials relating to the name.
With this, color schemes are usually defined. Most businesses have a set color palette that is associated with their logo and marketing. For example, the traditional colors of McDonald’s are yellow and red.
With all these branding elements in place, you can use them to create your marketing. This includes physical marketing elements like a business card (There are free tools available like www.businesscards.co you can use), brochures, and online marketing like a website, and social media campaigns.
A Business Name is Where Everything Grows From
As you can see, a business name is the starting point for your marketing and venture. Obviously, you must have a product idea, but a business name then allows you to share that idea with the world. It is important that you take time to choose your business name, and think about the impact the name could have in terms of marketing and branding.