CRAFTING A COMPANY NAME

Crafting a company name is one of the first steps in a business redefinition, following an acquisition or start of a new business. This article contains information about how to craft better company names. Let’s Build a Better Business!!!

A company name is the premier brand that a company has. All marketing efforts will revolve and should revolve around a company name. Look at Apple’s rebranding campaign for the Apple Watch. It moves from the iPhone, iPad non-company name brands towards “Apple TV”, “Apple Watch” and “Apple Music”. The question remains: will the iPhone be rebranded to the “Apple Phone”.

Metal Branding Brand Perspective

This is smart even though it will cost the company an absolutely ridiculous amount of cash because it is the right marketing strategy in the long term. Any product or service branding should involve the company name. The Mac was at least a type of Apple. This name survives because it is better. iPhone may not.

So when you are crafting a company name you should also be thinking about the products and services that you are selling. Does the company name represent your products or services? It should. If it doesn’t you should think about changing the company name or the name of your products and services. A company name should be descriptive and move away from any personal names. This improves the value of the business when it comes time to sell. If your plan is to fail the company at the end of the day then the name really doesn’t matter. If you don’t have a plan to succeed then you are planning to fail. If you plan to sell the business at the end of the day you should ask yourself “Is the name something the new owner will want to keep?”

A significant percent of marketing a product involves branding. The most significant brand is the company name. Coca-Cola is a significant example. The name is unique and the brand within the name is worth a significant fortune. If someone buys Coke and has competent marketing experience they wouldn’t consider changing the name.

It should have punch to it and is easily spelled and memorable. You should never have to spell a company name for someone over the phone or by word of mouth! If it is hard to spell then it is not memorable. If it is not memorable then it is not a good name!

It should be creative and not common. In creating a company name avoid things like intentional misspelling like Kreative as this is very cliché and probably not something you want to live with long term. Look instead to create a new word entirely. My favourite is “Google” the two Os take the common search term “goggle” and changes it to add two eyes – the Os. “GOOGLE”  for a Search Engine - PURE GENIUS!!! Strive for this. Further, this is also a little unknown slap in the face at “Yahoo” who had the two Os too but Google just did it better! Just a little bit of friendly competition. More pure genius!

The downside to a company name like Google is it will not be taken seriously at the beginning and may even be subject to negative judgements such as lacking professionalism. It will also take significant time, advertising and promotion to make the name known. Then it works very well. If you have the time and the money go here. Otherwise stick to English.

Be careful when contracting another company to craft a company name for you. Another business that crafts and creates a company name usually holds the copyrights and moral rights in that name unless you have a written contract to prove otherwise. Marketing firms may not tell you this up front and wait until there is considerable value in the name before making an issue out of it. Tend to your contracts.

I like “The Business Planners” because it has our main product within the name “The Business Plan”. It describes what we do and it is actually more unique than we expected. So here we are. How about you!

Let’s Build a Better Business!!! What is your new company name going to be?

Tom, The Business Planners