How to Choose the Best Name for Your Business?

Understanding Business Naming Types

Firstly, let's delve into the types of business names:

1. Descriptive Names: These names, like 'Personal Media Devices', explicitly state what a company does, but they may lack uniqueness.

2. Acronym-Based Names: Names like IBM or GE are concise, yet they can be cryptic and potentially confusing for customers.

3. Suggestive Names: These names, such as 'Snapchat' or 'Netflix', subtly hint at what the business offers.

4. Abstract or Invented Names: Unique and memorable names like 'Yubop' stand out but might require more marketing effort to build brand recognition.

A Tale of Two Companies: PMD and Yubop

When starting a business, the name you choose can have a lasting impact. This is evident in the comparison between Yubop and Personal Media Devices (PMD). Personal Media Devices (PMD), as the name suggests, was direct in communicating its focus on tech products for personal use. This clarity was beneficial at the outset, as customers could easily grasp what Personal Media Devices offered. However, as the market became saturated with similar names like "Personal Media Machines", "International Media Devices" and more. So, Personal Media Devices name struggled to stand out, leading to higher advertising costs.

Yubop, on the other hand, went for an abstract name. Initially, this led to some confusion, as the name did not indicate what the company did. However, this abstract approach provided significant long-term benefits. Yubop's unique name piqued curiosity and facilitated brand identity through creative interpretations like "I bop, you bop, they bop." It wasn't just a name; it was a conversation starter and a memorable part of the brand.

The experience of Personal Media Devices shows that while descriptive names offer immediate understanding, they might lack uniqueness and flexibility. Abstract names like Yubop, although requiring more initial effort in branding and customer education, offer greater potential for unique branding, adaptability, and market distinction.

This comparison underlines the strategic advantage of choosing an abstract name. It offers a business the opportunity to embed creativity and uniqueness in its identity, setting the stage for a memorable and engaging brand presence that stands out in a competitive marketplace.

Essential Tips for Naming Your Brand

When naming your brand, remember these key pointers from 'THE BRAND GAP':

• Be Distinctive: Stand out like Netflix.

• Keep It Short: Maximum 4 syllables. Aim for brevity, like Uber.

• Encourage Brand Play: Allow for creative usage as in Google's 'Googling'.

• Avoid Generic Names: Be specific, like Amazon, not just 'Online Bookstore'.

• Ensure Pronounceability and Spelling: The name should be easy to pronounce and spell.

• Check for Unintended Meanings: Ensure the name has no negative or inappropriate connotations in other languages.

• Legal Defensibility: Make sure your business name is legally available.

Takeaway

Choosing the right business name is crucial and could significantly impact your brand's success. Take your time, think simple, and if needed, seek professional consulting. Remember, a well-chosen name is a powerful asset in your business arsenal!

You might like