What’s in a Name?
One of the most important and often overlooked decisions you will have to make when you start a new venture is the business name. Pick well because you will be stuck with your choice for many years to come. What you are really doing is creating a brand and trying to build brand recognition and loyalty.
We will cover three different perspectives on choosing a name for your business, each one hits different strategic goals. Yellow page top listing, web 2.0 type name, and a name that easily identifies what type of business you are in.
- The Yellow page top listing strategy is exactly what it sounds like. Businesses that adopt this strategy have names like AA Courier Service, or AAA Delivery Service, or Acme Plumbing. These names will be at the top of the list for their category in the Yellow Pages but are not the most exciting, original, or memorable business names. To me these types of names just shout unprofessional, they may be great companies but if they have to rely on a trick like this to get the phone to ring, it just seems a little too desperate and amateurish. To create a valuable brand you want your business to stand out from the crowd, and project an image of quality and professionalism.
- Web 2.0 name: These are names that are typically made up words or words that give you no clue what the business actually is. ie. Amazon.com, Twitter, Redbox and lots of names that add an “-ura, -era, -ira, or -ta” to the end of a word, gives them kind of a Latin feel but really just made up words that sound kinda foreign (you see this in car names all the time. think Acura, Versa, Lumina etc). This can work out well but it’s risky. If you are going to do this just make sure your name is something that is easy to spell, don’t get creative and make up “krazee” spellings for your name unless don’t want anybody to find you up in the phonebook or on the web. ie: NevrL8 delivery, Phast kourierz you get the point!
- Name that easily identifies your industry or market or that brands you as the expert. Ie: Just in Time Courier Service, Speedy delivery, Stat Medical Delivery, Always Fresh Produce Delivery, Johnson and sons Courier Service. These names make it easy for your customers to figure out what you do, ie: Medical and Grocery Delivery. They tend to state a major benefit or keyword as part of the name ie: speedy, on time, or they captialize on a well earned reputation and good name ie: Johnson and sons. This is my personal favorite strategy for choosing a name as it allows potential clients to very quickly know what your company is. Sometimes all you have is a second or two to register on somebody’s radar screen, make is easy for them to “get it”
Branding is an essential element of your marketing strategy and should not be taken lightly. Remember this, whatever name you choose for your business, its the quality of your service that counts the most. Taking care of your customers and providing outstanding service is the best way to build your reputation and create strong brand recognition. Who knows maybe “Krazee Kurriers” could work after all.