While it may be difficult to convey storytelling and personality with a descriptive name, businesses entering a new market can benefit from it. While these names tend to be functional and utilitarian, they are less susceptible to misinterpretation. Descriptive names.ĭescriptive names specify the product or service and are ideal for positioning a brand clearly. Your ideal approach depends on your brand identity, industry and target audience. Don’t pick a name that could be limiting as your business grows.įor example, Apple dropped part of its original moniker (Apple Computers) to reflect their diversified product offerings as the business grew., while Amazon ditched its initial trade name “Cadabra” after it was misheard as “cadaver.”Įntrepreneurs generally take one of five approaches to name their company. The name should denote trust, authority and expertise within your industry.
It is your unique position in your industry.Ī catchy business name differentiates you from the competition.
The business name has a double meaning - it implies the furniture items are so comfy you want to burrow into them, but you can also use them to create your own cozy burrow. Think of the words you would use to describe the product, level of customer service and atmosphere (if you operate physical premises).įor example, Burrow is a furniture company specializing in custom modular sofas. Ideally, your brand name conveys what products you offer and the general purpose of your brand. It sums up everything about your business. However, intriguing names tend to be more memorable. Names like ‘Zappos,’ ‘Yahoo,’ and ‘Google’ are catchy but meaningless, so they cost more money to brand. Choosing a name too similar to a competitor’s or that is hard to pronounce will dent your discoverability online. As such, it should be search engine-friendly. It will headline your advertisements and form part of your domain name. Your business name shapes your first impression on prospective customers (and investors). It also determines how easily existing and potential customers can recognize your brand. Your business name sets the tone for what customers can expect from you. Here are some strategies for choosing a business name wisely. Having a memorable, catchy brand name that evokes the correct associations will help it stick - and brand recognition has enormous implications on your bottom line. It takes five to seven impressions for people to remember a brand, but it only takes people seven seconds to form an impression of your brand. Changing your business name is cumbersome and costly: you must notify the IRS, apply for a new employer identification number (EIN) and change licenses and permits. A great business name should reflect your business’ identity and goals. Naming a business may seem trivial, but it carries much weight. In 2018, Weight Watchers rebranded itself as WW in a bid to disassociate from the negative connotations of crash dieting. Netflix was founded as a DVD delivery service called Qwikster, but customers and investors disliked the name. In 1996, Larry Page and Sergey Brin called their initial search engine BackRub - named for its analysis of the web’s backlinks, before landing on “Google” by accident. Believe it or not, some of the most iconic brands once went by different names, and it’s hard to imagine these companies becoming as well-known as they are now had they stuck with their original monikers.
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