Last Updated : May 19th, 2018
If you are reading this article you must be an Entrepreneur or may be one who is planning to start your dream business in future.
This may seem a silly and frivolous task, but it may be the most important decision you make.
Naming a Business is like Naming a baby which is yet to be born.
It’s tough to take the decision on naming your Company.
So in this article, I’m gonna abstract about How Important your Your Brand Name, Difference between Brand name vs Business name and for further reference I’m gonna cover about the Naming Story of Top Global Brands.
How to name a Company in India
Before naming your startup, Let’s get deeper about the name of Startup, a buzzword.
Startup company (startup or start-up) is an entrepreneurial venture which is typically a newly emerged, fast-growing business that aims to meet a marketplace need by developing a viable business model around an innovative product, service, process or a platform. A startup is usually a company designed to effectively develop and validate a scalable business model.
Brand Name vs Company Name
In simple terms, Company refers to the organization that markets or produces products or services; brand refers to the image and “personality” a company applies to its products. So Brand may be a product/person. In reality, the two can overlap. Famous brands such as WhatsApp, IBM, Nike or Shell are also the names of the parent companies. However, a company such as PayTM & OLA does not feature as a company name, They are just a sexy marketing brand name for End users.
How to register a Company in India? (Referral article)
5 Tips for naming your dream company :
So let’s get into the topic, How to name your company / Startup //?
1. Ensure it’s Digital-Friendly
In this Digital Era, if you want your business to flourish and scale fast, it’s probably a must to bring it to the Internet. Therefore, you have to ensure if the brand name you’ll be coming up with is “web-friendly“. The brand name should be “web-friendly” in the sense that the name can be put on the web with Internet users having few issues finding and accessing it to gain information about the business. To ensure it check your brand with .com availability if you have a plan of taking your brand globally.
Ok, what then if .com is not available. Cool, there are plenty of country domains & specific domains like .org / .online to expand the availability. Do you know the official website of Google? No www.google.com is not an official website. The original website is launched recently in 2016. It is abc.xyz
For example, www.paythroughmobile.com versus www.paytm.com. The second one seems easier to remember because of the acronym “payTM“. Similarly OYO (On Your Own)
Check out this cool tool Business Name Generator to name your company wisely.
2. Avoid hard-to-spell names
You don’t want potential customers getting confused about how to find your business online. (It was never understood why “Flickr” was pushed as the name for the photo-sharing site.) You want to avoid having to continually correct the misspelled version of your name. Keep it simple. Just take Amazon as an example. It was named simply that they will sell a-z products.
3. Simplicity matters
The easier it is for the brand name to be pronounced, the better it can be spread through word-of-mouth. Similarly, the fewer the number of words for the brand, the easier it is to be remembered.
Just take Flipkart as an example here. When it was launched they were selling online books online. Anyway, they made the brand name simple and easy to remember. Let’s say if they named as sellbooksonline.com, DO you think it sounds good than Flipkart.
How did the name Flipkart come about? Flipkart started out as a book e-tailer. The “Flip” comes from ‘flipping pages’ and “kart” obviously denotes shopping. So the name created quite an obvious association with a book retailer/etailer.
4. Be Unique & Stand away from the crowd
Before coming up with a few potential brand names, it would be a good idea to do some research on the ones that your competitors have come out with. Identify what are the similarities between the different brand names. Subsequently, when you generate some potential brand names for your company, resolve not to come up with something similar to them.
In other words, your brand name should stand out from the crowd, by which I’m referring to your closest competitors. After all, a large part of your business concerns will revolve around these few.
As a potential customer considering the various options between you and your competitors, which one would most likely catch his or her attention initially? The one with a brand name that doesn’t sound like the others.
So Simplicity aside, brand names need to be unique & memorable as well in order to create a buzz and generate an interest in what is it that your business provides. Making your brand name too descriptive and straightforward may kill the curiosity that is needed to sustain the interest.
Example: Let’s take FreshDesk here. It’s a helpdesk software used to replace the supporting agents in the startup. Here the name is so unique & coined from an Acronym.
5. Ensure the Brand name contains the Essence of your Service
Just as your business should have a unique selling proposition to distinguish yourself from your competitors, your brand name should also manifest that which is distinct from the others. It can also be used to reflect the strength of your business or give a hint of what kind of services/products it actually provides.
For example, WhatsApp is a pun on What’s Up in case you didn’t get it yet. … This enabled WhatsApp to ping users when they updated their statuses. For fun, Koum and Acton’s friends began using the app to see status updates in order to effectively communicate with each other.
So anything I left to convey //? Pls comment below. I will update for sure.