Finding a Great Business Name for a Startup!
A business name plays a crucial part in your brand positioning. Positioning, according to Al Ries and Jack Trout, authors of the classic business book Positioning: The Battle for Your Mind, is “what you do to the mind of the prospect. the product in the sense of the opportunity.“
In the book, the authors go on to explain that naming a business “begins the positioning process, a name that tells the prospect what the product’s primary benefit is.“
In other words, by picking the right business name, one can position his company in the mind of the prospect in just the way one wants to. Whether one wants people to feel comfort, empowerment, happiness, or satisfaction, his marketing begins as soon as the prospect hears his business name.
Instead of explaining business every time someone reads the company’s name, people will know what it is all about. If they don’t get what one sells, they will get an idea of the “vibe” of their company; the identity, the core values, and the type of people you serve.
There are three aspects you want to take into consideration when brainstorming the company name: company’s value proposition offerings —the products or services you sell target audience Based on these three aspects, one can develop a list of words that he can then mix and match to come up with the right business name. Alternatively one can pick one that focuses on just one of these three aspects and go with it.