In Business Naming

Does this sound anything like you? You’re driven. You love getting things done and you action your to-do list like a boss. You are in startup mode or you are getting ready to relaunch your business.

You want to move your idea forward, but you can’t because coming up with a business name is standing in the way. It’s in the way of registering the name, domain names, of getting a trademark, kick starting logo design and it’s even in the way of sorting your business bank accounts.

As the pressure to find a name for your idea intensifies, it can be tempting to slap any old name on it just so you can move the damn thing forward. The thing is, if you do this you will be missing out on huge opportunities that bring massive interest to your business.

What are the 4 performance indicators of a killer business name? Let me show you!

A Killer Business Name Will Attract (The Right) Attention

The aim of any launch is to attract as much attention to your business or idea as physically possible. The more attention you can attract, the more opportunities you’ll be presented with like securing investment, discovering some fabulous collaboration partners, referral partners and you’ll increase your chances of creating quality leads into your business.

But the thing is, you need to get noticed by the RIGHT people. Who are the right people? They are your target audience – your dream customers.

A business name will naturally attract more attention if it’s a name that sparks your target audience’s curiosity. Imagine you’re at a networking event, you head over with your (calm the nerves) cocktail and join a circle of entrepreneurs. You introduce yourself. You say “Hi, I’m Leah from The Golden Goose”. The FIRST thing you’ll be asked is what you do and what your business name means. 

This is an exciting opportunity to share your passion for what you do, and share the story of why you do it, and the story behind your brand – and who wouldn’t want that opportunity?!

FEELS LIKE: A brand that’s not attracting attention feels like you’re doing a lot of things to gain your dream customer’s attention, but it’s a lot of hard work with little to show for it.

A Killer Business Name Gets You Taken Seriously

When you’re taken seriously you have clout. People value your expertise and want your opinion. They pay what you charge. You don’t attract tyre-kickers. You’ll be taken seriously by bigger and better clients. You are more attractive to weighty clients and customer who are looking for someone who is amazing at what they do, someone like you. You’ll also be more attractive to journalists and advertisers. Those of high calibre businesses always partner with those they perceive as similar calibre. 

You have to take yourself seriously before others start taking your seriously. Don’t go getting a logo that costs you $99, then complain about the types of people you’re attracting into your business, puh-lease.

If you’re the owner of a service-based business, you’ll be wanting to get more exposure so you are seen as an authority in your space. You can’t do this if you have a business name like “Ezy Websites”. 

FEELS LIKE: A brand that isn’t being taken seriously feels frustrating because you know how awesome you are at that thing you do, but nobody else does.

A Killer Business Name Is Timeless

One of the biggest mistakes business owners make when it comes to naming their businesses, is that they don’t take into consideration their future business vision. How can you name your business something that lasts if you don’t know what the future holds?

Before I answer this, let me show you my secret crystal ball…

An old-school business naming method is to name your business something that relates to what you do, for example – “X & X Web Design”. Let me tell you this – Chanel doesn’t sell Chanels. The Golden Goose doesn’t sell golden geese. Virgin doesn’t sell virgins (thank goodness!).

Modern business naming methodology and principles allow for so much more flexibility. You don’t need to name your business with WHAT you do. This is particularly helpful in creating a timeless brand because you don’t box yourself in to one particular service offering. For example the above web design company might one day want to consult as well. Their name would then box them in because their name ties in to perception of the brand, and if everyone thinks all you do is web design? All you will do is web design.

Another thing, most people don’t cope well with change. If you can nail your business name the first time round (or second time, if you have to!) then you’re far better off. The least number of times that you rebrand, the better. This will allow you to build trust and equity in your brand for years on end, rather than inconsistently chopping and changing.

That being said, if your brand sucks, changing it is often a great (and sometimes the only) way to move forward!

FEELS LIKE: A brand that isn’t timeless feels like knowing your brand won’t last the distance with your business. You also know you’re burning money and time on rebrands that don’t solve the core problem, and you want a lasting result.

A Killer Business Name Just Fits

A brand that doesn’t fit is something you’d rather hide in your closet next to the ugly Christmas jumper your gran gave you last year.

So often entrepreneurs feel like their brand doesn’t fit after a few things have happened –

  • A pivot in service or product offering;
  • A change in business direction/vision;
  • A desire to focus more on a certain company value;
  • They’ve purchased the business so weren’t involved in the initial branding stages.

If this is you, it’s your opportunity to rewind and dig deep. It’s time to create something you believe in. For so many of my clients, when they go through this process they’re excited about what they have to offer for the first time in a long time – because they’re free to promote it in a way that feels authentic to them. A brilliant brand is something you’re proud to show the world!

One reason why so many entrepreneurs struggle with business naming is that they are pulling names out of thin air without any strategy, without getting to know the brand they’re naming first. This results in a name that feels a lot like your favourite shirt that no longer fits, meaning you’ll have to rebrand in the future to correct the issue.

FEELS LIKE: A brand that doesn’t fit feels like wearing your favourite shirt from when you were 12. You may still like it, but it doesn’t cover your expanding chest.

If you’ve learned anything today, I hope that it has been that you shouldn’t wing it. Plan to succeed. Plan a strong, consistent brand that you love and build that strong, recognisable brand that builds your business faster than your competition.

Now that’s some major performance!

Bonus info: How To Choose A Perfect Business Name. Click here to get the free ecourse so you can put your name through its paces.

 

The KPI's of a killer business name

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