BUSINESS GROWTH - Branding Considerations: What goes into the Naming Process?

One of the first steps in conceptualizing and building a business is branding. An important component in branding a business is creating a name that makes a great first and lasting impression. For many startups, especially in the Internet Age, it’s critical to get the name right the first time around, especially when domain names and social media platforms are fiercely competitive.

Important Considerations During Branding

When it comes to naming your business, there are different routes you can take to develop your brand. The first way a company can name itself is by using a descriptive name. As the designation implies, the business’ name gives readers a clear and succinct description of the company’s products or services. A second approach to naming a business organization is to use an acronym. Whether it’s GE for General Electric or IBM for International Business Machines, an acronym can become more well-known than a company’s full name. Benefits of this approach include easier ability for individuals to remember, pronounce and even trademark the name.

Another approach is to create a new word for a businesses’ name. Whether it’s a name for a search engine, such as MetaCrawler or Excite, or a social media platform such as Twitter or Facebook, new names don’t have any background. This can be advantageous because it won’t have any negative connotations; however, there will be no initial consumer or user association of a company’s products or services.

Companies that choose this route have great potential for the business’ name to be associated well with the performance of the company’s products or services. One example from the past is MetaCrawler. The name implied using an expansive search engine to gather information. If a search engine company similar to this one exceeded their expectations, users would be more likely to become loyal if the search engine performed well. Similarly, businesses may pay and add larger advertising campaigns on social media platforms if they provide clear instructions on best practices to target customers based on relevant demographics, geography and interests.    

Naming for the Digital Age

When it comes to reaching customers through the Internet and social media, there are some unique considerations. With the advent of search engine optimization, using a search term such as “Security” as part of a company name might provide more competition for a business to rank on the first or second page of search engine results. As more and more people use voice assistants versus typing search terms, voice processing technology can struggle with users who mispronounce a brand name borrowed from a foreign phrase or a last name that’s not pronounced as written.  

Additional Considerations

Don’t forget to consider the color of the text. Depending on a brand’s mission and intended audience, red is known to create an environment with more energy, while green text may create feelings of positivity and balance. Another suggestion to create instant brand name recognition includes a consistent style for the company’s logo, especially with fonts and colors. The greater the consistency with which a company presents itself, the faster and more easily recognizable a name and logo becomes.

Making a name for a business is an important part of the branding process. No matter the business environment, making a good first impression with a business’ name is the first step in maintaining a lasting impression with customers and clients.

These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

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