Give your company a catchy name like Google, and that helps it grow. It doesn’t guarantee growth, but it arouses more curiosity and excitement within your target market.
If your company has a boring, generic name that could apply to 1,000 companies in other various niches, you might have more trouble growing your business.
So what should your company’s name be?
Here are some tips for giving it the one that allows you the best opportunity for growth:
1. Think about Hiring a Company to Help You Identify a Name
This doesn’t come cheaply, though. It costs upwards of $80,000 or more for firms to help you find a company name that works in your niche. You may be able to find consultants for much more affordable rates, but then who knows what the quality of their expertise is?
2. What Your Business Name Should Do…
Your name should be clear, communicate the value you offer, and also be meaningful to your target market. For example, consider the name “Italiatour.” It’s not a real word, but it combines a country name (Italy) and a service offered (tours).
That evokes visions of Rome, the Mediterranean Sea, and the gorgeous Italian countryside in people’s minds.
How do those tactics apply to your e-commerce business?
Be Careful Doing These Things…
3. Always Pick Sensible Names
Yes, Google, Yahoo, Bing, and other unusual business names got big. But in general, they’re also a huge risk. For example, if you heard of a small company called “Google” 15-20 years ago, what would you guess they do?
Avoid crazy, whacky, and quirky business names.
4. Get Customer Feedback
Family and friends love you and want to help in any way they can…but when it comes to naming your business, they aren’t much help at all. And they may give you biased opinions that don’t reflect the opinions of your market.
Instead, talk to your customers directly and get their opinion on your business’s name.
5. Don’t Be Too Specific…
Unless you plan on offering basically the same thing with your website for the rest of its life! You may want to stay at a broader, higher level because that allows you to expand the products and services you offer without having to rebrand your business.
6. Don’t Put Your Name in the Business if It’s Risky!
If your e-commerce site fails, and enough people know about it, they’ll associate your name with the failure in the future. And that could ruin your chances at success with new businesses.
Ultimately, there’s a lot of luck and chance involved in picking your business’s name too. Do take the process seriously, but don’t be perfectionistic about it!
When you think you find the right name, it’s time to go full speed ahead.
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