Best Practice: Select a name that is easy to say, spell, remember, allows for growth, has matching domain and stands out from the competition
Today’s Article: 10 Tips to Selecting the Right Company Name
When selecting a name, select one that is good for the start-up phase, but is also good for the scale-up phase. Pick a name that works now, but can grow with the business. That is a good name.
When selecting a name look at the customer first and a name that would connect with them. Pick a name considering demographic, psychographic and generational characteristics. Next look at competitors and select a name that will stand out when people look for your type of product or service. Also review your competitive advantage. Use a brand name filter, when evaluating potential names.
Brand Name Filter
For each quality that your name matches, you get a point.
___ Easy to Say and Pronounce
___ Easy to Remember
___ Easy to Spell
___ Pick a Name That is Web-Ready – Exact Domain Name is Available (no hyphen)
___ Trademark is Available (Check with http://www.uspto.gov/)
___ Available in Your State (Check with our State Department of Incorporation)
___ Social Media Identity Availability ( Example Facebook, Google Plus, Twitter, etc.)
___ Stands out from Competition in a Favorable Way
___ Has no Negative Connotations (Example when translated to a foreign language)
___ Name Allows You to Add New Services or Products in the Future
___ Number of Points
Action Step: When you have a name that you like, use the brand name filter above to evaluate it.
Note: If you are having trouble coming up a name with high points that you are happy with, explore using an outside source to help you i.e. Ask an Expert.
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