Building a brand is difficult. It is a process that requires time, patience and many steps. It is more than a logo or a slogan, it requires a clear message, a great product, buying a domain name, building a website, creating a positive brand presence, etc.
Naming a company is a crucial step in building a brand, and its importance is frequently overlooked. Many small business owners believe that the name can be changed later, once the business is up and running. Although a rebrand or brand refresh is certainly possible, it will require more of your time, and money, to make it happen.
Today we welcome you to our class, Naming a Company 101 with Saw.com. We will share the importance of naming a company, how a name and domain name can benefit your business and how to choose the perfect name for you.
The Importance of a Company Name
A name, any name, holds a lot of importance. There is meaning, history, emotion. Most importantly, a name is an identity.
In our world of digital sales and marketing, company naming is increasingly important. Your company name needs to communicate your business in a positive manner. Furthermore, it needs to stand out from competitors, and attract customers.
Why? A company name is how people find you online and remember you in passing. If your company name is long, hard to spell, say, and understand – it is nearly impossible for you to be remembered. Furthermore, certain names could come across as untrustworthy or be too similar to competitors.
Benefits of a Strong Company Name
What can a strong company name do for a small business?
First, let us clarify that a strong name does not guarantee success in the business world. Building a brand can take years. However, a great name can certainly make an impact. On the other hand, a poor name could in fact affect your business negatively.
Here are benefits of a strong company name:
1. Attract Customers (and Investors)
A good company name is warm, inviting and trustworthy. This will attract customers, and possibly investors too!
2. Better SEO
If you have a strong company name, and the domain name to match, your SEO and site traffic can improve. SEO, or search engine optimization, is the process of improving the quality and quantity of website traffic to a website from search engines.
Owning a memorable company name and domain name leads to more organic site traffic, and thus, higher rankings on search engines.
3. Save on Marketing and Advertising
Going hand in hand with better SEO, you save money on marketing!
When your name is memorable and easy to find online, you do not need to spend extra money on advertisements to attract people to your site. People will find you organically.
4. Prevent a Rebrand
Not sticking with the first name of your company means you will have to rebrand down the road. What comes with a rebrand? More work than you can imagine. Additionally, lots of money.
5. Increase in Sales
A company name that invites customers to their site or storefront time and time again can eventually lead to an increase in sales.
How To Name Your Company
We encourage you to take the proper time and energy to decide on a company name. It is a crucial decision, one that should not be made overnight. In the long run, the right name will save you money and give you an advantage from the start.
Here is our guide to naming your company:
Think Of Your Message
- Who is your company?
- What is your message?
- How do you want your company to make others feel?
When you choose your company name, these are questions you should be asking yourself. What name is going to accurately communicate who your company is and what you do?
When naming your business, it is okay to be literal, realistic.
If you have a name in mind that perfectly describes what you do, do it. Literal, descriptive names clearly communicate your company. However, they can sometimes be difficult to trademark if they are common words or phrases.
Some examples of literal brand names are:
- Bank of America
- General Motors
- The Container Store
- Toys R Us
- Vitamin Water
Go the creative route!
Choose a company name that leaves people curious and wanting to know more. A unique name will make you stand out against competitors and be memorable. A creative brand name will also be easier to trademark than descriptive names.
Some examples include:
Easy To Spell and Pronounce
Whether your name is more literal or more creative, it is important the name is easy to spell and pronounce.
If your customers are unsure how your company name is pronounced and spelled, or they can not even understand it, they could dismiss you.
Keep It Short
This goes hand in hand with easy spelling and pronunciation. Shorter words are simply easier for customers to remember. Therefore, it is easier to tell friends about and search online.
Think of some of the most popular brands – Amazon, Apple, Google, Disney, etc. All of these brand names are under 10 letters. Additionally, they are all fairly easy to spell.
Is The Domain Name Available?
Something else to consider when choosing a company name is if the domain to match is available. Before committing to a brand name, look up the domain.
If domains associated with your brand name are available, that’s great! This means you can start building your online presence with a website immediately.
If domains associated with your brand name are not available, you have to make a decision. Will you try to contact the domain owner and spend the money to purchase it? Will you buy a different domain extension than a .com and plan to upgrade later? Or, will you choose to go back to the drawing board?
This prevents a rebrand down the road, or having to pay thousands or millions later to acquire the domain you want.
Acquire an Exact Match Domain
At Saw.com, we love domains and everything they encompass. With over twenty years of experience in the industry, we have made it our mission to help companies and organizations understand digital assets’ role in the ever-changing internet landscape, every step of the way. We specialize in domain acquisition, appraisal, company naming, branding, brand protection, portfolio management services and more.
No matter the nature, stage, or size of your company, we believe in helping you be seen online and we pride ourselves in our transparency through the entire process. If you are interested in speaking with an expert from our domain brokerage service about buying a domain, contact us! Our domain brokers would love to speak with you.