Naming your business can be the most excruciating aspect of brand-building – unless you�re prepared for it.
Entrepreneurs are usually impatient and action-oriented, so when it comes to naming they might find themselves �settling� for a second-class name just so they can get on with the �important� matters of business-building.
They may have had a name in mind since the inception of the business idea, and now they�re married to it. Or they may be aware of the frustration of creating, assessing and screening name candidates through many iterations, so they take the �easy way out� and come up with a three-word name that �describes� the business.
I believe the name is the most important element of a brand and should be treated as such. To develop a name that stands apart and truly represents the brand, I believe you should start the process with a particular mind set.
I�ve found three major ideas that can help you adopt a �killer� name with the least amount of angst. When my clients adopt this attitude, I�ve found the process and the results can be satisfying and productive.
- Through the entire process, keep an open mind. Quite often the best ideas come from the frustration of rejecting a hundred candidates or more. Also, don�t reject a candidate out of hand. The name may grow on you, or it may trigger additional ideas that lead to fruitful candidates.
- Initially, prepare a long, long list of candidates. And keep adding to it even after you think you�ve done enough. This stretches your creative energies as well as opens avenues you�d not think of early on. In addition, use many sources of candidates and ideas. I�ll suggest some sources in a future Branding for Bucks post.
- Be prepared for disappointment. In the early evaluation stages, be sure to isolate five or more name candidates that meet your criteria. For various reasons, three-quarters or more will not be available to you. So don�t get really married to a candidate until after it passes the tests for suitability and availability.
You can keep moving through the naming process at a fast clip, but don�t let frustration lead you to a second-class name. Because the name will become your most important asset as time passes. Make sure it�s right the first time.