Written by: Cordell Burke, Creative Managing Partner & Giles Luckett, Senior Digital Strategist from Balloon Dog
Some believe that choosing the right name for their business is one of the most important decisions they have to make. In rare cases a well chosen name can give you such stand out that it becomes a verb; 'It was a Kodak moment...' or 'I Googled it...' Poorly chosen ones, however, can hobble a business at birth - the ill-thought through pen e-tailer, www.penisland.net or 'Bay Trading'. When Bay tried to make the jump from real to virtual high street its name suddenly meant it was competing for attention not just with other clothing retailers but the mighty eBay.
It is no surprise then that businesses spend a lot of time and money testing names to ensure they do not offend, are understood and convey the organisation's purpose. Of course some retailers have such an outstanding offering that the brand can carry any name - think ASOS, Apple or Sony.
But is there a secret to the perfect retail name? Well there are certainly dos and dont's and these can be summarised as do...
Aim to be remembered: Customers and prospects need to find your name memorable - Play.com is a classic example of an e-tailer's name that is both memorable and descriptive. In the digital age a memorable brand name can save you a fortune in PPC etc so be bold and who knows; perhaps you'll be the next Spotify or Amazon.
Aim to be understood: Being bold in your choice of name can pay huge dividends but keep your creativity grounded in reality. Silly names such as Moonpig.com have high remembrance quotients but the lack of brand transparency necessitated hefty marketing spend. That saidNick Jenkins.com - Moonpig's real name - sounds more like a firm of solicitors. The key is a happy medium between distinguishing yourself with alienating yourself.
Accentuate the positive...When customers say your name you want it to be in a positive tone. 'Yes Car Credit', ‘Phones4U' or 'JobWellDone' all give a sense of positivity that promotes empathy before you have even engaged.
...but don't try to mislead! Calling yourself 'Happy Days Funerals' or 'Brightside Bailiffs' isn't going to fool anyone and positivity can of course be born out of respect and trust.
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Remember, catchiness is catching: Where possible, pick a catchy name that people will like to repeat but make sure it is suitable for your customers. 'Completely Piste' is a great name for a skiing firm so long as its clients are under 40 and more interested in après ski. Also try and keep it short. 'Completely Piste But Only After The Lifts Have Closed' both kills the gag and as a URL or offline tag line is not going to cut any ice.
and don't....
Be too generic: 'Fred’s Bar' or 'The Corner Shop' say what they do on the tin but are far from memorable and will be nearly impossible to trademark.
Be tied geographically: 'Peterborough Pies' or 'The Boughton Bunting Company' are fine when you start up but if you decide to move or expand your offering online to a global audience they can send the wrong signal.
Be too clever: If your prospects do not get your name they will keep on scrolling, walking or thumbing, and if your customers do not like your name change you can end up fighting an unnecessary PR war, isn't that right Consignia...?!
The trick in choosing your name is to make it ring within the industry you are in, and while there's no magic formula for choosing an outstanding name, the above gives you some pointers. One thing that can be said for certain though is this: a great name will never prop up a poor business.
