International corporate experience demonstrates that in many cases the destiny of the company is determined by its brand, or in other words, by its name. Name, company slogan, logo or trademark are the elements that will be associated by potential customers with your company. However, it is not so easy to come up with the name of the company, which will be initially focused on success and prosperity. In practice, the hundreds of options are offered, but they do not fit with you. What is to be done and where to start? Let us try to get understanding step by step.

The idea as the basis

You should have the clear understanding about what the name you need in order to avoid long and troublesome reasoning and choosing the name of your new project. The company name must reflect a certain idea, which is the foundation of your business. Any business is a certain idea, which spreads among the clients and engages them. Your future income depends partially on the effectiveness of the company name.

Idea is the foundation of any business, but it is worth nothing without real business behind. An idea shows its principal value in the process of its realization and implementation. If you will manage to promote your idea among the wide range of customers, you will receive a likely response in the form of increased sales of service or product. When the preliminary idea will be formed, you can proceed to the next stage.

Conception of spreading an idea

It is necessary to work up carefully on the conception of spreading your ideas in order to choose the name of the company. In fact, it is necessary to choose a working format of the newly created company. It is an indispensable condition, and it is not worth expecting to succeed without consideration of all the competitive advantages of your company and the full commercial scheme. You must understand that there is a huge number of participants in the market with similar goods and services before you are entering the market. Moreover, consumers, who are accustomed to a particular product, will not change their preferences. That is why even the similar trading schemes should be implemented within the original conception.

How to choose the right company name

If you have chosen the conception, and have a clear understanding of the direction of your business, it remains just to convey it up to the ultimate customers. Thus, after working on the idea and methods of its promotion, we get an understanding of what the name do we need. For instance, your business provides retail trade at relatively low prices; it may become the basis of the proper company name and its further promotion.

Experts identify a number of requirements and conditions which should be met by the new company name, in particular:

• Psychological compatibility and correctness – psychology assigns each letter a specific color, tone, or other features that should be taken into account. For example, it is not recommended to give aggressive names to the beauty salons or SPA, as it can cause a semantic dissonance among the clients and to repel them;
• Indicator of originality – it is of no small importance, especially in the service sector. Imagine a hairdressing saloon «Jane». And try to remember the next week such names of hairdressing saloons as «Julia», or maybe «Josephine»?;
• Associative array – your company name should give client the possibility to build an associative range. For example, the name «Success» is not quite proper for a company which sells car tires, and etc.;
• Transliteration and euphony – when choosing a new name for the company, it is important to remember that it should sound euphoniously and have a correct translation into the other foreign languages;
• Focus on the target audience – work more with the target audience if you want to increase significantly the response of the potential buyers.
• Legal purity of the name – the chosen name is mandatory checked for nonexistence of analogues and is registered in the relevant government authorities.

Current market conditions show that the choice of the company name stopped to be a simple afflatus and is no more based on the personal taste of the founder. Today the various technologies and strategies, which include work with the target audience, interaction with the focus groups, thorough market analysis, and much more are used successfully.

In any case, an effective choice of the company name is the first step on a long way. The reasonable name must be accompanied by a memorable and maximally positive slogan, a company logo and other corporate elements. It is the only way to create a complete image in the minds of your customers, which will be catchy and which will result positive emotions.

• Checked / Updated: 07.25.2022
• Published on: 09.13.2015
• Author: Vlad Burtynsky