Company Naming: the service to set you apart from the competition!
If you are starting a new Company, you may be wondering what name to give it.
In this article you will find some basic rules to follow to find the right Company Naming.
And now to the operational phase to see how to find the right name for your new Company or Product.
Naming meaning
The English term “naming” has several meanings, but in general it refers to the act of naming something or someone.
Naming is a complex process that requires creativity, strategy and market knowledge. A well-chosen name can have a significant impact on the success of a product, service or brand.
It is important to express the true value of naming.
Speaking with several entrepreneurs interested in our “naming Company” service, I was able to note how, at the initial stage, the emotional element is crucial.
That name they have had in mind for a long time, or a name they have heard of or that reminds them of pleasant feelings.
Company naming: what value does it have?
Making a company name (brand naming strategies) is not an easy job. It is one of the pivotal activities of the Marketing and Communication Strategies
The first thing we have to consider is that you will invest a lot of money on that name.
You will agree with me, that over time, the name of your new company, will be a key part. Not only for possible new Clients, but also for suppliers, Partners and the Community at large where you will operate.
Consider that large corporations, also put in the Corporate asset values, the value of their Brand.
As the great Philip Kotler, global marketing guru, said.
Businesses believe that their balance sheets contain the full list of their assets: tangible assets, accounts receivable, working capital and the like. However, their real assets are off-balance sheet items such as the value of brands, employees, distribution partners, suppliers and their intellectual capital including patents, trademarks and copyrights.
As can be seen from this quote, one of the elements that should be considered in the Budget is precisely the value of the Brand.
So much so that there is a special global ranking, expressing the value in millions of Dollars, of major Brands.
My advice is to take your time because company names, often times, look alike.
Brand Naming Strategy
The goal of brand naming strategies is to produce a name that becomes a winner.
Indeed, it is the name that will build the very story of the company and its products, define its market positioning and eventual business.
Once the naming has reached a high level of diffusion, we will begin to talk about Brand Awareness.
Branding is the naming associated with a set of elements, such as symbols, orientations, ideas, beliefs, that are legitimized and identified with the company or product.
What generates the naming strategy?
If the message and image have a positive impact, it will be the consumers themselves who will boost brand outreach through word-of-mouth activity.
Choosing a name for a product, service, brand or company is a key activity in marketing and communication. An effective name must be memorable, distinctive, and in line with the brand’s values and image.
Naming is also important when creating advertising campaigns, slogans, payoffs and claims. A good name can capture the audience’s attention and convey the desired message effectively.
For example, when choosing a software, app, or website name, it is important to consider functionality, target audience, and competition.
Finding a clear and descriptive name can help users easily find the product they are looking for.
Naming is also important when creating web domains, email addresses and social media profiles.
Company naming: what to do!
Find out in these 12 easy steps how to find the right Company name.
- Define which Market you want to target. Local, National or Foreign? N.B. If you are targeting a Foreign Market, the name should be recognizable indiscriminately in all nations and languages. Beware that some words may have different meanings, values and interpretations depending on the language and/or nation.
- Target audience, who do you want to address! Who is your Buyer Persona? What is it like? What does he do? What is its cultural degree? What communication channels does she use? How can you stimulate her and thus intercept her curiosity?
- What tangible and intangible values do you want to convey: reliability, technology, green, social, tradition, family, craftsmanship etc.?
- Who are your Competitors? Conduct an online search, check your competitors. Find out what names they have used and what keywords are on their sites.
- What searches do users perform? Conduct online research to understand what keywords users use to search for the Product or Service made by your new company.
- Descriptive name. Draw up a document with all this information and start making a selection of words useful in the creation of the new company name.
- Original Name: check selected company names that are not already in the market, maybe you missed them in the first stage of your search.
- Check that the relevant domains are still available, possibly .it if it is a company that works purely in the Italian market.
- Rank the top 10 names you think are most interesting and relevant.
- Don’t stop at first impressions. Get as many people as possible to read the list of your company names. Ask for feedback. Does the name evoke feelings? Which ones? Score each company name on your list. Score each comment.
- Review the ranking again based on the previous points, it is like a big “word game.”
- Choose the name based on the rankings compiled, availability of domains, and comments received.
Remember the name does not have to please us, but the market we are targeting.
Company Naming: conclusions
Therefore, to “depopulate” in a short time in the market, it is necessary to define and promote product/company differentiating traits.
Diversity attracts attention and stimulates curiosity, facilitating brand memorization and the creation of a strong Brand Identity.
The studied and reasoned choice of naming is particularly relevant in the case of companies with a multinational presence or a range of products and services sold in a plurality of geographic markets.
In this case, the Brand name must be easily pronounceable regardless of the language. It must respect the socio-cultural characteristics of each country and not generate ambiguity of meaning.
In fact, an incorrect or superficial choice can be a cause of misunderstanding and can reflect negatively on product sales and company image.
Naming: What is the advantage?
The brand will become an index of assurance for the Customer, going to convey the manufacturer, the message and the responsibility that the company places on the Customer.
It will become recognizable, facilitating Customer orientation, in a society filled with symbols, products and meanings.
Should Brand naming strategy be done only by big Companies?
Today, alongside large companies, which first perceived the value of naming consultancies, small and medium-sized businesses, professional firms , accounting firms, and businesses such as bars, restaurants, and hotels also feel the need to have the right name.
It has therefore become essential even for small businesses to turn to naming companies such as Factory Communication. Communicating is a prerequisite for being able to have success and continuity over time.
Naming Strategy is also used when a company wants to reposition itself in the Market and pursue, for example, a Focusing Strategy.
Brand naming company: search queries
We report some of the search queries that generate visits to our website are based precisely on keywords such as:
- naming business consulting firm
- brand naming companies
- naming companies
- naming for technology company
- farm naming
- naming for tech company
- product naming strategy
- brand recognition
Happy Naming to all.