In the previous article of our “From Concept to Reality” series, we discussed the ideation process and how to go about it to get a good business idea. Taking into consideration that you have found that elusive business idea and have started setting it up, it’s time that we talk about naming your business. While it may sound trivial, this is actually a very important part of the process. Those of you who are into marketing may already know this importance but there are some who actually think that “This is my business. I’ll name it however I want.” Some people or business owners can be stubborn that way and in the long run, it doesn’t help. Yes, this is true. Take for instance, we want to open a bookstore and we want to name it “Cool Bookstore”. We want to project that what we have a cool bookstore but naming it so may not be the best idea. We’ll tell you why.
Okay, “Cool Bookstore” may have some appeal to it but if you are a new entrant to the market, you’re risking being one of those brands that just fall into obscurity. Why? People won’t immediately know what you’re about, for one. More importantly, it doesn’t remotely communicate what makes you different from other bookstores as well. The name of your business has so many functions. It’s not only a marketing tool that can communicate the essence of whatever it is you are providing, it’s also something that can get people to remember and relate to your brand.
There are various guidelines and approaches to how you can go about this. Just remember that names are powerful and they can spell the difference between failure and success for your business.
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