How To Choose a Name for Your Business, Startup, Brand, Product

Summary

Choosing the right name for your business is crucial for success, as it impacts your brand's clarity, memorability, and ease of finding it online. This video outlines five common mistakes to avoid: unclear names, generic or too similar names, misspellings, hard-to-pronounce names, and being too specific. The video also provides a process for brainstorming and narrowing down your options, including getting feedback and securing a domain name. The key takeaway is that while a poor name won't necessarily destroy your business, a thoughtful and memorable name will make it easier for people to trust and recommend your company.

Takeaways

• 😀 A good business name is crucial for brand recall and word-of-mouth marketing. It should be easy to remember, spell, and share.
• 😀 Focus on the brand name first, not the domain name. Once you have the best brand name, look for an available domain.
• 😀 Avoid overly generic names or those too close to your competitors. A unique name helps with differentiation and Google searchability.
• 😀 Clarity is key! Your brand name should be simple enough to hear, understand, and remember, even in noisy environments.
• 😀 Don't get overly creative with spelling or misspellings. Names that are hard to spell or pronounce can lead to confusion.
• 😀 Ensure your brand name is easy to pronounce and consistent in pronunciation across different people and contexts.
• 😀 Avoid pigeonholing your brand name. Choose a name that's flexible enough to allow future growth or pivots in your business.
• 😀 Consider using a prefix or suffix if your desired domain name is unavailable. This can be an effective workaround.
• 😀 Don't overcomplicate your domain with unnecessary hacks or multiple suffixes (e.g., 'getbump.crm'). This can hurt your branding.
• 😀 Use a brainstorming process to come up with multiple options, get feedback, and then narrow it down to the best name.
• 😀 A domain name isn't make-or-break for a business if your product is strong, but aim to get it right early to avoid headaches later.

Q & A

Why is choosing a good business name so important?

A good business name helps people find you, remember you, and easily spread the word about your company. It can significantly influence your brand's perception and make your business easier to recognize, while a bad name can create confusion and make it harder for people to understand what you do.

Can a company still succeed with a poorly chosen name?

Yes, companies like eBay, Xerox, and Google have succeeded despite having names that aren't ideal. However, these names added unnecessary challenges and made their journeys harder. It's always better to avoid starting with a disadvantage.

What makes a business name memorable?

A memorable name is one that is easy to hear, understand, and recall. It should be short, clear, and distinctive enough to stand out in a crowded market. A great name also facilitates word-of-mouth marketing.

Should you start with the brand name or domain name when naming your business?

It's recommended to start with the brand name. Focus on coming up with the best possible name for your company first, and then look for an available domain. You can always adjust by adding prefixes or suffixes if the desired domain is unavailable.

What is the 'crowded bar test'?

The crowded bar test is a way to check if your business name is clear and memorable. Imagine you're in a noisy bar—if someone can shout your company name, and you can hear, understand, and remember it, then your name passes the test.

What are the risks of using a name that is too generic or similar to competitors?

Names that are too generic or closely resemble competitors can cause confusion and make it difficult to differentiate your brand. It's also harder to own search results on Google when your name is similar to many others.

Why should you avoid misspellings in your business name?

Misspellings can create confusion and make your name harder to find online. People may struggle with search autocorrect or need constant explanations on how to spell it, which detracts from the name's effectiveness.

What problems arise from difficult-to-pronounce business names?

If your business name is hard to pronounce, it can lead to confusion, miscommunication, and difficulty in word-of-mouth marketing. A name that's hard to say may be remembered incorrectly, which can harm your brand.

How can overly specific names limit your business?

Overly specific names can pigeonhole your business into a niche and prevent future growth or pivoting. For example, if your name is tied to a specific product or service, it could be limiting if you want to expand your offerings in the future.

What are some creative ways to secure a domain when the desired one is taken?

You can add prefixes (e.g., 'get', 'use', 'hey') or suffixes (e.g., 'app', 'io', 'co') to the domain to make it available. Additionally, using a category descriptor, like 'crm' in 'bumpcrm.com', can also help secure a unique domain while maintaining relevance to your brand.