Picking the right name for a business is incredibly important. It helps to create a memorable and recognizable brand that will stick in the minds of customers, and can even impact the company’s success. To help you make the right choice, we will share five essential elements to take into account when selecting your company name.
But before that let's understand the importance of unique and memorable names.
The importance of a unique and memorable name
The first and most important factor to consider when choosing a name for your business is that it should be unique and easily remembered. A strong and memorable name will help to differentiate your business from others, as well as make it easier for customers to remember your brand.
Moreover, a memorable name can also lead to increased brand awareness and better customer retention.
Read our Step-by-Step Guide on choosing a business name.
Five essential elements to consider when choosing a company name
Now let's take a look at five essential elements to consider when choosing one.
- The Name Must Be Available for Registration
- The Name Must Be Short and Easy to Remember
- The Name Must Be Unique and the domain name (website name) is available
- The Name Must Be Appropriate for the Business
- The Name must Be marketable in the target market
What things to look at before choosing the name:
- A business name is not identical or almost identical to a name that is already registered to someone else
- Is not offensive to a particular group or shows a connection with an already registered reputable brand
- And does not include any restricted words or expressions. For example, University, charity, bank, incorporated etc.
Check if the name is legally available for registration
There are a few ways to ensure that your company name is legally available and not already in use by another company.
The first is to make sure the name is not already registered with the government.
You can check with Registry Australia’s business name registration service to see if the name is currently registered and protected.
You can also check here to search for whether the business name you are choosing is already registered or not.
If the name is already registered, you will not be able to register it with the government as a trading name. You will need to think of some other name or a modified version and then apply for registration.
The role of keywords and SEO in choosing a name
Apart from being just memorable, it’s also important to consider how your name will be ranked in search engine results and the value of SEO (Search Engine Optimization).
Including relevant keywords in the name can help to increase visibility and draw more customers to your business. In fact, it has been said that a company's name can account for as much as 50% of its online visibility. That's why it's so important to choose a name that will help your business achieve top rankings in search engines.
One of the most important factors to consider when choosing a company name is whether or not it is searchable. A name that is difficult to spell or remember may not be as successful as one that is easily accessible online. Additionally, make sure the name you choose is not already being used by another business.
To help ensure a successful search engine presence, it's important to select a name that is keyword rich. This means that the name contains at least one word that is relevant to your business. For example, if you are in the health and fitness industry, a good name would be "Physique Pro." Similarly, if you are selling products related to pets, a good name would be "Pets' Place."
When selecting a company name, it's also important to think about the target audience you are targeting. Consider what keywords people might use to find your business online. Also, research popular names in your industry and see if any of them fit the bill for your business.
- Your business name should include keywords that are important to your target market.
- You can also use keyword research tools to help you find relevant keywords for your business.
- Be sure to choose a name that is easy to remember and unique.
Choosing a company name for multinational/cultural:
If you plan to market your business in different countries and cultures, it’s important to consider how the name will be perceived in those areas. Different languages and cultures can have distinct reactions to certain words, so you should make sure the name is suitable.
Some of the most well-known multinational companies have names that are descriptive of their businesses, like Coca-Cola and Samsung. Other companies, like Apple and Nike, have names that are instantly recognizable and resonant with consumers around the world.
- A multinational company should avoid names that could be seen as offensive to any ethnic or religious group, or that could be confused with another company.
- Additionally, a multinational company should avoid names that could easily lead to trademark infringement.
- Name's pronunciation and uniqueness. A multinational company should also avoid names that are easily confused with other companies or products.
Choosing a company name for a multinational organization can be difficult, but it's an important step in establishing a strong brand identity and creating an iconic presence in the marketplace. When all is said and done, a good company name is one of the most important factors in success.
Tips for avoiding common mistakes when choosing a company name
Finally, it’s important to consider the potential implications of your chosen name. You should avoid potential negative associations – such as jargon and innuendos – that could be seen as controversial or offensive. Additionally, make sure the name is easy to spell and pronounce to avoid any misunderstandings.
- Do your legal due diligence and trademark search before settling on a name
- Make sure the name is easy to say, hear, and spell
- Avoid names that are too descriptive or generic
- Research competitor names
- Make sure the name is not too long for Twitter (if applicable)
- Choose a name that will stay relevant for years
- Spell the name phonetically
- Consider if domain name is available, or if not available is someone selling the domain name and its price
- Choose a name that has recognition and alignment with your industry
- Avoid getting too “cutesy” with the name
We have also compiled for you 10 common mistakes that people make while choosing the business name.
Finally, selecting the right name for your business is an essential part of setting up a successful enterprise. By taking into account the essential elements outlined above you can ensure your company name sticks in the minds of customers and stands out from the competition.
Contact us now for any queries or help regarding choosing your business name. Our team of experts can help you choose the perfect name for your business.