How to Win the Name Game
What’s in a name? As Shakespeare once said, “That which we call a rose by any other name would smell as sweet.” And it is true that the success of a start-up is ultimately determined primarily by the quality of its value proposition and its ability to execute rather than its name. But names are still very important. If they weren’t, we wouldn’t have trademark law to protect names and creative firms wouldn’t be able to charge exorbitant fees to come up with great names.
While a start-up’s value proposition may be strong, if other start-ups have the same or a similar idea, whoever can get their name out there to the most people first often wins. If a start-up chooses a name someone already owns, they may need to change names late in the game, leading to potentially drastic setbacks, as they rebuild name recognition and combat customer confusion. Choosing a bad name can signal many things—not only to customers but also to potential investors. A bad name can signal a lack of self-awareness and diligence, and poor attention to detail, among other bad traits. Investors who hear a pitch for a start-up with a terrible name may have thoughts like, “If they didn’t realize their name was bad, what else won’t they realize? What else won’t they pay attention to? What else is wrong with this company besides the name?” These are thoughts you want to avoid. In short, the quality of a name can be a proxy for the quality of the team behind it.
Moreover, a solid, catchy name can create brand-building power. We often use the best names of companies as verbs. We Google things, we Facebook people, we blow our nose with a Kleenex, we Xerox things, we Uber to places, etc. Every time someone uses a company name in this manner, the company gets free publicity. Having this universal recognition does not come without a good name. Below are some tips on how to brainstorm name ideas and then some rules of the road for what to do once you have your name.
Often one of the hardest parts of starting a business is coming up with a name. It seems easy at first but after staring at a blank sheet of paper for hours, many entrepreneurs grow frustrated and either settle for a bad name or hire someone else at significant cost to come up with a name for them. A proper brainstorming process can solve these problems and help you come up with many strong name ideas.
- Make a list of words/names that relate to your product or value proposition. Use a thesaurus to find related words.
- Example: If your business is a financial services application, you might list words like coin, blue chip, money, cash, banking, finance, etc. Then, use a thesaurus to find less common, but more interesting or catchy words.
- Use foreign words. Foreign words can evoke positive responses by lending an exotic, new, and fresh sound to your name. Take the list of words related to your business and try translating some of them into other languages.
- Always be listening. Things may come up in daily life that inspire the perfect name. Jot down ideas as they come up in a simple journaling or note-taking mobile application.
- Example: The company, Caterpillar, found its name when a photographer was taking a picture of a tractor and remarked that the tractor crawled like a caterpillar.
- Make up Words. Using made up words can help your company stand out. Try combining words, changing the spelling of words, and simply creating words that sound catchy.
- Example: The name Kinkos was created because the founder had very curly hair with lots of kinks.
Rules of the Road
Coming up with a good name early on can save you a lot of headache down the road. Avoid the pitfalls of many entrepreneurs by following these rules:
- Keep it short. Twitter, Facebook, Nike, Pixar, eBay, Google, Apple, Kinkos—what do these iconic names have in common? They are all two syllables long. Try to keep your name to two syllables or less. This will maximize its repeatability and memorability.
- Keep it punchy. What else do the above names have in common? They make use of strong consonant sounds. This will help the name to stand out in conversation and stick.
- Never make your move too soon. Once you have a list of names, spend at least a week mulling over the options. The best names will be remembered without you having to go back to the list. The proof is in the pudding. The names that you remember are likely the better names. If it sticks in your mind, it will be more likely to stick in the minds of others and this “stickiness” is exactly what you should be after.
- Get quality feedback. Try to do more than simply ask close family and friends for feedback. It will be hard for them, if not impossible, to avoid bias. Test the names out on random people and see how they react. Ask them questions to see what they think about the names and what responses the names evoke. Record your findings and analyze them.
- Make sure the name is available. Cover your bases by conducting appropriate searches including trademark searches via the US Patent Office and company name searches via your state incorporation website.
A rose by any other name may smell as sweet. But what good is the rose if no one gets to smell it? A great name can help propel your business or product through the early stages and contribute to the likelihood of survival. After you’ve followed the above rules and found your name, it’s time to file a trademark.