Choosing a good business name is one of the first big decisions you’re faced with as a new business owner. The name of your business conveys what it offers and creates a first impression with prospective customers. Consequently, it is vital to choose a business name that casts your company in the best light and implores customers to do business with you.
To create a company name requires conducting research to determine the kinds of names that work best in your industry. This process involves examining existing businesses to evaluate company names that establish the best branding. It requires doing keyword research and figuring out potential brand names that correlate with high-traffic search engine queries. It also involves field testing to determine how potential customers respond to different business names.
Examine Existing Businesses
To create a business name that make sense for your industry, first make a list of businesses already operating in the industry, and look at the ones that are most successful. Evaluate their business names, and identify a common theme among them.
Every industry is different, which is why it is so vital to research the types of names that do best in your industry. For example, chiropractors often do well with basic, utilitarian names that directly convey the services offered by the business. Drive by a chiropractic office in a strip mall, and you’ll often find the word “Chiropractor” and nothing more in large lettering above the business. Search engine optimization companies, on the other hand, frequently utilize more creative, eye-catching names to stand out from their competition.
Conduct Keyword Research
The most creative company name ideas in existence won’t help your business if no one can find it. If you’re in an industry where online marketing is vital, you need a business name that allows your company to rank highly in the search engines.
The biggest search engines, most notably Google, offer extensive keyword research tools that allow you to determine which keyword phrases get the most traffic for your industry and how much competition already exists for them.
Identify high-traffic keywords with low to moderate competition. Then, brainstorm business names that incorporate one or more of these keywords. When prospective customers conduct Google searches, your business is more likely to appear at the top of the results.
If your business is an online store, several companies offer store name generators that incorporate Google’s keyword research tools to help you find the best name for your business.
Field Test Potential Names
Once you cull your list of potential business names to a few finalists, field test them by running small, inexpensive marketing campaigns using each name and measuring which names get the best response. Field testing is a fantastic final step because it simulates the marketing work you’ll be doing when your business is up and running and enables you to evaluate results. Ask prospective customers which business name makes them most likely to consider working with your company, and evaluate their feedback.