DAY 1: CHOOSING A NAME FOR YOUR NEW BUSINESS

I found this great article on Inc. com that discusses how to choose a business name for your new company.

From Inc.com

Naming your business can be a stressful process. You want to choose a name that will last and, if possible, will embody both your values and your company’s distinguishing characteristics. But screening long lists of names with a focus group composed of friends and family can return mixed results.

Alternatively, a naming firm will ask questions to learn more about your culture and what’s unique about you–things you’ll want to communicate to consumers. One thing that Phillip Davis, the founder of Tungsten Branding, a Brevard, North Carolina-based naming firm, asks entrepreneurs is “do you want to fit in or stand out?”

It seems straightforward. Who wouldn’t want to stand out? But Davis explains that some businesses are so concerned about gaining credibility in their field, often those in financial services or consulting, that they will sacrifice an edgy or attention-getting name.

“However, in the majority of cases, clients want to stand out and that’s a better approach when looking at your long-term goals. Even the companies that say ‘I just want to get my foot in the door’ will usually begin wishing that they stood out more once they pass that first hurdle.”

Larger businesses can also end up with weak names but for a different reason. They “put a lot of money and time into testing a name to make sure that it doesn’t offend anyone and that everyone understands it,” says Alexandra Watkins, the chief innovation officer of Eat My Words, a San Francisco-based naming company. “That’s why larger companies end up having tame, descriptive, and flat names.”

The following guide will help you choose a defensible trademark and a search-friendly, recognizable name.

How-to Name Your Business: Utilizing Linguistic Tricks

As a small business, you’re likely willing to be a little bolder in your choice of names. Here are some ways to turn that instinct into a handle worthy of your brand:

•    Pick a name that lends itself to wordplay âŽ¯ Eat My Words, the naming firm, decided to toy with the food theme in its name. For example, its blog is called The Kitchen Sink. This theme can carry over into its other marketing and verbal branding collateral.

•    A strong name should be simple âŽ¯ Make it easy to spell and pronounce for starters, and meaningful to your audience, not just to you. Watkins says, “Any time you have to explain your name or apologize for it, you’re just devaluing your brand.”

•    Avoid using puns âŽ¯ A pun in your company name is risky. If you land a good one it can make your name super sticky, but you don’t want one that’s over used or too cutesy.

•    Don’t be a copycat âŽ¯ Pinkberry, a popular frozen yogurt chain, has spurred countless imitators with “berry”-studded names, so when a yogurt chain approached Watkins she wanted to help them find a really distinctive name. They ended up calling the company Spoon Me, and the name was such a hit that t-shirts and bumper stickers bearing the brand were flying out the door. “They’re making more money selling t-shirts and buttons and bumper stickers than they are selling frozen yogurt,” Watkins exclaims. When “people are paying you to advertise your brand that’s the ultimate in a good name.”

Dig Deeper: What’s in a Name?
How-to Name Your Business: Consider Your Domain Name

It’s indisputable that simple domains, particularly single words in the English language, are growing trickier to find, but experts don’t all see eye to eye on how to transform your company’s name into a search-friendly and memorable domain.

For example, Watkins believes that “in the Internet age you don’t want a name that’s spelled differently than it sounds. People won’t be able to find you online and you’re also always going to have to spell your name for people. “Christopher Johnson, author of the blog The Name Inspector, by contrast, points to Digg and Flickr as examples of Web companies that have created memorable misspellings. He also suggests that, “you have to decide whether you want your domain to capture generic search traffic, or whether you want it to be the basis for a [unique] brand.” It all depends on your marketing strategy and how you expect your customers to try and find you.

Here are some strategies for creating a strong, memorable domain name:

•    Short won’t work⎯If you’re expecting to find a domain with fewer than six letters, you’ve got another think coming. Sadly, the majority of them are already taken either by legitimate companies or by squatters.

•    Play around with phrases⎯Watkins gives the example of a company called Fireworks that makes candles. A phrase such as lightmyfire.com can capture the essence of the brand without sacrificing its mnemonic power.

•    Use a foreign word⎯Examples include Acer, a PC vendor, the name means ‘acute’ or ‘sharp’ Latin; Mahalo, a Q&A platform whose name means thank you in Hawaiian; and Ubuntu an operating system that takes its name from an African philosophy of interpersonal allegiances and relations.

•    Don’t cater to trends⎯”Way too much emphasis is being placed on putting keywords in your domain name,” says Davis. “That’s a short-term strategy based on current Google algorithms, and Google has changed its algorithms numerous times already.” Another way of approaching SEO, Davis suggests, is to buy keyword landing pages and direct them back to your brand’s main page.

•    The dot com question⎯It’s commonly believed that if your domain doesn’t end in dot com it’s in some way subpar. “I don’t know how they got this impression,” says Watkins. “An analogy that I like to give is the 800 number. We ran out of 800 numbers, then we went to 866, 877, 888. Nobody cared and nobody even really noticed. If somebody really wants to find you, they’ll find you.”

According to Johnson, many companies will start off with another extension and spring for the dot com once they’re bigger. Unlike Watkins, he believes  that a dot com domain “gives a company more credibility and has more ‘Google juice’ than other types of domain.” (Source)