The name of a company, technology or solution is a central element of the image and a base for commercial success. A company name signals attributes like product and service quality, operating philosophy, attitude, size, ambition, etc. This, of course, makes it important to find the right name.
Here comes 10 tips for selecting a name based on what I have learned through the launch of several dozens of names for global companies.
- Do not aim for a name that describes – instead focus on that it distinguishes. The biggest mistake companies make is being too descriptive with their names. A name should have the ability to imply the unique characteristics of your company or solution.
- Management involvement is key. Because selecting and adopting a new name is a highly emotional and political decision, you will not succeed without support from the top.
- Avoid the alphabet soup of abbreviations. Unless you are a GE or an IBM with millions to spend on advertising, be careful with initials. Metaphoric or imaginary names are many times easier for customers to remember and relate to.
- Research cannot replace decision-making. While research is a valuable tool to test for unforeseen red flags in a potential new name, there is a tendency for many to fall back on research to select the name. The theoretically, or AI suggested, most popular name is not necessarily the strongest name for the long-term.
- If it’s comfortable – forget it. Everyone else will. The most successful names over the long-term are often those that are initially the most controversial (think Google, Accenture and Bluetooth). When you select a name, you are looking for something to punch through the marketplace clutter, not add to it.
- Keep it brief. One-word brands are most effective. Lengthy, multiple word names lead to truncation. When people abbreviate your name, you lose control over your brand.
- Employee contests don’t work. While they are often well-meaning, they do not result in names that are based on the appropriate strategic rationale.
- It’s about strategy, not emotion and politics. Many people are surprised that selecting a name is such an emotionally charged decision. Stick to the strategy and do not accept the lowest common denominator solution.
- Manage the decision-making process. There is always someone who will try to derail the process. Work diligently to keep the decision-making process on track.
- Don’t expect unanimity. In the first period following introduction, there is often a lot of discussion and publicity about a new name. Familiarity breeds comfort. As people become more familiar with the name, they will become more comfortable with it.
And if you want to discuss communication, you are always welcome to contact ulf@sfinxagency.se
