Are you an aspiring online entrepreneur? Are you looking for a perfect name for your business? Gilad Krein understands that coming up with the right name for your online business can be challenging. However, setting up your online business requires you to take this step.
Gilad Krein, a business advisor, entrepreneur, and digital nomad, says that your business name can build or break your business. Since your business name represents your company, it will impact your marketing and branding efforts.
If you are wondering how to choose unique business name ideas for your online business, keep reading. We’ll also discuss what a good business name should include and business-naming mistakes you should avoid.
Gilad Krein Explains What a Good Business Name Should Include
What makes a business name desirable? Gilad Krein reccomands five characteristics or features of an excellent online business name.
Suggestive: It evokes something about your brand
Your business name should reflect the products and services it offers. Consumers should immediately understand what you are selling by mentioning its name.
Memorable: It is rooted in the familiar
With millions of online businesses, you must create a memorable business name to compete against other businesses. Gilad Krein advises his clients to choose business names that their customers can easily remember. This approach enables potential customers to look up the name later or refer it to other potential customers. What makes a business name memorable? It is short, easy to read and pronounce, and unique.
Imagery: It is visually evocative to aid in memory
A good business name should automatically capture your potential customer’s attention. It does not have to relate to your products directly, but it should reflect your customers’ interests, memories, or emotions. Such a brand name can make the consumers remember the use of the products. An example is “Starbucks,” instead of “Coffee company.”
Legs: A theme applicable to extended mileage
Your business name must allow room for growth. If you sell dresses alone, you might one day want to sell pants. Also, if you offer services in a particular town, you might extend to other cities. So, choose a broad name to accommodate future growth without sounding misplaced.
Emotional: It moves people
A good business name evokes a positive feeling. For example, “Furniture Elegance” conveys a feeling of cozy furniture through its name alone. Customers are likely to buy from an online business with an attractive name. The name should be visual, creative, and imaginative, matching your values and mission.
How to Choose a Good Business Name According to Gilad Krein
Ready to choose a perfect business name? Here are a few valuable tips to keep in mind:
Creating the right impression
Many entrepreneurs usually focus on personal preferences and interests to find a good name for their online business. However, it is crucial to first focus on creating the right impression for your potential customers. Gilad Krein advises his clients to ask themselves the following questions while branding:
- Do you want to suggest what your business does or not directly?
- Do you want to include your name?
- Do you want a modern or traditional name?
Pay attention to pronunciation and spelling
Spelling and pronunciation are two critical factors for any good business name. You don’t want potential customers having trouble finding your business online due to long, hard-to-pronounce, or difficult-to-spell names. Stick to simple and memorable words.
It easily describes what you do
It is best to name your business according to the search intent and the services and products you offer. And it should spark some feelings that will automatically attract buyers.
Consider the future
Think long-term. You don’t want to create a name that will limit your future expansion. For example, naming your ladies’ shoe business “Cinderella shoes” may limit your desire to add male shoes.
Consider potential overseas hurdles
Imagine if Jack Ma picked the name “China Online Market” instead of “Alibaba.” You should avoid business names that limit your overseas expansion.
Gilad Krein Presents Common Naming Mistakes
Here are some typical business naming mistakes to avoid naming your online business.
Choosing a name based on one specific product
It would be best if you did not associate your company’s name with a single product, service, or geographic location. If the business grows and begins to offer other services, the name may no longer be appropriate. Similarly, including a specific city in your business name can limit your ability to expand into other profitable areas.
The name seems unrelated to the business
Your company name should directly or indirectly inform people about your services or products. Avoid being overly creative with your name. While catchy names like “Tesla” or “Google” may sound appealing, they will cost you significantly more to brand.
Too literal or plain
While your company name should be simple and easy to remember, you don’t want to undersell yourself. Avoid broad and generic names like Summit or Mountain, which sound too familiar. Instead, look for word combinations that convey what you do to potential customers.
Ideally, your business name should be straightforward. If the words are difficult to spell and pronounce, nobody will remember them. Your potential customers may not find you online and will seek their needs elsewhere. Business cards, logos, branding, or other advertising materials should be concise.
Not checking if there is a .com domain
Gilad Krein advises his clients to consider buying .com domain platforms. A domain ending in.com is automatically assumed to be established by potential customers. Remember to reserve a .com domain name for your online business before launching it. You don’t want to find your domain name already taken after branding.
Your online business’s most critical marketing tool is your company’s name. It is an opportunity to make a first impression on potential customers while building your brand. Choose a business name that meets your customers’ expectations and propels your company to succeed. Remember to get multiple opinions on your business name before settling on one.