"A rose by any other name would smell as sweet", stated Juliet to her Romeo. Yet in the world of business, love is not quite so unconditional – names do matter. An effective company moniker can be informative, memorable, and can even invoke a lasting emotional resonance – while a poorly chosen one can create entirely the wrong impression, or worse, leave no impression at all.
A Regus study has shown that 44 per cent of you believe that finding customers is one of the biggest obstacles for start-ups – a good name can catch their eye. It’s important to get it right first time too; changing an established company name is difficult and expensive. With this in mind, we've put together some important points to consider when naming your company.
Crystal clear
A good name can introduce a product in a word. LEGO is short for ‘leg got’ in Danish, meaning ‘play well’. Groupon combines ‘Group coupon’ – the site encourages customers to join together and save money. Sony is derived from ‘sonus’, the Latin for sound. These names connect the brand to a specific product, activity or service in their clients’ minds. This is particularly useful for the 45 per cent of you who sell your products primarily or exclusively in your own country.
A sense of sense
Reebok is so-called after the Rhebok, a Southern African antelope. Another sports brand, Nike, borrowed their title from the winged Greek goddess of victory. These names give a non-literal taste of their company. There’s sense behind the decision.
The sounds of words are important too: a longer, traditional name (such as The Telegraph) carries more gravitas; while a shorter or coined word projects a friendlier touch – think of The Sun.
Memory game
Short names, strong sounds, and familiar words improve memorability. You and your business partner may feel emotionally attached to your places of birth, and consider the naming of Nylon (portmanteau of New York and London) to be a masterstroke, but your company is unlikely to resonate if it’s called Hullbirming.
Wordplay
Amazon recalls the power and scale of the world’s largest river, while the handy inclusion of A and Z in the word illustrates their ‘we sell everything’ ethos. While Yahoo! is memorable, its origins in the mnemonic ‘Yet Another Hierarchical Officious Oracle’ are slightly long-winded. Use wordplay, but don't force it.
Business first, name second
Despite all of the above, try not to worry too much about names. IKEA has its origins in its founder’s initials and birthplace. The software company Adobe is named after a local creek. Both are successful in what they do – after all it’s the quality of the product that really matters!