Types of business names to consider
The type of business name you select can have a significant impact on your brand’s success and how customers and the market perceive it. There are several types or categories you can consider. Each type has its own characteristics and can help convey different messages to your target audience. Here are some common types of business names:
- Descriptive Names
Names that directly describe or convey the characteristics, features or purpose of a product, brand or business are known as descriptive names. These names are frequently straightforward and inform customers about what to expect. Here are some examples of descriptive names from various industries: Ash Foam, Farmers Market, General Electric, PayPal and Best Buy.
- Coined Names
Coined names, also known as invented or fabricated names, are distinctive business names formed by combining letters, syllables or words to create a completely new and original name. These names are often crafted to be distinct, memorable and easily associated with the brand, rather than derived from existing words or meanings. Coined names are a popular option for businesses looking to establish a strong and distinct brand identity. These names are often catchy and memorable. Examples include Voltic, Microsoft, Xerox and Kodak.
- Founder/Owner Names
Naming a company after its founder or owner is a common practice that can be a great way to connect with the brand on a personal level. Many successful businesses have been named after their founders, and there are several advantages to doing so. This approach can create a personal connection and lend credibility. Examples include Dangote Group (Aliko Dangote), Jonah Capital (Sam Jonah), Ford (Henry Ford) and Disney (Walt Disney).
- Acronyms
Acronyms are formed by using the initials of a longer business name or phrase. This type of name can be simple and easy to remember. Examples include UT (Unique Trust), IBM (International Business Machines), HP (Hewlett Packard), GRA (Ghana Revenue Authority) and KFC (Kentucky Fried Chicken).
- Experiential Names
These are names that evoke a sense of adventure or emotion in relation to the company’s products or services. These names are frequently distinctive and memorable, allowing the company to stand out in a crowded marketplace. Examples include: Wander Tours, an adventure travel company; Serenity Spa Retreat, a spa and wellness centre; Happy Bites Bakery, Awake Mineral Water and Celestial Sound Studios.
- Geographic Names
Geographic business names are those inspired by specific locations, regions, cities or landmarks. These names can be used to create a sense of local identity, highlight the origin of the business or highlight its connection to a specific location. Using a geographic location or reference in the business name can help establish a sense of local identity or highlight the business’s origin. Examples include Africa World Airlines and Adansi Travel.
- Compound Names
Compound business names are those that are formed by combining two or more words to form a single, distinct name. These names frequently combine elements related to the company’s products, services or brand identity. Compound names can be catchy, memorable and effective in differentiating a company in a crowded market. This approach allows for creativity and uniqueness. Examples include Ecobank, Facebook, Snapchat and PayPal.
- Symbolic Names
Symbolic business names are those that convey deeper meanings, values or concepts which go beyond their literal definition. These names frequently incorporate words or symbols that elicit emotions, ideas or associations with the brand’s identity, mission or products.
Symbolic names can be effective in establishing a distinct brand image and connecting with customers on a deeper level. Symbolic names use symbols, metaphors or abstract concepts to represent the business or its values. These names can be open to interpretation and create a sense of intrigue. Examples include Lion Security (the lion is a symbol of strength and dominance), Nike (named after the Greek goddess of victory), Wisdom Tree Consulting and Golden Thread Apparel.
- Blended Names
Blended business names are formed by combining parts of two or more words to create a new, distinct name. This method frequently involves blending syllables, letters or sounds from the original words to create a memorable and unique name. Blended names are becoming more popular in branding because they provide a fresh and modern approach to business-naming. This type of name can be playful and distinctive.
Examples include Microsoft (microcomputer + software) or Pinterest (pin + interest), and Spotify (‘spot’ and ‘identify’). It is critical to ensure that the resulting name is easy to pronounce, spell and remember when creating blended names for businesses. Consider how the combined name fits with the brand’s identity, values and target audience. A well-crafted blended name can help a company stand out in a crowded market and leave an indelible impression on customers.
Conclusion
In general, choosing the right type of business name is an important part of brand strategy and marketing. It has the potential to influence customer perceptions, brand recognition and, ultimately, your business’s success in the marketplace. The type of business name you choose should align with your brand, target audience and industry. It should effectively communicate your brand’s personality and values while being memorable and appealing to your customers.
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>>>the writer is an entrepreneur, marketer, TV/Radio show host, events coordinator and author (Small Business Bible) He is a thought leader in entrepreneurship, small business marketing, tourism marketing and digital marketing. You may contact the author by phone (+233 248 426 235) or via email address; [email protected] or on LinkedIn, Facebook, Twitter, and Instagram.
