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It should come as no surprise then that naming a startup can feel like a similar process to deciding on the first name for your firstborn. In both cases, the pressure to find the perfect name can be overwhelming and as many know all too well, is often a source of conflict. However, there can be method in the madness.
Unlike when naming a baby, startup founders have to contend with a number of additional challenges beyond building consensus between two parents. The days of endlessly available trademarks and domains are over -plus the right name can become one of the strongest assets a company has, so the stakes are high. While it’s easy to become entangled in what can seem like an infinitely subjective undertaking, it’s worth applying logical steps to curb the potential chaos, balancing the rational with the emotional, and grounding the process in what you need the name to accomplish.
What’s in a name?
The best names require the least advertising — they are advertisements. Great names are a powerful tool for branding, marketing and existentially selling the companies they belong to. The best names propel themselves through the world on their own and become a low-cost, self-sustaining vehicle for recognition and communication. They enable differentiation from competitors; create emotional connections with customers; help to redefine and own categories and conversations; and enable the engagement of talent. Spoiler: great names don’t just fall out of the sky.
3 steps to landing the perfect name:
1. Ask the big questions
A powerful name is the result of a powerful positioning strategy grounded in a clear understanding of the emotional space you are looking to own in the mind of your customers and what response you’d like to elicit. To get there, you’ll need to dive deep. Start by answering the big questions like why do we exist? What makes us special? Who are we for? This will help you understand and articulate your purpose and positioning so you can make a clear and conscious choice about the key ideas and central themes you’d like to get across with your name.
2. Evaluate objectively
Once you’ve established what you’re trying to achieve with your name, it’s worth exploring which types of name match your objective. Broadly speaking, names fall somewhere along a spectrum covering four categories, each with its own pros and cons;
Descriptive (does what it says on the tin)
Associative (suggestive or metaphorical)
Evocative (all about the feels)
Invented (totally made up)
Understanding where you want to sit on this spectrum can start to help you focus your brainstorming and establish a set of criteria to help you decide. (For instance, if you’re trying to evoke a specific feeling, a highly literal descriptive name may not be for you). Combine this with your preferences on domain and your trademark requirements (both now and in the future). This will help you come to a decision, rather than relying on instinct and preference alone. Remember, it’s tempting to think you’ll know the ‘right name’ when you see it and fall in love immediately, but this is rarely the case (particularly when you have conflicting opinions around the table!)
3. Never lose the substance
As is the case with baby names, there are trends in naming startups. Have you noticed the abundance of misspelt monikers? Or the number of companies with a friendly suffix like “ifi”, “ly” or “able”? What about businesses with human-first names? This is partially driven by a lack of trademark or domain availability, but also comes down to what’s currently a la mode. Though there’s nothing inherently wrong with having an on-trend name, make sure not to sacrifice substance for style when making your selection. Always remember the value of standing out (for the right reasons!) in a world where so many are competing for our attention.
Despite the undeniable importance of a brilliant company name, it’s really only a tiny piece of your brand-building journey. You then have the hard (but ever-so-rewarding) task of creating the association between your name and company, as well as redefining the word or words you have chosen to a new meaning. With a brand-spanking new name, you’ll also be ready to build an all-singing and all-dancing identity, visually expressing the strategic fundamentals of your brand in a consistent, cohesive and coherent look and feel to share with the world.
This article was originally published on Medium on 02.02.2023.