What's In a Name?

All this talk about choosing a business name begs the question: What's the big deal about all this naming business?

The naming of your product, business or slogan could be one of the most important decisions you will make. A name's originality and legal availability will create a real asset value of its own, as it becomes marketed and gains market acceptance.

The name you choose will become the focal point of all the benefits and features that relate to your product or business. Customers will be able to find and refer others to it in the future.

Established products or businesses realize the value of customer good will. A well chosen name will provide an extra marketing advantage that may mean the difference between failure and success.

Companies go to great lengths to trademark and protect the usage of their name. How many times have you heard someone say: "We only serve Pepsi ®…"? Coca-Cola ® has trained restaurant staffs to differentiate between Coke and other cola soft drinks, in order to prevent its name from becoming generic, and thus losing all rights of ownership.

Think of your favorite brands and all the associations that come to mind when you think of these brands. For instance, I have strong childhood associations with Pepperidge Farm's ® Goldfish ® crackers in that I had them in my lunch bag almost every day. However, if all the elements of that brand, the name and the design of the cracker, were completely different, say they were square and just called Cheese Crackers, I highly doubt those associations would be as strong.

While your product or service may never become a worldwide known brand (though it'd be nice), your customers/clients are going to create associations between your business name and the products/services you sell. Now, you tell me, what's in a name?