Gilad Krein shows how to choose the right online business name
You probably have many creative ideas for your business name and may have chosen a favorite.
According to Gilad Krein, an entrepreneur and digital nomad, naming your business is more than picking a name you like. You need to select a name that reflects your business’s identity and goals and will help market your business. It’s one of the most essential parts of starting an online business.
Read on to see what else Gilad Krein suggests on this topic.
What a good business name should include, according to Gilad Krein
Despite various rules and exceptions, experts agreed on several elements that make up an excellent online business name. When choosing a business name, you must consider what message you wish to convey.
Names with two to four syllables should be short, easy to pronounce, and short. Consumers are more likely to remember the names because they are easily branded.
The pros and cons of adding a new word to your name vary depending on your chosen option. If you invent a word like “Zingrella,” you reduce the possibility of confusion with competitors. But it could take some time for customers to understand your meaning.
Several terms with established meanings are likely to be used by your competitors. In many cases, common words are already taken in trademark. And domain names before you can use them as part of the name of your online business.
You shouldn’t use a business or organization name that someone in a similar industry already has. Since there might be copyright infringement, the use of confusingly similar names should be avoided.
Eat My Words CEO and founder, Alexandra Watkins, developed Smile Test to help business owners determine a name’s benefits. Based on that philosophy, she developed a checklist for selecting business names that made her smile.
SMILE: The five things that make a name super sticky
Suggestive: It conveys the essence of your brand.
Memorable: There is a sense of familiarity to it.
Imagery: It evokes memories visually to enhance memory.
Legs: This is a theme that lends itself to extending mileage.
Emotional: It has the power to move people.
Gilad Krein explains how to choose a business name
A name must convey the type of services you offer and be simple to remember, if possible. You may find these tips helpful:
Don’t be too vague or general.
Make sure your name isn’t too vague or too meaningful. It is boring and difficult to remember generic names like Melbourne Painting Service. Moreover, it does not distinguish itself from other providers. PhotoBucket makes sense as a name, and it’s descriptive, not dull, and isn’t difficult to remember.
Create a creative way of using related words
Make sure your business name doesn’t contain too many keywords. There is no point in using plain keywords like GM anymore. It works well, however, if the keywords express what your business is about in a slightly modified way.
Consider alternative versions of commonly used words related to your services when naming your business. The name is a play on attention in terms of the service itself.
Copying your competitors is not a good idea.
If you name your business after another business in your industry, it could make your brand appear unoriginal. Customers may also mistake your business for your competitors, which makes it harder to get repeat business.
Use a name other than your own
Keep your name to yourself unless you have established yourself as a brand. Potential customers won’t be impressed by your business name since it doesn’t indicate anything about it. Even if you wish to expand or sell your business in the future, this may cause problems.
Some rare examples can work well when the owner’s name is incorporated into the brand.
Business-naming mistakes you should avoid, According to Gilad Krein:
There is a lot of importance to business names. Having a great name can help spur a successful business. But choosing a bland or poorly resonant name can also have significant negative consequences.
When naming your business, it would be helpful to strike a delicate balance.
Choosing a name based on one specific product
Many business owners name their companies after the products or services they offer. As a result, the company may have difficulty later when it provides services or goods unrelated to its name.
The name seems unrelated to the business.
That can be detrimental if your business’s name seems totally unconnected to the goods or services it provides. When you spend little money building your brand, your target audience will have trouble remembering and understanding an obscure name. And it won’t be easily found online.
Too literal or plain
A too literal or plain name is only suitable if the business plan does not change or evolve under it. If the name is too fancy, the audience will have no idea what the business is about. The more inside you go, your target audiences will be fewer, even if they benefit from your products tangentially.
Not checking if there is a .com domain
There’s more to creating the perfect business name than just naming it. Before purchasing a domain name and social media handle, do some extra research registering your business name.
Most mistakes occur when people choose a business name without checking if it is available in the .com domain. People who register their companies with the state and open bank accounts find it challenging to register a domain name.
Keeping your branding consistent across all major online and social media platforms is the key to success. Domain names and social media handles are commodities. So do not assume you will be able to use the name you want.
It is unlikely that you will find your perfect business name right away. Please do not choose a name based on personal preference but its potential.
Selecting a name for your business can be challenging, but the result is worth it.