TAX BASICS

4 Important factors for a good business name

The identity of all businesses is the name of the organization. Your business must have an appealing name that people must not just feel attracted to but also must remember. If your customers can remember your name then that is a massive success for your organization. The importance of a good name is not a debate. However, choosing one is a hard task for many. There are a lot of factors that you must consider while naming your business. We will take a look at 4 of these common factors.

Why is a good business name important?

There are various factors that must influence the naming procedure. We take a look at four of the most common factors which every entrepreneur must consider before naming their business.

For Marketing

Every business at some stage of the life cycle does require to market its business and services. Marketing a business without a brandable name is a struggle. Think about it what if Amazon was named something else. It was initially named Cadabra and then later renamed Amazon. Cadabra is a nice name without any doubt. However, Amazon resonates more with the business, especially in the long run. Now they sell pretty much everything and as shown in the logo everything from A to Z is available at Amazon. It would have been much more difficult if the name would have been Cadabra or anything else. Jeff Bezos himself has mentioned that there was nothing proprietory about Amazon but a lot of it comes to the brand name. He believed that brand names are more important online than they are in the physical world.

A good business name must create a lasting impression

A name must not just be brandable but it is something that must stick with the customers. The window of opportunity to create an impression on a customer is very limited. It is not just limited to the name, but instead a wide variety of marketing activities. However, it is the name that must stick with your potential customers as that is how they can find you, and it will play a huge role in the long run. Apple is a great example of this, the brand does not just have a premium look but most people know the brand and have a desire to purchase their product.

A short and catchy name is key for spreading the word of mouth

 Any business owner would love their business to have good publicity through their existing customers. Word of mouth marketing is a massive plus for any business mainly because you don’t need to spend a penny. Other factors influence the word of mouth and that is something that is not in anyone’s control. However, by having a small and catchy name the probability of people remembering your business name increases. The more people know about your business the chances for an increase in revenue is higher.

Easy to search

Online presence is something that you cannot neglect. Most of us would like to search through the internet before purchasing the product or service, read reviews and learn more about the business. This is how things work nowadays and for your business to stand out, it should be easy to spell, remember, attractive, and thus making it easy to search. Obtaining a higher rank in google’s search engine is no easy task. However, getting on the first page of Google provides you an opportunity to generate more revenue for your business.

Sidharth Bharthan Menon
CEO, taxtotal​