Naming your Business. Why is it Important to choose good name?
Every business should have a unique identifiable name. This doesn’t mean that you should go for some name which the potential customers or your product users are not able to relate. Lets discuss on what kind of names we can plan for both offline and online businesses.
Conventionally, before the surge of the internet, business houses used to have a local flavored name easy to remember and relate to the business. This practice still holds good, however, as we have the surge in the internet usage, it is recommended that use a name so that you can brand it easily, meaning, you can relate the name with the type of business it is being done or specialization.
For example, when you look at the business name “thenewsreaders”, first thing which comes to your mind is that this is about the News related business, Similarly “CollegeRoadies” strikes us that it is something to do with College Life or College Students. Branding plays a key role in the business success. An easy win to get this branding is through the usage of good business names.
You may argue, what is in the name? Olx is a classic example. couple of years back, when you speak about olx, nobody knew what it meant, but Olx team has spent millions of rupees to create the awareness on all media platforms and today we can easily relate what olx means.
So if you have huge stash of cash and are willing to spend that on creating this kind of awareness, then you can ignore the recommendations of having a thoughtful, good name.
Ashfaq is Passionate about new ideas, innovation and challenges.Regarded as a Problem Solver, he believes in Sharing Knowledge.
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