Naming an organization is often more challenging than naming a baby, as one person’s name may not have the same impact on another, whereas an organization’s name should be unique and not belong to any other institution. For instance, there is only one V Guard and one Honda in the world, making the task of naming a company a complex process. Moreover, the name of an organization operates 24/7, presenting numerous obstacles in choosing an appropriate name.
What are the signs of a good business name?
Meaning: To effectively market our product, its name should reflect its nature. For instance, V-Guard, a company that introduced stabilizers, aims to safeguard our planet’s resources, and the value of conservation is significant in its operation. Therefore, the name V-Guard is a descriptive and appropriate representation of the product’s nature.
Rememberable: Selecting names that are easy to read, spell, and remember is preferable. This aspect should be carefully considered while conducting business in our country. Often, we encounter difficulty in reading the names of several foreign institutions, such as Huawei, which may be challenging to pronounce correctly. Therefore, it is recommended to choose names that people can easily read and understand locally.
Future-oriented: It is crucial to have a future-oriented approach when selecting business names. When we initially launch a business, we might only offer a single product in the market. However, the name chosen at that point may not be suitable for future expansion when introducing other products. Therefore, it is important to avoid selecting a name that may not accommodate the organization’s potential growth in the future.
Being different: Uncommon names tend to stick in people’s minds and catch their attention. This is especially true for peculiar names. For instance, altering the name Go Daddy to Malayalam would result in an intriguing and memorable name. Similarly, names like Drunken Monkey can quickly become unforgettable. In the Malayalam film Mithunam, Mohanlal’s biscuit company is called Dakshyayani Biscuits, and we still recall this name today because it is not like the usual biscuit company names we are accustomed to hearing.
Legal protection: To safeguard our brand name from unauthorized usage, it is crucial to legally register the trademark and also register the domain. Additionally, if the name is similar to another brand name, it may prove challenging to establish a first-page presence on Google search results.
There are several ways to name an organisation:
- Name of Person: The organization is named after the owner, such as Mc.Donalds, Ben and Jerry’s, Ford.
- Acronyms: The name is made up of capital letters, such as NASA (National Aeronautics and Space Administration), and HP (Hewlett-Packard).
- Real Word: The name is a commonly used word to name places, things, etc., such as Amazon, Tesla, and Nike.
- Fabricated Names: The name is a transformed version of another word, such as Activa and Pinterest.
- Magic Spell: The name is created by changing some letters of a word, such as Google, or Netflix.
An organisation’s name can also be a combination of these methods