Finding a catchy name is more art than science, and it is a very important decision for your business. If money is not a constraint, there are marketing firms that will help you through the process, but you should ask for referrals from a trusted source. On the other hand, finding the right name can be a do-it-yourself project if it is done with careful thought.
Keep two things in mind when deciding on a name for your business or product. First, it should be both memorable and unique from your competitors. For example, look in the Yellow Pages under hair salons or florists. You'll notice that many of the names are variations of the same themes, and you would be hard pressed to remember one business over another. Finding a name that helps you stand out in the crowd is key.
It's also important to make sure the name you choose sends the appropriate marketing message to your intended customers. Are you a high-end business selling into the luxury market, or are you positioning yourself as a low-cost alternative? Perhaps the safest way to determine how the market will react to potential names is to conduct your own informal focus group. List all the names you are considering, and ask six to 12 people who reflect your target market to react to them. It is an affordable way to do market research on an important topic. The name you choose is something you will likely have to live with for the life of the business. If you have a business Web site, you will want your name reflected in your domain, too. So be sure to consider the multitude of ways you may incorporate your name in other business promotion strategies.
