Whether you are in the process of starting your first venture or taking the initial steps of expanding your company overseas, it’s important that you introduce your brand to its new market carefully.
Initial steps like determining the name of your business require strategic planning and research. The name of your company can not only determine the initial reception of your company but influence its long-term success as well. But before you commit to a name or even sit down to brainstorm a name, there are a few things you should know to help with the naming process.
The first is your target audience. Knowing who you will be trying to grab the attention of is important because it will help you choose a name accordingly. Think about the median age and income of your target audience and what appeals to them. If you want to market your company as a family-friendly, budget-conscious brand, you will want to consider names that align itself to those core values.
Second, you should think about what inspired you to start your company. While this may seem irrelevant in the initial stages of developing your business, it will be critical for the long-term success of your company. Before you earn your customer’s trust, they will want to know who you are, how you started, and why. While you can’t answer the following questions with just a company name, having the answers to these questions before you begin the naming process will push you to think about your company’s origin and subsequently its goals.
Third, you should establish what your product(s) or service(s) are. Focus on a primary product and service. It’s fine to think about how you will grow the business and expand the types of products and services you want to offer, but the growth of your business depends on how well your primary product sells. Limiting your customers’ options will not only simplify their decision-making but it will also help you better direct your efforts.
Naming your product or service requires very much the same considerations but with the addition of a few extra details. If you are employing a consultant or creative team, it’s best that you can produce an example or sample of what your company intends to sell. Write down the use and advantages of your product or service, discuss the price range and consider its primary market. These are all information you and whoever is assisting you should have before you start the naming process.
Once you’ve compiled the necessary information, you will be ready to start the naming process. But whether you are interested in expanding your business to the U.S. or would like assistance on how to properly name your company, ReachOut Business Solutions can offer you and your business our 20+ plus years of experience in assisting businesses from all over the world establish and significantly grow in the U.S.
