As I explore starting and building a company, I have become acutely aware of the choices people make. From my perspective, there are five ways to choose a name:
- Name + Type of Business (in my case, “Moody Web Redevelopment”)
- Name (just “Moody”)
- The Disney strategy (”Analytics World”)
- A completely new word (Moodeedalytics)
- Unique Selling Proposition (Fast Web Analytics)
Looking at these options, #1 seems to be very common with small business owners, as well as #2; for many, putting their name “up in the lights” is a bigger motivation than creating a thriving business. The question, though, is “so what? who are you?”
The Disney strategy, similarly, is common for retailers: create a name that aligns you with a tribe, while emphasizing your size. If you build a Skirt Land, the thinking goes, every consumer of skirts will want to visit. See also the Field of Dreams approach.
The completely new word is a solid strategy; web companies, in particular, benefit from a unique word by purchasing an inexpensive domain name. So Flickr, Digg, Omniture, and Semphony, for example, created value in a bargain location. This is also great if the new word reflects your tribe; Flickr evokes pictures, Digg evokes “digging” through the web, and “digging” things you like. At the least, these names should tell a story; drop.io, for example,
Another great strategy is the unique selling proposition (#5). If your business is beach photography, A great name would be “Sea Breeze Photo“; in real estate, a similarly positioned name might be LandByTheSea. In signed memorabilia, a great name might be “Authentigraphs”.
Some might disagree; the top ten law firms in the U.S. are all surnames of partners; this is similarly true for accounting, and incredibly typical in consulting, and real estate. But this still applies to the Unique Selling Proposition: if you are a law firm, an accounting firm, or any other company that requires a high level of trust, a personal name connotes security and trust.
Conclusion? Think twice before sticking your surname on your business card and calling it a company. If your value is trust, this is a great strategy. If your value is something else, figure out what that is and weave it into your name in such a way that creates a story. If your primary marketing will be online, finding a new word may be an effective method.
