Types of business names to consider
The type of business name you select can have a significant impact on your brand’s success and how customers and the market perceive it. There are several types or categories you can consider. Each type has its own characteristics and can help convey different messages to your target audience. Here are some common types of business names:
1. Descriptive Names: Names that directly describe or convey the characteristics, features, or purpose of a product, brand, or business are known as descriptive names. These names are frequently straightforward and inform customers about what to expect. Here are some examples of descriptive names from various industries; Ash Foam, Farmers Market, General Electric, PayPal, and Best Buy.
2. Coined Names: Coined names, also known as invented or fabricated names, are distinctive business names formed by combining letters, syllables, or words to create a completely new and original name. These names are often crafted to be distinct, memorable, and easily associated with the brand, rather than derived from existing words or meanings. Coined names are a popular option for businesses looking to establish a strong and distinct brand identity. These names are often catchy and memorable. Examples include Voltic, Microsoft, Xerox, and Kodak.
3. Founder/Owner Names: Naming a company after its founder or owner is a common practice that can be a great way to connect with the brand on a personal level. Many successful businesses have been named after their founders, and there are several advantages to doing so. This approach can create a personal connection and lend credibility. Examples include Dangote Group (Aliko Dangote), Jonah Capital (Sam Jonah), Ford (Henry Ford) and Disney (Walt Disney).
4. Acronyms: Acronyms are formed by using the initials of a longer business name or phrase. This type of name can be simple and easy to remember. Examples include UT (Unique Trust) and IBM (International Business Machines). HP (Hewlett Packard) and GRA (Ghana
Revenue Authority) KFC (Kentucky Fried Chicken)
5. Experiential Names: These are names that evoke a sense of adventure, or emotion in relation to the company’s products or services. These names are frequently distinctive and memorable, allowing the company to stand out in a crowded marketplace. Examples include; Wander Tours, an adventure travel company, Serenity Spa Retreat a spa and wellness centre, Happy Bites Bakery, Awake Mineral Water, Celestial Sound Studios
6. Geographic Names: Geographic business names are those inspired by specific locations, regions, cities, or landmarks. These names can be used to create a sense of local identity, highlight the origin of the business, or highlight its connection to a specific location. Using a geographic location or reference in the business name can help establish a sense of local identity or highlight the origin of the business. Examples include Africa World Airlines, and Adansi Travel.
7. Compound Names: Compound business names are those that are formed by combining two or more words to form a single, distinct name. These names frequently combine elements related to the company’s products, services, or brand identity. Compound names can be catchy, memorable, and effective in differentiating a company in a crowded market. This approach allows for creativity and uniqueness. Examples include Ecobank, Facebook, Snapchat, and PayPal.
8. Symbolic Names: Symbolic business names are those that convey deeper meanings, values, or concepts that go beyond their literal definition. These names frequently incorporate words or symbols that elicit emotions, ideas, or associations with the brand’s identity, mission, or products. Symbolic names can be effective in establishing a distinct brand image and connecting with customers on a deeper level. Symbolic names use symbols, metaphors, or abstract concepts to represent the business or its values. These names can be open to interpretation and create a sense of intrigue. Examples include Lion Security (the lion is a symbol of strength and dominance), Nike (named after the Greek goddess of victory), Wisdom Tree Consulting, and Golden Thread Apparel.
9. Blended Names: Blended business names are formed by combining parts of two or more words to form a new, distinct name. This method frequently involves blending syllables, letters, or sounds from the original words to create a memorable and unique name. Blended names are becoming more popular in branding because they provide a fresh and modern approach to business naming. This type of name can be playful and distinctive. Examples include Microsoft (microcomputer + software) or Pinterest (pin + interest), and Spotify (“spot” and “identify”). It is critical to ensure that the resulting name is easy to pronounce, spell, and remember when creating blended names for businesses. Consider how the combined name fits with the brand’s identity, values, and target audience. A well-crafted blended name can help a company stand out in a crowded market and leave an indelible impression on customers.
In general, choosing the right type of business name is an important part of brand strategy and marketing. It has the potential to influence customer perceptions, brand recognition, and, ultimately, the success of your business in the marketplace. The type of business name you choose should align with your brand, target audience, and industry. It should effectively communicate your brand’s personality and values while being memorable and appealing to your customers.