When you start a new business or develop a new brand, one of the most important early steps is naming it. A good name tells customers who you are, what you do, and what you can do for them.
If the business name is too generic (think American Business Group or Unified Solutions), customers won’t know what they can buy from you. A generic name means your marketing has to work harder to tell your story, both creatively and monetarily.
Alternately, a too-specific name can limit your future potential. Apple’s iTunes Store was painfully out of date with a business model that evolved to sell so much more than music. The company had to go through the expense and consumer education efforts of rebranding the service as the App Store. Apple still hasn’t solved the naming problem of iTunes, the application a consumer counterintuitively must use to sync the data on her iPhone.
To name a business or brand, the goal is to craft a name that is descriptive without limiting the future- and has good domain name possibilities. Some of my favorites include Fast Company, the magazine for innovative businesses; POM Wonderful, the delicious pomegranate juice, and Chik-fil-a, the chicken sandwich fast-food chain.
Or take the example of the business forclosure.com, which filed for bankruptcy last year. Very descriptive of the path the business took, don’t you think?