One of the hardest tasks when starting a new business is deciding on the business name. Should it be simple? Catchy? Descriptive? Who you are; or what you do? Many of today’s most recognizable brands literally overpower their competitors.

For example, Xerox. No one says, “Minolta this.” Or, “Sharp this.” Kleenex is another. If you say, “Hand me a Kleenex you might get a Puffs.” Some brands are household names but have few number one best sellers. Kraft, not #1 in mayonnaise; Hellman’s is. Not #1 in jams and jellies; Smuckers is.

But before you feel badly for Kraft, consider these brands that they also make. Philadelphia Cream Cheese has about 80% of the market. Velvetta is a top seller as is Miracle Whip. They are top brands within a brand name.

Building a high profile brand name can be pricy.

It took a lot of money to change our perception of Amazon from a river in South America to an online bookstore. “Right Now Technologies” was recently sold to “Oracle.” Neither name is very descriptive of what each does, yet both are highly successful.

On the other hand, “Printing for Less,” in Livingston, Montana leaves little doubt about what they do as well as a suggested pricing benefit. There’s a lot of message in just three words. Persnickety Cleaners in Bozeman has a very descriptive name but not everyone knows how to spell the name.

Can you build a business brand on your own name?

Yes, if you are Donald Trump for example. As much as I wanted to call my web site TomEgelhoff.com, I knew that my name was not going to attract nearly as many people as the name I decided on, SmallTownMarketing.com.
If you are a known personality with a sellable name then by all means give it a shot. Remember that a lot of your word-of-mouth will come from the Internet, even if you don’t have an online presence.

Building your brand name with Social Media

You’ve all heard the words. Twitter, FaceBook, LinkedIn, etc. Most of you have probably dismissed them as a way to help market and advertise your business. Here are some things to think about:
• 20% of monthly Google searches are for local businesses.
• Companies that blog have 97% more inbound links.
• 63% of companies using social media say it has increased market effectiveness.
• Companies that blog have 55% more web site visitors.
• Business to consumer blogs generate 88% more leads than companies that do not blog.
• 93% of all Internet users are on FaceBook.
• 79% of Twitter users recommend brands they follow.

Tips for choosing a good business name

• Look down the road. Where will your business be in 10 years? Be careful your name doesn’t restrict future growth in products and services.
• KISS – Try to keep your brand name as simple and descriptive as possible. Nothing worse than someone trying to recommend you but can’t remember the name.
• Don’t buy into fads. iBusiness might be catchy today but what about 10 years from now? Remember the band names of the 60’s? 1910 Fruit Gum Company, Electric Orange Peel.
• Negative or positive. As we all know, negative advertising works in the political world. A negative name can sometimes work if it solves a nasty problem in the consumers mind. However, in most cases business names lean positive.
• Keep it legal. Make sure you do a state search to make sure your name’s not already taken. You might also want to make sure the name is available for a web site. You can buy the online name for a small amount and save it until ready to open the business.

Some final thoughts on branding

Think colors. Red and Yellow are buying colors. Think McDonald’s, Wendy’s and Burger King. How loud or soft do you want to be?

Your logo design. Microsoft, Johnson & Johnson are word logos. Make sure your logo is as legible on your business card as it is on the side of your building or vehicles. Don’t overcomplicate the process. Look at your competitors. How can you look different, and still be memorable.

Think today, tomorrow and the tomorrows to come. Does your name encompass your business vision? If it does then go for it. You just might be the next Apple.

Tom Egelhoff, www.smalltownmarketing.com, is the author of, “How to Market, Advertise and Promote Your Business or Service in Your Own Backyard.” Listen to Tom’s weekly radio show, “Open for Business, 11-2 PM Mountain Time every Saturday at http://kmmsam.com. Click “Listen Live.” Also, check out Tom on Twitter, Facebook and LinkedIn.