5 Rules To Name Your Business In The Current Digital World
The constant increase in connectivity and social networks has changed the way we work, interact, buy and have fun. No wonder it is also changing the way companies should, and shouldn’t, be named.
That’s the fascinating conclusion of a recent Knowledge at Wharton article that delves into what experts have to say about finding a great name for your business in the digital age by pointing out that “choosing the name of a company or product is becoming increasingly critical ”, because“ the name of a company is usually also its web address ”.
The article explores the impact of all the new ways customers connect with businesses.
1. Short Domain Names Are Key
Currently, your business name is also usually your URL. For this reason, seriously consider it to be short. Research states that “domain names of seven characters or less, excluding dot.com or another suffix, tend to generate more traffic.
Visitors to a website decrease by 7% if the domain name is expanded to 10 characters. “Basically, that means you should expect “a 2% reduction in traffic for each additional person beyond the sweet spot of seven characters or less.”
2. Catchy But Unclear Names Have Pros And Cons
The importance of domain names leads many companies to decide on something short and memorable, even if it means that the name is a made-up word (think Spotify) or something completely foreign to the business (it cannot be said simply by looking at the name that Amazon started selling books). Going this route has advantages and disadvantages.
As we indicated earlier, a powerful URL can be incredibly valuable, but only if your customers already recognize your company, and getting to this stage can be expensive. The best solution, although often the most difficult, is to find a name that is memorable and explanatory.
3. Save A Thought For Siri
With the rise of voice-controlled digital assistants like Siri, having an easy-to-pronounce name is more important than ever. “It is becoming imperative that a business name sound exactly as consumers would pronounce it.
4. Consider Small Screens
How easy is it for someone to recognize your company name on a smartphone screen? Part of the answer boils down to design elements like the font, but in part, this also depends on the name you choose and how it is spelt.
5. Don’t Get Too Obsessed With Your Name
Is a name important? Absolutely. But it is less important than providing a great product, especially for younger customers. “Millennial’s don’t care about names or logos. It’s about the experience, ”says the president of the Internet Marketing Association. “They are more likely to share something if it is useful. That is the most important”.