Company Naming Tip #22
If you’ve heard the Company Naming Team say it once, you’ve heard the team say it a thousand times, the most effective company names focus on your Target Market.
Your company name is not necessarily for you, the entrepreneur or founder. Your company name should be designed to have the most impact on your target market.
Your Target Market must be defined before you launch your startup or open your business. You have to know who you’ll be going after within your market.
Of course, you’ll be happy if everyone wants, needs, and uses your company, however you need to specify one specific group or demographic to focus your company on. And that’s who your company name should be designed for.
Once you’ve designated them, design your company name around your Target Market and what you know they’ll respond and react too.
One word of warning, make sure your target market is NOT so overly specified or too small a niche. You may overly restrict yourself and end up with nobody. If your target is so aggressively small, you may not be leaving yourself enough potential clients for a successful company name strategy.
While Abe Lincoln said, if you try to be everything to everyone, you end up being nothing to no one, the opposite is true as well.
Always gear your company to your target market, just don’t be overly specific!