What's in a name? Well, quite a lot actually, it could be make or break for some tech businesses, especially when growing into new territories. You have to consider how the name translates across markets, is it an offensive word, is it easy to say and spell, can we get the domain name etc. in key new territories? There's a lot to consider.
The power of a good name
The history of company names is interesting as they, like everything else, have evolved and have fashions–what's in, what's out. In the past, company names were quite literal or descriptive, based on what people sold, such as the world's oldest tech business, International Business Machines Corporation (IBM, 1896). As time moved on the tech industry changed and grew, literal names went out in favour of single names, such as Sony (1945) and later the more established tech companies turned their names into contractions or acronyms e.g. Apple Computer Company (1976) - Apple and IBM.
The tech industry is ever-changing and, in very recent years, has become volatile. According to Forbes, 90% of startups fail (within one to three years), with only 10% surviving. So, the lesson is, don't let a bad name be a barrier to success.
To rename or to not rename: is renaming a big deal?
Naming or renaming your business should not be taken lightly. Your company name is more than just a label, it's the foundation of your brand identity. It's the first impression you make on potential customers and partners, and it will shape the way they perceive your business. Your name should reflect and make sense in the industry you serve. So, a flippant name that sounds great or PR-able for instance may not work for a serious fintech. Have a look at your competitors to get a feel for what works, but remember your goal is to standout.
A naming service in a branding agency is the process of creating a unique and memorable name for a company, product, or service. It is a crucial aspect of branding that can impact the success of a business. When choosing a name, it is important to ensure that it is available and not too similar to any existing brand.
Choosing the right name for your technology company is crucial as it will be a part of everything you do. A good name will make it easier to build a strong brand and create an emotional connection with your customers.
Investing in a good name for your tech business is a smart move. It will help you stand out in a crowded market and attract the right customers.
Case study: Look for a unique tech company name
A recent brief we undertook, saw the merger of two industry-leading software providers, Compusoft Group and 2020, to create a new global tech powerhouse. The merger enabled the software company to scale and better serve its customers with a global presence of over 2,300 employees and 70,000+ customers across 100+ countries, which all came together under the new name, Cyncly.
Getting the name right was an important task. It had to feel right for the former businesses but also for the future growth of this newly merged business–a unifying banner that everyone in the newly merged company can stand behind. The name is derived from the words ‘synchronisation’ and ‘simplicity,’ bringing together the company’s mission to be the ultimate platform for connecting designers, retailers, manufacturers, contractors, and consumers to make spaces amazing.
The Importance of a good name for your tech business
Naming a tech company can be a daunting task, but it's an important step in creating a successful brand. A good name should reflect the company's mission and values, and also be memorable and easy to pronounce.
One key aspect of naming a tech company is to tell a story. Your name should give your audience an insight into your organisation and what it can do. It's important to find terms with emotional resonance or those which help to highlight essential visions and values for the brand. Naming is part of our service offer and our team can help you brainstorm ideas and find a name that truly represents your company.
Another important consideration is to ensure that your name is unique and memorable. With so many tech companies out there, it's important to stand out from the crowd. Working with a branding agency that has a naming service, there will be a name generation creative process (each agency will have its own format). Following the brainstorm sessions and creating an initial list of potential names, it's important to research them thoroughly to ensure that your top 3 names are not already in use, if they are, scrap them and move on to the next names on your list.
The goal of the name:
- identify what you’re offering
- differentiate you from competitors
- evoke positive emotions and associations
- pique curiosity and interest
- boost brand recall
- inspire and motivate employees
How do I come up with name Ideas for my business?
As mentioned, there is a creative naming process where all factors such as the industry vertical and naming conventions are considered (such as naming after the founder/s), a short-list is drawn up and the one that sticks is the winner. It's good for a client to garner opinion on the potential new name across the team to see how it sits with them. When it comes to potential names for your business there are a series of do's and don'ts. Let's discuss a few.
Do's and don't of naming
When brainstorming for a list of names for a modern tech company, it's important to consider different options such as made-up or founder-based names. Every branding expert will have their own method for naming and styles they will explore, such as suggestive, descriptive, metaphor-based etc. However, in general, the naming process looks something like this, singular (single word name)- e.g. Meta, coined (made-up name)- e.g. Google, and portmanteau (see below) or compound (joined words) - e.g. Facebook.
The name should be unique, impactful, and easy to remember. However, when naming your tech company, it's important to avoid literal names that describe your specific initial service offering. Instead, try experimenting with industry terms relevant to your business, or make use of a technology company name generator for ideas, but avoid being literal.
Portmanteau Names: Portmanteau names can be a great option for tech companies looking for a simple and memorable moniker. By combining two or more words, you can create a unique name that describes your business in a straightforward way.
When choosing a portmanteau name, consider the following tips:
- Think about the words that best describe your business, such as industry terms or unique selling points.
- Experiment with different combinations of words until you find a name that sounds catchy and memorable.
- Keep the name short and easy to remember, as well as professional and appropriate for your target audience.
Remember to keep the name of your company short, easy to remember, and professional. It should reflect the mission and values of the business, as well as represent what you want it to become in the future. Cool tech business names are great as long as they can go the distance!
At DesignByStructure, we believe that a good tech name needs to evolve with your brand. Consider these five ideas:
Five naming ideas for a tech business
Naming a tech startup or renaming a tech firm can be challenging and everyone wants a great name, but it's a crucial step to establish your brand. Here are five tech name ideas to help you come up with a great name:
- Reflect your mission and values: Your name should represent what your business stands for and what you want to achieve in the future. It should also reflect your company's mission and values.
- Consider your products or services: Think about the software, products, or services you offer. Your name should be authentic and relevant to what you're selling.
- Be unique: With so many tech companies out there, it's important to stand out from the crowd. A unique name will help you do that.
- Get feedback: Before settling on a name, be sure to get feedback from your target audience. Their opinion matters as they will ultimately be using your product or service.
- Use a name generator: If you're struggling to come up with a name, try using a tech company name generator. It can give you some inspiration and help you find a name that fits your business.
We understand the importance of a great name or rename for your tech business. When naming your business, it's important to choose a name that reflects your mission and values, as well as what you want your business to become in the future. Authenticity is key, so consider what type of products or services you're selling and who your customers will be.
Remember to consider these points:
- Authenticity: When it comes to tech business names, it’s all about authenticity. Consider exactly what you’re selling and who your customers will be. What sets your tech company apart?
- Successful business names: In general, successful business names are simple, memorable, and easy to spell. Avoid using complicated words or phrases that are difficult to pronounce or spell.
- To come up with a great name, you can use a tech company name generator or take inspiration from existing technology company names.
- Make sure the name is available and not too similar to any existing brands.
At DesignByStructure, we believe that a great business name should be memorable, easy to pronounce, and easy to spell. It should also be unique and distinguishable from competitors.
To ensure your business name stands out, we offer naming services that include research, brainstorming, and testing. We'll work with you to create a name that accurately represents your brand and resonates with your target audience.
Don't let naming your business be a daunting task. Let us help you create a name that will set your business apart and help it grow. Contact us to learn more about our naming services and how we can help you create a memorable name for your tech business.
Read more from our brand strategy series:
- Brand Strategy – What it is and Why every Tech Company Needs One.
- Cracking the Code: Understanding the Importance of Brand Strategy for Tech Start-ups.
- How to Define your Brand Purpose.
- Working with a Brand Design Agency can add Value to your Business.