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- Jonty bloom
- BBC
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The Corona virus outbreak has led to an e-commerce boom, which has resulted in an increase in the number of new businesses in the online retail industry.
Although William Shakespeare wrote that “a rose would still smell good even if it was called by another name” it would not be a good idea at all to call a new online flower delivery service, say “thistles. smelly ”!
Choosing a good name is very important for new businesses that want to stand out and connect with customers.
With our world moving more and more towards the Internet, new businesses need an attractive name on the Internet, these companies cannot just provide a good product or service, but they must choose a name that allows it’s up to the buyer to find it easily and always remember it.
This issue is of great importance at the present time, given the high number of new businesses created during the outbreak of the Corona epidemic.
In the UK, a study found that 835,494 new businesses were registered through January 2021, up 41% from the previous 12 months.
Meanwhile, last year saw the creation of 4.4 million businesses in the United States, an increase of 24% from 2019.
Therefore, it was thoughtful in choosing the names of so many newly created companies. The main reason for the increase in new businesses on both sides of the Atlantic is due to the boom in e-commerce as more and more people shop online.
A group of websites specializing in helping entrepreneurs who may have trouble finding a good name for their startup has sprung up, including “Alter”, “BrandPacket”, “Frozen Lemon”, “Wicks” and “Zero”. “.
“The demand for new business names increased during the pandemic as business people thought about what to do next,” says Devin Patel, founder of Alter.
published photo, TO MODIFY
Alter has registered thousands of domain names that new businesses can buy
“The new business has to stand out from the crowd,” Patel explains. “Consumers online see 100 companies selling the same product, but it’s a great name that helps the company stand out, and it gives you a lot more of an edge now than it did in the past.”
Alter begins by asking the user to enter a word associated with the type of business they want to create, then makes a number of suggestions that they have already saved, indicating how much it costs to purchase that name and domain. Internet to register it.
However, there are still many companies coming up with new names, and so did the founders of Norwegian biotech company Clixbio.
“CLICKS” refers to the technology that the company has developed in the field of human tissue engineering, while “Bio” indicates that the company is in the field of biotechnology.
“We felt that this name would appeal to investors and allow us to market ourselves as a life sciences company,” said company CEO and co-founder Armind Hattie.
It seems that the choice of this name was very successful, given that the company is very successful, at least in its field of activity. “Yes, that was the result, and I think our online presence, especially our presence on LinkedIn, has allowed us to become a significant player in the market,” Hattie says.
But what if you think of a name and find that someone already has the Internet domain you want? It can be a very expensive endeavor, as Elon Musk, president of electric car maker Tesla discovered.
In a 2018 tweet, Musk revealed that the company had to pay $ 11 million to buy tesla.com from a Californian named Stuart Grossman. Prior to that, Tesla’s website was teslammotors.com.
published photo, CLEXBIO
Armind Hattie and his associates created the name of their company themselves
And if you think you have a good domain name for a business and you’ve already registered it, a site like Alter may try to sell it to you.
However, do not attempt to register a business name which might be offensive as it will be rejected by relevant authorities such as Companies House in the UK.
Another branch of the name selection process is for companies that want to change their name.
It’s a very risky business, says Simona Botti, professor of marketing at London Business School, with which Aberdeen, a Scottish investment firm, would fully agree.
The company announced in April that it had changed its name from Standard Life Aberdeen to Aberdeen, an announcement that drew a lot of mockery on social media.
Aberdeen, which developed its new name with the help of marketing agency Wolf Olens, said the new branding would make the company “modern” and “efficient”.
published photo, Getty Images
Standard Life Aberdeen wanted something more “modern”
Butti says there are two ways for companies to change their names. “You can do it in a very scientific way, with a combination of researchers, experiments and tests, to see which names people react to positively,” she says.
Poti gives the example of the Canadian technology company BlackBerry, known until 2013 as Research in Motion. “The company has done a lot of research to find out how people react to this new name,” Putti said.
But although the public was happy to change the company’s name to “BlackBerry”, which is the name of the most famous product – the BlackBerry mobile phone – it did not help increase sales of the phones made by the company. company, and it is still surpassed by both Apple and Android.
An alternative to carefully researching whether a new name for a business will work, Buttie says, is to “take a chance.”
“Then that new name almost becomes an empty container, and what matters is what product the company makes to bear that name,” she says.
Large companies have changed their names
• The global chain of “Subway” stores was called “Beats Super Submarines” during the first two years of its inception, between 1965 and 1967.
• Facebook was originally called “The Facebook”
• In 2018, the company “Wet Watchers” changed its name to “WW”.
• The same year, the company “Wal-Mart” removed the little hyphen between the two words to become the name of the company “Wal-Mart”.
• Pepsi was originally called “Brad Drink”
• Nissan, the automaker, was previously called “Datsun”.
• The company “eBay” whose first name was “Auction Web”
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