One of the paramount things when starting a company is its name. Most companies will go for a good startup name but there are still a number that will not go for that the unique name. This has brought up a tough competition that has led to noticeable patterns in startup name creation.
There are a lot of wild ideas about names amongst businesses persons. One of these ideas is that a name is supposed to convey some sort of emotions. The other one is the fact that a name should be straight forward. There are those businesses which believe that a name should describe the product being sold and finally, there are those who copy the names of successful companies the reason why there are so many similar startup names in the market.
Therefore, the question remains who is right
Technically speaking, all these techniques are true. In fact, whichever name you choose must depend on the type of product you are offering. However, this is not always the case as some companies decide to come up with nonsensical words with the hope that their names will attract more attention. Others decide to add suffixes and using compounding and other processes of word formation. The following are some of the things they come up with.
This is one of the popular trends in the technological part. It is therefore not surprising to find a good number in this field of business using the suffix-ify. Such companies make use of the idea that this is the simplest way of turning almost any word into a verb. Similarly, such words also to some extent describe the product. A good example is Spotify. We have also seen other companies that have been influenced by spotify to come up with naming scheme. Such a company is Simpolfy which is an app created for members of a political party in Seattle. Simpolify simplifies their communication and the way they understand politics. Hence the name making more sense: Sim(plify)pol(itics)fy.
However, it is important to note that namifying is now getting out of hand and it will just be a matter of time before startups stop looking up to companies such as spotify and before we know it the trend will be gone.
One of the most popular compound words in use today is Facebook. This is a combination of two unrelated words to come up with a new completely unique meaning. Business person have realized that compound words are often illustrative and can effectively be used to describe what a company does.
Another popular company that makes use of this strategy is Headspace. This is a combination of two simple words which are head and space. This is a clear indication that what the companies are doing is that they play with our minds to come up with something that actually makes sense. For instance, Headspace is an app which helps businessmen to meditate.
This is another approach that has proved to be successful with big names like Wikipedia, Instagram and many others followed. It is even more interesting to realize that other new companies are following the same trend. Some of the notable examples include Instacart which is an app that enables people to order groceries online with the delivery time set to one hour at most. In December 2014, this startup managed to raise an incredible $100,000 round of funding.
Another interesting example of a startup that became successful is Satellogic. This actually describes what the company does which is satellite deployment. In the year 2014, this company managed to launch 3 satellites. Today, they are even more open for greater opportunities and their future plans are to launch a constellation of satellites to monitor the activities from earth by a minute
4. Adding dots
There are a number of companies out there whose names include their domain extension. This is another trend which is on the rise and it ends up creating a new branding opportunity. The same applies to startups that often use .me domain. This often helps them to come up with a highly sensitive and personalized name. A good example of such a name is Fits.me which is a dressing room application which makes it possible for clients to try on clothes they would like to buy in a virtual fitting room. As you have noticed, the startup is both memorable and directly describes the merchandize.
5. Misspellings and other trends
The other naming trends that came out strongly include misspelled words and omitted vowels. Some companies have adopted names which sound cute while others use names that sound gibberish but all the same, a large portion of startups follow no naming trends and they are still able to come up with something unique.
6. Real Names
There are startups that use real people’s names. One such company is Alfred which is a service that provides basic home maintenance at $99 per month. Alfred works by the user being visited on a weekly basis by one of the professionals from Alfred’s and the professional takes care of most of the house chores. This startup took a common name and made it their service personal and it was remarkable.
One of the most interesting gibberish startups is Klets. Interestingly, this word does not have any particular meaning but their startup stands out. Klets offer a landing page for the businesses to talk to their clients. This application is mobile friendly and does not require the client to install its chat program. The success of this startup is due to its sleek design even though it lacks a good name and still they are not ready to invest a lot of money in branding it.
It is therefore true to say that the name of a startup will plays a significant role in ensuring how the service or product will be marketed and perceived by the end user. Ensure that the startup you are adopting has a unique name since it has to represent a distinctive product.