There is arguably nothing more important when starting a blockchain company than choosing a name. After all, it is the way that future customers will identify you and it is virtually impossible to even begin such a venture without one. With that in mind, how do you go about choosing a name for your business?
While it might seem like a straightforward process, there are several things to keep in mind when naming a blockchain company, some of which are as follows
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Link to the Industry
While this is not a hard and fast rule, you want to have a name that links, in some way, to the blockchain space. Think of companies like Coinbase, Ledger, and Chainalysis that ‘sound’ like they have something to do with blockchain and crypto.
The benefit of this is that you’ll probably be taken more seriously by customers and potential investors. So, consider common phrases that have to do with blockchain and consider how you can add them to your name. As you do this, make sure they are actually relevant to your business and not a form of clickbait-by-name.
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Consider Blockchain Company Branding
At the end of the day, your blockchain company name is only one part of a larger branding effort. So, before you choose one, you need to situate it within these efforts. Studies have shown that some names make us think of certain colours and feel a certain way.
Whether through pure instinct or a market study, find out if this name helps your branding. A name that sounds fiery and red won’t go with a company brand that uses cool-toned colours. Likewise, a crypto custodian firm shouldn’t have a name that sounds daring and dangerous. As small as it might seem, this needs to be considered.
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(Not) a Mouthful
When choosing a name, even for a blockchain company, there is the temptation to be as wild as possible to catch people’s attention. While this works for some, you need to make your business name as easy to say as possible.
There is a reason why some of the biggest firms in the world have single-word and few-syllable names like Meta, Google, and Apple. It is quick, rolls off the tongue, and isn’t mentally taxing to engage with. If your name ends up being something long (such as the surnames of all of your founders), consider an abbreviation to retain this essence but still remain easy to say.
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Hire the Experts
Sometimes, it is too much of a hassle to come up with a name. From dogs to babies, there is an entire industry that helps to lessen this burden, so feel free to leverage it. If you hire a marketing agency like Proleo to design your blockchain company branding from the ground up, you can also receive guidance on choosing a name.
From a long list of potential options to helping you narrow down your options to only the best, having the professionals in your corner will save time and effort, as well as produce the best results
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Consider Practicality
A blockchain company name isn’t just a quirky thing you choose for the aesthetic. This name will be on your merchandise, website, business documents, and so on. As such, you need to choose one that is practical to a degree.
An obnoxiously long name will be a pain to register and will look ridiculous on official documentation. A name that is very hard to spell will create more problems when you’re trying to create merchandise, and so on. So, before you settle on any name, ask yourself how feasible it is to use it long-term.
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Tell a Story
Customers love hearing the story behind the businesses they patronize so consider choosing a name based on this. If your business has a unique or funny origin story, try to draw a business name out of it.
Following this, make sure the story behind the name is publicized in interviews, press releases, and so on. Becuase there is a natural curiosity among consumers, making this information available will only add to your appeal and maybe even help to drive sales.
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Consider SEO
It is virtually impossible to succeed online these days without having some sort of SEO Strategy. And one of the golden rules of SEO is to have a name that is searchable. Everyone from authors to pop stars consider this and you too as well. Take a moment to try and search your business name online.
Is it hard to spell easily? Does your search engine auto-correct it to something else? Worse still, are there so many other prominent examples of the name? If you named your business something as generic as Cloud, you’d be going up against more competitors for SEO favour than you want to deal with.
So, make sure your blockchain company name is searchable.
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Look at the Legalities/Social Consequences
Launching a crypto company (at least one that you incorporate) means that you’re subject to the same regulations as other companies. You cannot incorporate a name that another company has already taken (there would be thousands of companies named Google and Meta if that were possible).
You also need to make sure the name is not offensive to any group of people or one that regulators will refuse to recognize, which has happened before. Basically, before you choose a company name, make sure everything is clear from a legal and social standpoint.
Conclusion
A blockchain company can be taken to new heights or completely destroyed by the name it is given. In this article, we’ve touched on the many things that help to create a good blockchain company name.
It should be one that links with the blockchain industry, has an interesting backstory, or both. It should be easy enough to pronounce, and fit into wider branding goals. In all this, it must not have any legal or social problems attached and should be SEO-friendly.