The Five Key Steps To Naming An Internet Business

With so many choices to make and directions to go, let's start with the basics.

1. Decide if you are building a business or a brand.

I mention this since many online entrepreneurs are focused on short-term goals. They want to get their site up fast, get ranked high and start making money. This all sounds good but it leaves a business vulnerable in a number of ways. Short term thinking usually leads to literal names that will (supposedly) rank well with the search engines. In addition, literal/functional names are thought to better inform visitors about what products and services are provided.

While descriptive names do convey a sense of what you do, they fall short in creating an identity, a sense of how you do what you do. So you end up in a sea of sound-alike companies. LendingTree.com (a metaphor) is much more memorable than e-loan.com, loansfast.com or loan-place.com. Amazon.com (another metaphor) brings richer imagery to mind than BooksAMillion.com.

Unless you own a primary domain name with a lot of natural type-in traffic, descriptive names usually fall flat in the long run. You may make a decent living, but it would be difficult to grow a long lasting company called MensDressShoes.com. It would always sound generic and descriptive and would rely heavily on the ever-changing algorithms of the search engines. Most descriptive names rely on web surfers typing the search term into the web address box as a .com, hoping to find a relevant company. But what if this changes and consumers turn more and more to using search engines?
What if the search engines change their valuation of having keywords in the domain name? You have then built a company that relies on the unpredictable nature of Internet search engines to make you profitable.

Having said all that, even if you wanted a generic short word, it's probably now beyond most businesses' price range. Diamonds.com recently sold for 7.5 million dollars. Best advice -- build a brand name and then point generic/descriptive names to the main website address.

2. Come up with a naming strategy.

Go to a directory such as Yahoo.com or dmoz.org and look up competitors in your field. Examine the most common naming methods they use (i.e. proper names, key attributes, metaphors, etc.). If you discover your industry heavily utilizes one form of naming, avoid it and use another. If half of the companies are using the evocative theme of discovery (i.e. Internet Explorer, Netscape, Safari, etc.), then try something different such as an analogy (i.e. Firefox). Map out a list of your competitors' names and see how your names compare against them. Consider such naming techniques as:

• Focusing on a key attribute (Priceline.com)

• Adding a suffix (Travelocity.com)

• Creating an invented name (Expedia.com)

• Utilizing an evocative word (Orbitz.com)

• Mixing words in new combinations (HotWire.com)

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Phil Davis is president and owner of Tungsten Branding, a naming firm specializing in brand creation, product naming, tag line development, corporate identity and comprehensive brand repositioning. Phil's client list includes PODS, TeamLogicIT and Coghead.com to name a few. His complete client list and company naming philosophy can be viewed at www.PureTungsten.com.