A brand name is the cornerstone of any business. When launching a new marketplace, a relevant name can help you attract customers and establish a connection with them. It can create buzz, increase memorability, and encourage referrals, as a name that is difficult to pronounce, spell, or remember is also difficult to share. Therefore, an excellent marketplace name helps you achieve many key communication and marketing objectives.
Moreover, a quality name forms the foundation of your brand and can have exponential effects throughout your business’s life. An ideal name should embody the spirit of your marketplace and leave a lasting impression. For this, you can pay several thousand euros to a “naming” agency (brand name creation agency) to find you an original name that aligns with your sector and is not already a registered trademark… But no one will know better than you what your marketplace represents. So, before anything else, try to find inspiration yourself (and for free!).
A marketplace name should be inspired by its objectives
When you create a marketplace, you have to start by defining the essence of your platform. A name is an extension of your brand, and the birth of a brand always begins with an idea. Focus on notions such as “originality,” “responsibility,” “innovation,” but above all “consistency.” A quirky and fun marketplace like Bonanza will require a very different name from that of an elegant and sophisticated marketplace like Ruby Lane.
If you don’t know where to start, some rules apply:
- It is important to note that, like a company’s business name, any trade name for a marketplace can contain numbers, symbols, and other special characters. The creator’s name can also be highlighted.
- Secondly, it is possible to refer to the activity practiced by the marketplace in the name.
- Finally, it is mandatory to ensure that the chosen name is not already used by another entity and does not infringe on the rights of a competitor under trademark law.
Determine the type of naming
For many specialists, there are five effective naming styles, each with a unique purpose (though there are some overlaps):
- Classic – Perfect for anyone looking to establish a high-end marketplace or build a brand that seems timeless.
- Clever – Fun brand names can resonate deeply and pre-frame your enjoyable user experience.
- Descriptive – Descriptive names explain the features or benefits of your marketplace, allowing you to start explaining your features or benefits directly in the marketplace name.
- Intriguing – This very popular naming style allows your marketplace to attract attention through its uniqueness and unexpectedness.
- Emotional – For brands that are not afraid to express key emotions, emotional names resonate deeply and create instant connections with visitors.
By deciding on the one or two directions that best suit your marketplace, you can focus and develop a name that will support your success. For example, if you aim to create a marketplace for a young audience, don’t seek complexity; a modern and easy-to-remember name will do just fine.
Be sure of your marketplace name
Now that you have laid the groundwork, ask as many people as possible to help you come up with name ideas for your marketplace – team members, friends, and trusted family members.
However, while teammates, employees, friends, and family can help brainstorm business name ideas, they cannot provide an unbiased opinion. Many people are confused and frustrated when they ask friends, family, and colleagues to help choose a name. Personal biases come into play. If you test your names with those who had the initial ideas or those who know you well, bias skews the results. Moreover, contradictory opinions from people you respect can be very unsettling.
It is therefore preferable to survey a representative audience when testing potential names for your marketplace. Ask yourself, “After creating a matchmaking platform, how can its name attract prospects?” To do this, offer a panel of people a choice from a list of names that seem most appropriate to you and ask the following question: “Which of these companies would you most like to know about?” This question allows you to test how a name will generate interest in your new marketplace.
Conclusion
In the end, the name you choose for your marketplace is a crucial step in the success of your marketing strategy. We hope that some of the tips we have shared will help you develop and choose names for your marketplace. Don’t forget to choose a good marketplace builder and to brainstorm names collaboratively and intelligently with a specific end goal in mind, and then test your favorite name ideas with an impartial group representing your target audience, you will be well on your way to creating a great brand and a successful marketplace.
