This guide on how to form a luxury name for your company will help you come up with a name for your luxury brand. The name should give people an idea of what you do and what kind of customer you cater to.
According to Bain & Company, the world’s foremost global luxury goods business advisor, the luxury market is estimated to reach €295 billion in 2022.
Even after the uncertainties of the 2020-2021 COVID-19 epidemic, the figures suggest a high demand for premium commodities. In the digital age, most purchases are online, and the luxury industry is no exception.
In this article, We’ll show you how to come up with a luxury name for your business. Let’s dive in!
Characteristics of Luxury Names for Business
The name of a luxury business needs to be unique but not too unusual. It should also have a memorable, easy-to-pronounce word or word group and should not be too long.
Here are a few other characteristics that your luxury brand name should possess:
- Short, basic, and inventive.
- Simple to grasp.
- It should tell a narrative.
How to Create Luxury Names for Business in 10 Quick Steps
Luxury names are the perfect way to stand out in the market. They are functional within the realm of luxury. The benefits of luxury names for a small business are clear. The article that follows will give you guidelines to get started in designing your luxury name.
1. Make use of acronyms
A popular method for naming your company is to use a set of initials. Many large corporations use acronyms instead of their full names because they are easier to recall.
Consider KPMG (Klynveld Peat Marwick Goerdeler) or the CBS (Columbia Broadcasting System). So, if your company is ‘Trisha Marketing Agency,’ consider abbreviating it to TMA.
2. Try mash-ups
A mash-up is one of the most inventive ways to produce outstanding business name ideas. Consider two or three terms that are important to you and your company.
Can they be integrated in some way, either wholly or partially? TripAdvisor, Evernote (from “forever” and “note”), and Netflix (from “internet” and “flicks”) are some well-known examples.
A name like “MealsDrip” immediately conveys that you own a restaurant that specializes in various dishes…all in three syllables.
3. Get ideas from mythology and literature.
Nike is one of the most recognizable brands. She is also known as the goddess of victory in Greek mythology. Other well-known corporations with mythical names include Oracle, Hermès, and Mars.
We recommend doing some study to see if there’s a legendary figure who is related to your firm. You could name your business after a mythological figure.
Is there anything you can do with ‘Bacchus’ to name your brand if you own a wine shop? Or, if you’re about to launch a makeup line, perhaps you can channel Aphrodite, the goddess of beauty.
4. Make use of foreign words
Incorporating a non-native language is another inventive technique to generate business name ideas. This can make your company appear unusual and intriguing to potential clients and unforgettable. Perhaps it’s a German-named hair salon or a Spanish-named tea business.
5. What about your name?
It’s your company, so why not use your name? Many well-known brands, such as Ben & Jerry’s ice cream (named after Ben Cohen and Jerry Greenfield) or Boeing, use the creator’s name (named after founder William Boeing).
6. Take a look at a map.
Get inspired by the world – we’re sure you’ve heard of Amazon, the Internet retailing behemoth. It occurs to be named after the world’s largest river.
7. Stir things up
Try combining concepts. Can you, like IKEA founder Ingvar Kamprad, combine part of your name with part of a city? Elmtaryd Agunnaryd is a combination of his name and the name of his hometown.
8. Collaborate with another company
If you’re collaborating with another entrepreneur or merging with another company, combine elements of both names to create a new one. Twentieth Century Pictures and Fox Film Corporation amalgamated to form 20th Century Fox.
9. Make use of nicknames.
Have you always gone by the name ‘Binta’? To add a personal touch, use this as your company’s name. Alternatively, use your child’s name or nickname for a sentimental (and memorable) brand name. Mercedes was, after all, named after the founder’s daughter.
10. Make use of a symbol.
Another method for creating a business name is to draw inspiration from a symbol or vital component of your work. Dove is an easy-to-remember name that communicates the nature of the firm. (Win-win for small businesses!)
To Wrap Up
Luxury names for business are an attractive marketing tool. When naming a luxury brand, you must be extra selective about the type of name you select.
Because you will be interacting with the country’s wealthy, you must choose a premium name. Your title should convey to them that they are purchasing something unique to enhance their lives.
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