You’ve got big plans to offer a new product or service. You don’t like to brag, but you think it’s going to put you light years ahead of that competitor down the street. Now, if you could just come up with a catchy name for it, something that people will remember.

The name you select can be an important part of a new product’s success. After all, the wrong name can mean disaster. Remember New Coke?

Here are some secrets that savvy marketers know about what makes a good name:

1. Keep It Simple
   The name should be easy to say, spell and remember. Consider using short, one-syllable names. Makers of laundry soap figured this out using names like Tide or Cheer.
2. Call It What It Does
   The name should tell people what it does. A service called Speedy Lube tells consumers they won’t have to wait to get their oil changed.
3. Make It Stand Out
   The name should stand out from other businesses, especially those in the same industry. Hair salons often differentiate themselves with distinctive names like, A Cut Above or Great Lengths.
4. URL It
   Do a search to see if your Web address (or URL) can have the same name as your product. There are websites, like Network Solutions, that will check for you and help you register it.  Having the same name will help people find you when they are surfing the net.
5. Trademark It
   Legally protect the name to prevent others from stealing your thunder. You can search online using the government’s free Trademark Electronic Search System (TESS) database. Even if you decide not to follow through, it saves you from using a name that is already registered to another company.

Be prepared to go through a number of possibilities before you select the right name. Some small businesses ask customers to vote among several names.  That can be a great way to generate some excitement before you launch your new product (and beat that competitor down the street).