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Why Crowdsourcing Your Business Name Is a Good Idea?

by Kevin in Business Sep 10, 2012 EDT

Thousands of new businesses are formed each month and if you’re one of these new businesses, it’s likely you’ve had the difficult task of coming up with a name for your company. While on the surface this may not be one of the topics that keeps new owners lying awake at night, choosing a business name is a vital aspect of forming a business and is what many consumers will judge you upon when deciding to shop for goods or services. It isn’t uncommon for companies to waffle over the perfect name for theirbusiness for months.
One problem is with so many companies already formed you may find that every name you want is taken and coming up with another suitable name is a monumental task. However, through the power of the Internet, many companies are taking on input from knowledgeable freelancers to help decide on a business name through a concept known as Crowdsourcing.

What is Crowdsourcing?

Having a solid business name will help you build around your brand and become recognized within your industry. For those entrepreneurs who are stumped, Crowdsourcing allows them to hear the voices of outside individuals to help choose a perfect name. Crowdsourcing is the concept of asking a number of people to help with certain aspects of a project that collectively will help you achieve your goal faster, with more precision and efficiency, and without the need to hire individuals in a full-time capacity.
When it comes to picking out a business name, you can go several different routes. One popular idea is requesting a group of freelancers to help compile a list of business names for you based on what your new business will sell or provide. Once the names have been presented, the business owners can vote on the names. The individual who has chosen the name you ultimately end up going with will receive either your job award or a special prize announced at the start of the project. Crowdsourcing offline is another popular model by getting a group of local freelancers together that can brainstorm and discuss different names until you determine the perfect name for your company.

Making Sure the Name is Right

When using a crowd to help choose your business name, you will get many individuals willing to help and give their opinion. What is important is to explain to everyone what the businesses’ primary goals are and products/services your business will offer to the public. Having this information laid out in print or online will help individuals come up with a name that suits your business the best.
By utilizing the power of a crowd, there is a very good chance you will end up with a name that helps your company stand out and gives the owners good footing in their new endeavor. If nothing else, Crowdsourcing helps stir up the minds of new business owners to formulate a name from the collection of ideas given to them through Crowdsourcing candidates.

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