Your name ties into everything your business does. The anchor of your brand, your name can be your most valuable asset. When customers hear or see your name, it evokes an emotional response that influences their buying decision.

However, companies are sometimes not satisfied with what their name conveys about their business. Yet, they are afraid to change their name because it is such a critical part of their identity. Name changes are more common than you’d expect. It can be successfully achieved through a deliberate process—to ensure the new name stays true to the company’s brand and then is effectively communicated to your audience. Should your organization consider a name change? Consider these five traits of a good name:

1. Sound
Be mindful of its sound. Your name is more often said than it’s read. A name’s sound is more important than the way it looks on paper. It needs to be easily pronounced and remembered by your audience. It also needs to be distinctive from your competition to avoid confusion or sending a mixed message.

2. Simplicity
Keep it simple, keep it short. The inverse relation between length and strength is an extremely important—particularly in a name. There are consequences to having a complicated name. Complicated names are hard to say, spell, and remember—making them hard to find in Web searches and directories.

3. Emotion
An emotional name will evoke more of a response from customers and potential customers—increasing their likelihood to remember and buy from you. Consumers tend to remember names with an emotional attachment. However, don’t risk alienating your audience—convey a compelling and appropriate emotion.

4. Straightforward
Unnecessary words make a name longer and add no value. Your name reflects the promise of your brand and should not include superfluous descriptors.

5. Unique
Some of the most successful enterprises use an original word for their name. Invented words make powerful names if they tie into the promise of the brand. The manufactured word’s sound and Latin root should “sound” right and be easily associated to the brand. If the name is not manufactured, consider the words in the context of your market—your name should set you apart from your peers.

When contemplating a name change, be realistic. Consider a wide range of names within the context of your business. Follow a deliberate and proven process. Don’t fall in love with a name before you do the proper research. Be sure there is an appropriate url available, it’s unique in your space, and it will resonate with your target audience. Make sure it is relevant, believable, immutable, superlative, and memorable—your name and your brand will enjoy the benefits.