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5 How to conjure up a new business name.

Eons ago, advertising pioneer Claude Hopkins said “a good name should almost be an advertisement in its own right.”

He wrote the original bible on the subject, called “Scientific Advertising.” And now, some 90 years later, recent studies in behavioral economics and psychology show that many of his theories were dead on.

There’s a proven correlation between a memorable name and market value of the company.

Fortune 500 companies have figured that out. They pay naming firms huge sums to concoct new words that eventually become successful brands. Those firms employ teams of poets, neologists, writers, comedians, behavioral psychologists and linguists to come up with names like “Acura for Honda’s luxury car division. “Pentium” for an Intel Processor. Viagra for, well, you know what.

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