By Grant Polachek
Let’s assume you’ve finally come up with a fantastic solution to a major problem that affects a large number of people. And, after much deliberation, you chose to convert this solution into a business.
But there’s a catch: you need an exciting name to go with your brilliant solution. So you get to work and test up a few different words, but none of them seem to completely express the concept of your business.
Even the names you did discover lacked matching URLs, making them high-risk in the eyes of the trademark attorney.
Now, it’s painfully obvious that tons of entrepreneurs struggle to come up with a memorable brand name. So, to assist you in finding the ideal name for your company, we’ll be guiding you through this tried-and-true approach that has helped thousands of entrepreneurs discover original and exciting brand names.
This is Why Every Entrepreneur Needs to Find a Perfect Brand Name
One of the strongest signals that the business world is becoming highly volatile to new businesses is that 20% of every startup fails in their first year.
And, unfortunately, with over 4.35 million companies created in 2020 and 2.81 million businesses launched in the first and second quarters of 2021, it’s not going to get any easier.
Furthermore, with the average consumer receiving over 10,000 brand messages each day from startups and major companies, your business is guaranteed to drown in competition if it doesn’t have a perfect brand name.
So make sure you find the perfect name because it can help your company:
- Give your business a unique identity
- Attract your target customers regularly
- Increase trust and brand loyalty
- Make your company stand out from the crowd
- Assist you in attracting top talent
4 Easy Paths to Finding the Perfect Brand Name
Even if you’ve come up with game-changing ideas that’ll transform your industry, your company will be forgotten if you don’t give your business the best brand name.
But don’t worry, these four easy paths will lead you to choose the finest brand name for your company.
1. Know What You Want Your Business To Be
Gathering sufficient information about your company and sector is the first step in selecting a name that captures every aspect of your company.
And the key is to learn as much as possible about your industry and rivals, including their brands, services, beliefs, and ambitions. This data will assist you in determining what works, what doesn’t, and what it takes to win the hearts of your target audience.
The next stage is to decide on the future of your brand and the image you want to create. Make sure you grasp your brand’s core principles, visions, and values.
Now, refine the ideas you’ve gathered until you find a few that best express your company’s fundamental principles. These key values will give you a good sense of what your name should express.
2. Choose a Great Brand Tone for Your Company
The best approach to come up with a name that symbolizes your company’s fundamental principles is to ensure that it has the appropriate tone and evokes the appropriate emotions in your target market.
Getting the best tone will help you develop your style and positively affect how people perceive your organization. Consider brands like Gucci and Fossil. Customers who love high-end accessories prefer Gucci, while those who want long-lasting durability and usability prefer Fossil.
So think about your target audience, what draws them to your business, and why they should care. Knowing who your brand is targeting makes it easier to decide whether your brand’s tone should be:
3. Recognize Your Brand’s Secondary Elements
Now, although selecting the appropriate tone is crucial, the secondary branding elements of your company are what defines your brand. They represent your brand’s identity and will guide you on the proper path when it comes to naming it.
So, grab a pen and a piece of paper and jot down your views about your company’s:
- Big ideas: What are the primary ideas that guide your company?
- Brand values: What are the personal or audience values that drive your business?
- Brand story: Is there any story you can tie to your brand?
- Benefits: What specific benefits do you provide your customers?
- Emotions: What strong emotion do you want to elicit in your audience?
- Value proposition: Why should customers patronize your business?
Identifying the elements of your brand will help you to create a genuine and functional brand identity around which you can easily center your branding efforts.
It’s time to explore your entrepreneurial creativity and generate new and unique words that match your company’s needs.
Dedicate time to look up intriguing words that express your company’s identity in dictionaries and thesauruses. The aim here is to generate a list of five to nine brand names suitable for your business.
While brainstorming, keep an eye out for short, engaging, innovative, modern, thrilling, metaphorical, or symbolic words.
We understand that brainstorming can get really difficult, so if you’re struggling to come up with great business names, don’t be scared to utilize a strong business name generator.
Test Your Names to Find the Perfect One
Understand that the processes discussed in this article would lead you to a list of three to nine names that satisfy the parameters of your business. Now, put these names to the test on a small sample of customers to see whether they like them.
After your names have been audience tested, select the best name and double-check it with the USPTO to ensure that another business has not already registered it.
About the Author
Grant Polachek is the Head of Branding at Inc 500 company Squadhelp.com, the worlds #1 naming platform, with 30,000+ customers from early-stage startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation.