So you’re a seasoned expert with lots of useful experience and all the skills to launch your own business, but you’ve reached a roadblock. Something’s wrong.
There’s this innate fear that even if you’ve had lots of experience building high-quality products, the business name you’re considering isn’t enough to set your business apart from its ferocious competitors.
Acknowledging that you need the perfect business name that’ll help your company stand out is a brilliant step. And although we’ve seen several businesses fail because their owners didn’t find the best name for them, we’ve also seen countless businesses succeed because their names gave them the exposure they needed.
Now, apart from the fact that businesses with great brand names are very attractive to investors, they quickly connect your business with its target audience. So, to help you craft the perfect brand name, we’ve put together a great guide.
Take a look.
Why You Need the Perfect Brand Name
One crucial ingredient to building a powerful brand is a perfect brand name, and that’s because the perfect brand name is a valuable asset that every business needs to succeed.
Perfect names leave a lasting impression in the minds of your customers by giving them an instant understanding of your company’s true worth. But besides generating more revenue and having more market power, a great brand name can:
1. Attract more Customers
Brands like Gucci, Apple, Amazon, and Alibaba are industry leaders not only because of their excellent products and services but also because of their appealing and memorable brand names.
By flawlessly communicating your brand’s unique personality, a great brand name creates a winning first impression in the minds of your customers. Despite the pandemic, an impressive 31.7 million businesses were started in 2020. So, in order for your company to survive and thrive, it must have a unique brand name.
2. Connects Emotionally with Customers
Great brand names trigger an emotional reaction from their customers because they’re carefully rooted in a brand’s value, and designed to satisfy their customer’s pain point.
Brands like YouTube, Instagram, and Twitter satisfy their customers’ desire for entertainment and quick access to information, while brands like Tesla satisfy the needs of customers who want to see the environment preserved.
3. Makes Marketing Easy
On average, a new business spends about half of its first year’s budget on advertising. That’s a lot of money, and that doesn’t include the $13 million Guinness spent on their famous 2017 ad campaign or the $62 million Bloomberg spent marketing himself.
Although effectively promoting a brand costs a lot of money, getting the perfect name for your business will save you money on advertising. Tesla attracted customers’ attention with its name and kept it with its powerful brand. The company was so successful that it still doesn’t need to advertise.
With that said, here’s how you can find the perfect name for your business
How to Find the Perfect Name
It can be exciting, tedious, and infuriating looking for the perfect brand name. It takes the average mid-size business six to nine months to rebrand, so don’t expect it to be a walkover.
Now, if you’re ready to find the perfect brand name here’s a step-by-step guide to help you.
To come up with the best name, you must first have a thorough understanding of your business. Gather as much information as you can about your target audience, competitors, and the market you’re considering so you can make informed decisions.
Conduct a customer survey to gather as much information about your customers as possible. Find out what interests them, what motivates them to buy a product, and how they react to similar products. Also, do some research on your competitors. This will allow you to see what works and how you can better align your business with changing customer patterns.
The most effective way to come up with great names for your business is to brainstorm. But before you get out your notepads, thesauruses, and dictionaries, you must first understand the elements of your business, because they’ll make your brainstorming session much easier.
Ask yourself, what are your:
- Big Ideas: What major ideas define your business, its creativity, and its role in the market?
- Value: What makes your business special?
- Brand Story: How did your business begin? How has it grown?
- Target Audience: What type of customers do you intend to appeal to? What’s your niche?
- Benefits: How can your services help your customers?
- Feelings: What emotions do you want to stir in your customers?
- Value Proposition: What should customers expect from your business?
Now that you know what the elements of your business are, it’s time to get out your dictionaries and notepads and come up with a name for your business.
3. First: Get Your Team Together
The easiest way to come up with the perfect brand name is to collaborate as a group. Most solopreneurs took weeks, if not months, to come up with the right name for their business.
To save time, assemble a team. They may be friends, family members, or even employees. Talk to them about your brand’s mission, vision, and goals so they can figure out the best name for your business.
4. Start Brainstorming
Unleash your entrepreneurial creativity and come up with as many names as you can that are appropriate for your business and target market. Look for terms that describe the ideals you want your brand to convey in dictionaries and thesauruses.
Make a list of any names that fit your brand. The most important thing at this point is to collect as many names as possible.
Now, understand that brainstorming the right name takes a lot. The average business takes about 6 months to rebrand, so if your business is already behind schedule, then using a reputable brand name generator is the solution for you.
5. Test! Test! Test!
After you’ve done some brainstorming, you’d have found several potential names for your business. But how do you know which is the right name? The key lies in selecting the top six names that your competitors haven’t already grabbed and then testing them.
Your perfect name should include the following elements:
- Easy to say and spell
- Grows with your business
- Has an available domain and social media handles
- Loved by customers
- Stands out from competition
Find the Key
Perfect names are the keys you need to unlock the hearts of your customers and build a solid relationship with them. So find a strong name for your business that’ll not just contribute to your growth but help you build a solid brand identity.
About the Author
Grant Polachek is the Head of Branding at 3X Inc 5000 company Squadhelp, the world’s #1 naming platform, with 30,000+ customers from early-stage startups to enterprises such as Nestle, Philips, Hilton, Pepsi, and AutoNation.