It’s true that the journey of a thousand miles begins with a step. And for anyone wanting to start a business, that step begins with performing market research, followed by developing a business strategy, funding your business, picking a location, selecting a business structure, finding the right brand name (Business Name), registering your company, obtaining tax IDs, licences, and opening a business account.
We know that each of these steps can be really challenging for new entrepreneurs, so we’ve created this article to lift a load off your shoulders by guiding you on how to get the perfect Business Name (brand name) that will compel people to notice and patronise your brand.
Let’s get into it.
Table of Contents
- Why Do You Need to Find the Perfect Brand Name?
- Six Steps to Choosing the Perfect Business Name
- Stuck? Seek Professional Help
Why Do You Need to Find the Perfect Brand Name?
One of the clearest indicators that business is becoming increasingly unstable for new companies is the fact that 20% of all startups fail within their first year.
And, no, things aren’t going to get any easier, not with over 4.35 million new businesses founded in 2020 and 2.81 million new businesses established in the first and second quarters of 2021.
Also, with the typical customer getting over 10,000 ads each day from startups and major corporations, your company is doomed to compete with rivals forever unless it has a strong brand identity.
When it comes to building a strong brand identity, one of the key components you must consider is your brand’s name. Every entrepreneur must focus on generating a strong brand name because it can help your business:
- Develop its distinct identity
- Regularly attract customers
- Increase your brand’s reputation and consumer loyalty
- Raise your business above its competition
- Assist you in attracting competent employees
Six Steps to Choosing the Perfect Business Name
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1. Picture Your Business’s Future
The first step in creating a strong name is to have a clear mental picture of what you want your company to be in the future since it will strongly affect every concept you develop about your brand’s identity. Also, gather as much information as possible about your company and its industry because it’ll help you choose a name that incorporates all aspects of your brand.
While gathering this information, look into your competitor’s brand, services, values, and goals. That’d enable you to assess what works and what doesn’t, as well as what it would take to win over your target customers.
Next, go through the information you’ve acquired and decide on your company’s identity and the image you want to present. This will help you grasp the fundamental concepts, visions, and values of your brand.
Now, refine the concepts you’ve gathered until you find a few that best expresses the fundamental values of your business. Identifying these fundamental values can help you select a name that’s suitable for your business and customers.
2. Choose a Great Brand Tone
The best approach to choose a name that symbolises your company’s core principles is to ensure that it has the appropriate tone and evokes strong emotions in your target market. The correct tone can help you establish your brand’s identity and significantly influence how people perceive your organisation.
So, consider your target audience, what draws them to you, and why they should care about your company. Understanding your target clients can assist you in determining if the tone of your brand should be:
- Modern and Innovative
- Practical and Pragmatic
- Emotionally Impactful
- Fun and Playful
- Amiable and Inviting
3. Explore Your Company’s Secondary Branding Elements
Although selecting the appropriate tone is critical, identifying your company’s secondary branding elements will play a big role in defining your brand’s identity. That’s because these elements reflect significant facets of your brand’s identity and will also play an important role in your naming process.
So, grab a pen and paper and put down your views on your company’s:
- Big ideas: What are your company’s guiding principles?
- Brand values: What are the personal or audience values of your organisation?
- Brand Story: Do you have a story that relates to your brand?
- Benefits: What unique benefits do you provide your customers?
- Feelings: What strong emotions do you want to draw from your audience?
- Value proposition: What distinguishes your brand, and why should buyers pick it over competitors?
Understanding your brand’s elements will help you build a genuine and valuable company with an identity and personality that customers will find appealing.
4. Create Your Project Statement
Creating a project statement will help you decide on the best name for your company by giving you a clear understanding of what your name should do.
Here’s a great example of a project statement:
I’m searching for an exciting and memorable name for my Software company that communicates fun, brilliance, knowledge, and competence.
It’s time to unleash your imagination and come up with unique, fascinating, and captivating words that satisfies your company’s naming needs. Boost your creativity by looking through dictionaries, thesauruses, and other resources for appealing words that express your company’s basic values, identity, and personality. The objective here is to generate a list of five to nine names that’d be appropriate for your brand.
While brainstorming, Look for short, intriguing, modern, fascinating, metaphorical, or symbolic words.
It’s true that entrepreneurs are always on the go, and brainstorming can get difficult and time-consuming, so if you’re having problems coming up with a list of great business names, feel free to utilise a powerful business name generator.
6. Put Your List to the Test
It’s easy to get overwhelmed when trying to select a name for your business from the list of possible names you generated while brainstorming. With so much information available, determining whether the names on your list are dazzling diamonds or utterly unattractive names can be tough.
So, check each name on your list to ensure it’s:
- Audience approved
- Has a.com domain and social media handles
- Is it trademarked with the USPTO?
Stuck? Seek Professional Help
We’ve seen business owners spend months looking for the perfect brand name, utterly ignorant to the startling truth that the business world moves quickly and competitors are always boosting their game.
So, if you’re stuck at any stage in the naming process, don’t hesitate to get help from a professional brand naming agency.
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