Businesses rise and fall every day. 2020 saw the birth of over 4 million businesses, and about 20% of those businesses would fail within their first year.
Now, one thing that has troubled the hearts of every genuine entrepreneur is a desire to understand how they can transform their business from just an ordinary fresh-eyed startup into an influential and renowned business.
Well, there are a lot of great guides out there that’d guide you, but today, we’re going to be focusing on one thing that’s often overlooked by entrepreneurs that can transform a startup into a winning brand, and that’s the perfect brand name.
Business is advancing, and a lot of entrepreneurs are already discovering the perfect name for their business. If you want to get in on this wave and start a business that’d rise to the top of its industry, then you have to start by finding a great name.
We’ve put together a handy guide to help you choose the perfect name for your company; let’s check it out.
First: Brands Shine Brighter with a Perfect Name
Brands with great names succeed because their names are memorable and stick to the minds of anyone who hears them, making it easier for these brands to be promoted.
Instagram was once called Burbn, Pepsi was once called Brad’s Drink, Google was once called Backrub, and Subway was once called Pete’s Super Submarines.
And although the list goes on and on, one striking thing we noticed was that an improvement often followed this change in the brand’s market performance. Every brand needs the perfect name because it can help them:
- Attract their target audience: A unique name can help your business stand out from the crowd and captivate the attention of your target audience.
- Emotionally connect with customers: A powerful name links your brand to its customers on a deeper level.
- Attract a fantastic team: A strong brand name boosts your brand’s reputation, which helps it attract top talent.
- Boost referrals: It’s easier for customers to recommend a great brand name.
- Amplify sales: The ideal name promotes sales and heightens customer interest in your brand.
Now that the floor is set, let’s dive in and see how you can find the perfect name for your business.
5 Reliable Steps to Finding the Perfect Name for Your Business
1. Start by Understanding Your Business
Every industry is different, and every successful business is unique. So, before jumping into business head-first, you’ll need a deep understanding of your industry, customers, and competition.
To establish a great name, start by generating a list of your company’s key concepts and carefully selecting the most important ones. This simple exercise will give you a greater grasp of your potential, limitations, and everything you need to win the hearts of your audience.
2. Choose the Best Tone
The tone of your brand’s name sets the tone for your audience’s interaction with it. Keep in mind that if your brand fails to make a deep connection with your target audience, it’ll quickly lose its relevance in the market. That’s why it’s crucial to find the right tone for your company.
While other aspects of your brand communicate your company’s message to its target audience, your tone is what establishes the link between business and client. It expresses your brand’s attitude, intent, and emotion, as well as how you want your audience to view it.
To get the optimum brand tone for your company, start by determining your brand’s position and letting that direct you to the appropriate tone. And remember, it doesn’t matter whether your tone is fun, playful, practical, or classic; it must be consistent with your brand.
3. Identify your Brand’s Elements
Identifying your brand’s essential elements is the greatest method to bring it to life. And the best way to identify your brand’s basic elements is by knowing your company’s main ideas, values, goals, as well as the emotions you want to evoke in your audience, the benefits customers will get from you, and your brand’s value proposition.
Digging deep into your brand will help you better understand your branding elements and help you explain your exciting startup to potential customers.
4. Set-up Your Project Statement
Creating a project statement will give you a clear picture of what your name requires. This way, you’ll be able to keep things in context while brainstorming.
Take a look at this simple project statement:
I’m searching for a catchy name that aligns with strength, health, and dedication for my fitness brand focused on working mums.
5. Brainstorm: Get Creative
Brainstorming a great brand name is an unavoidable part of the naming process. For entrepreneurs, it’s virtually a rite of passage.
While brainstorming can be difficult, it doesn’t have to be all doom and gloom. By enlisting the help of a team, you can lessen the load and make the process more enjoyable.
Display your research, branding aspects, and project statements to them. Discuss your ideas with them, and encourage them to come up with the most intriguing and imaginative names possible.
If working with a team isn’t your style, and you’re behind on your deadline, consider using a great business name generator.
Audience Research
Every brand name must be memorable to the intended audience. That’s why it’s vital to put your name to the test in front of an audience to see how well it’s received. Customers adore their names, which is why brands prosper.
