Want to know the reason why countless financial professionals see the market as a voting machine? Well, it’s simple.
Customers ‘vote’ with their monies whenever they choose one brand over another, and this, in turn, reflects how the market reacts to your company.
Now, customers are more likely to patronize your brand if a friend referred them, and a shocking 81% of customers only patronize a brand they trust. And one way your brand can engage and win the trust of its customers is if it has a perfect name that connects with them on a personal level.
A perfect brand name bridges the gap between your company and its customers, unlocking the doors to success and market dominance.
Getting a great name is so critical that your business cannot afford to ignore it, and if you’re wondering how you can find the best name for your company, then look no further because this article would point you in the right direction.
Here’s Why You Need the Perfect Brand Name
Finding the ideal brand name is the best way to create a memorable brand. Most companies that became household names like Kleenex, Taser, Dumpster, Thermos, and Popsicles did so because of their brand names.
As a result, big corporations like Amazon, Instagram, Nike, and Google changed their names from Cadabra, Burbn, Blue Ribbon Sports, and BackRub. If these companies had kept their old names, they would not be enjoying the same level of success as they do now.
So, don’t be that entrepreneur who overlooks the importance of an excellent brand name because it can help you:
- Attract loyal customers on a regular basis
- Attract and retain smart, dedicated workers
- Create buzz that’d help your products succeed
- Assist in the creation of a distinct and compelling company culture
- Reduce your marketing costs
Steps to Choosing the Right Name for Your Business
1. Know Your Business
Some of today’s most successful entrepreneurs made it their aim to be the greatest in their niche, and one way they did so was by learning everything there is to know about their business.
So, if you want to take your company to the next level, you’ll need to know everything there is to know about your target audience, your company, its competitors, and the market. Having a lot of information about your brand makes it easier to assess events better and make the best decisions for your company.
Remember it’s a lot easier to get a strong brand name from a strong brand vision because great names come from great ideas, whereas ineffective and confusing names come from shallow ones.
2. Identify the Elements of Your Brand
But don’t just collect information about your business; make sure you put it to good use in creating a strong brand image and personality for your company.
After all, a perfect brand name is only a tool, and only your understanding of how to utilize it can get the most out of it. And that’s why you must locate the elements of your brand.
The elements of your brand are the heart and soul of your company, and they include:
- The big ideas powering your brand
- Your brand’s goals, vision, and mission
- Your brand’s values
- Your brand’s story
- Your value proposition
Your branding elements give you more information about your brand’s personality and help you choose the right name for your business.
3. Find a Great Tone for Your Brand Name
Now that you’ve identified your brand’s elements, it’s time to put that knowledge to work in determining your brand’s tone. The tone of your brand’s name is critical to your success because it’s a link that establishes your brand’s identity and ties your company directly to its target audience.
You need to find the best tone for your name because when a name fails to connect with its target audience, it’s often because it lacks the appropriate tone.
And when it comes to selecting the best tone, you can use:
- A positive and inspiring tone
- A stylish and minimalist tone
- A comical tone
- A strong and aggressive tone
- An elegant tone
- An emotional tone
Choosing a brand name is the first step in developing a future brand identity for your company. And, in order to put your company up for success, you’ll need to brainstorm and come up with names that fit your brand’s elements, tone, and target demographic.
Look through dictionaries and thesauruses when brainstorming to come up with a list of words that express the core of your company and match your brands naming criteria.
Getting a team to help you brainstorm—whether they’re your family, friends, coworkers, or even employees—is one method to improve your chances of obtaining a great name.
All you need to do is bring them up to speed on your company, its elements, tone, and target demographic, and encourage them to come up with original and appealing names that reflect your company.
Keep in mind that the key to success when working with a group is to foster an atmosphere of open communication and creativity.
Understand that brainstorming is time-consuming, so don’t be scared to keep at it until you find some names that fit your business. But if you’re on a tight deadline, you can use a business name generator to come up with a list of names that fit your brand.
Test your Name
Test each name on your list with an audience, preferably people in the same demographic as your target audience, to find the best name for your business. Choose the name they like best and then double-check it with the USPTO to make sure it’s still eligible for a trademark.
The Author: Grant Polachek
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.