Wouldn’t it be nice if someone gave you a great guide on how to create the perfect name for your business so you can completely avoid making all the mistakes that a lot of people make while trying to start their business?
Well, here’s some good news for you!
If you’re about to start and grow your brand, then we’ve prepared a clear guide that would help you find the perfect name that’ll boost your business, and maximize its performance in the market.
Now, not only is getting a great brand name the smartest thing an entrepreneur can do for their business, but it’s also the smartest way to get your business showered with intense love and attention from your target audience.
So let’s find out how you can get your business represented with a strong brand name.
What Your Brand’s Name Contributes to Your Business
Getting the perfect brand name for your business is a step every entrepreneur must take because a brand’s name has a direct impact on the financial success of every business. It can be the difference between making a ton of sales or suffering severe losses.
To fully understand the ROI every business stands to gain from a solid brand name, then you need to understand that a great brand name can:
- Get Attention: It’d help your business stand out from the competition, capture the attention of your audience, and also drive sales like Amazon.
- Create a Solid Bond with Your Customers: It’d help your business connect with your audience at a deeper level like Apple.
- Builds Buzz: It’d make your business the talk of town like Nike.
- Boosts Sales: A memorable name can drive sales for your business as it does for Coca-Cola
- Reduce Advertising Cost: The perfect name would reduce your advertising budget by making your business ever-memorable like Tesla.
- Encourage Referrals: Businesses with catchy names trigger customer referrals like Starbucks.
- Attract Great Employees: Like Google, it’ll help you create a business that employees would be excited to join.
Now that you know what your business stands to gain with a great brand name, let’s get into how you can find the perfect name for your business.
7 Quick Steps to Getting the Perfect Brand Name
Your journey to getting the perfect name for your business must begin with:
- Getting a Clear Vision of Your Business
Every solid brand name begins with a solid brand vision. It’s a lot easier to name a well-defined idea than a vague one.
So if you’re going to be opening a business, you need to have a deeper knowledge of your business, and you can do that by gathering the broadest ideas about your business and narrowing them down to extract the critical ideas of your business.
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Now, come up with a one-sentence value proposition that captures these critical ideas because they’d help you set the tone for your brand.
- Set the Tone for Your Brand Name
A name would lose its potency if it cannot connect emotionally with your target audience, and that’s why setting the right tone for your business would positively influence how it’s perceived by your customers.
But before choosing your brand tone, make sure you have a deep understanding of who your customers are, what intrigues them about your business, and why they should love your brand.
Also, study your competitors, what kinds of brands they have, and how your business can either fit in or stand out from them. This would help you decide if your tone should be:
- Understand Your Branding Elements
Don’t stop with a great tone because you also need to understand your branding elements. So get a pen and paper and write ideas for each of these because your understanding of these elements would shape your business and its brand name.
- Big Ideas: What are the driving ideas of your business?
- Benefits: What do your customers stand to gain?
- Emotion: What strong emotion do you want to stir in your audience?
- Values: What values drive your brand?
- Set Up Your Project Statement
The next step is crafting a project statement because it’d help you know exactly what your name should achieve. Your project statement can resemble:
- I need a fun name for a cake shop that expresses creativity and community. It should be prestigious, and approachable, but also somewhat mystical.
Now it’s time to brainstorm and write every unique name that aligns with your project statement. Remember to focus on names that are bold, unique, and captivating. Don’t be afraid to embrace your creativity and be daring.
- Get Help
Finding a great brand name can be quite a hassle, even for experienced entrepreneurs. So, assemble a team, explain your business to them, and let them join your brainstorming session.
After brainstorming, analyze every name to make sure it meets the needs of your business. If it doesn’t, then adjust it so it better reflects your brand.
And if you can’t afford the time to brainstorm because you’re busy getting your business set for opening day, then the fastest path to a great name is using a business name generator.
- Finally: Test your Name
If you stuck with this guide, then you should have found two or three names that satisfy all your brand’s needs. But don’t stop there; make sure you get the name tested with an audience to make sure they also love the name.
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. Get inspired by exploring these winning business name ideas.