Although most people who started their business did so because they had dreams of success, dreams of doing what they love, following their passion, and achieving their goals, very few entrepreneurs get to achieve these dreams.
Most startups that enter the business world are often overwhelmed by the pressures of the market. And if your business must excel where others have failed, then it must pay extreme attention to everything that’d affect its growth and success, and one of these things is getting the perfect brand name.
Even though it doesn’t look like it, getting the perfect name—whether through brainstorming or using a business name generator—has a tremendous effect on the success and survival of any company.
And if you’re wondering how to find the best name for your business, stick with us as we give you a quick breakdown of all you need to do.
But first, let’s take a look at why your startup needs the perfect name.
Why You Need a Perfect Name for your Business
The fact that 20% of startups fail in their first year is a clear sign that the market is becoming more unstable for new business, and that might be happening because over 4.35 million businesses were created in 2020, and 2.81 million businesses were created in Q1 and Q2 of 2021.
And, given that the average client receives over 10,000 brand messages each day from both startups and established companies, your business is doomed to drown in competition if it doesn’t get a perfect brand name.
The perfect brand name would help:
- Give your business a clear identity
- Attract your target customers
- Build trust and encourage brand loyalty
- Differentiate your company from your competitors
- Help you attract great employees
4 Steps to Finding the Perfect Name for Your Business
Your business ideas could be the most ground-breaking and innovative thing to have ever happened in your industry, but without the perfect brand name at your side, your business stands the risk of being easily forgotten.
So, make sure you take the following steps and find the perfect brand name for your company.
- Visualize your Brand
Gathering enough information about your company and industry is the first step on the road to selecting the right name that encapsulates every facet of your organization.
So, start by learning everything you can about your sector and your rivals, including their brand, services, beliefs, and ambitions. This information will allow you to figure out what works, what doesn’t, and what it takes to win the hearts of your audience.
The next stage is to figure out what your brand’s future holds and what image you want to create. Ensure you know your brand’s key concepts, visions, and values. Now take those concepts you’ve gathered and distill them until you find a few that embody your brand’s fundamental identity.
- Find the Best Tone for Your Business
The best approach to coming up with a name that symbolizes your company’s fundamental principles is to ensure it has the correct tone and evokes the right emotions in your target audience.
The right tone for your brand will help you establish your style and positively shape how people perceive your business. Consider brands like Gucci and Fossil. Consumers who seek high-end accessories would love Gucci’s tone, while customers who want long-lasting durability and utility will like Fossil’s tone.
So think about your target market, what draws them to your brand, and why they should be excited about it. Knowing who you’re talking to can help you decide if the tone of your brand name should be:
- Modern and innovative
- Amiable and inviting
- Emotionally impactful
- Identify Your Secondary Branding Elements
Choosing the perfect tone is great but the actual substance of your brand is your secondary branding elements. They include the entirety of your brand’s identity and can assist you in coming up with outstanding name suggestions.
So, take out a pen and paper and jot down your views about your:
- Big ideas: What are the main principles that are driving your company plan?
- Brand values: What are the personal or audience values that drive your business?
- Brand story: Is there an interesting story behind the creation of your business?
- Benefits: What unique benefits do you provide your customers?
- Emotions: What strong emotion do you want your audience to feel?
- Value proposition: Why should buyers choose your products or service?
Understanding your brand’s elements creates a practical and workable brand philosophy that you can channel your efforts into achieving. Remember, the only brand element you can translate into reality is if you consistently build your brand.
It’s time to embrace your creativity and start thinking and creating new and unique brand names that match the needs of your business.
While brainstorming, search through dictionaries and thesauruses for powerful words that embody your business’s identity. The aim is to come up with a list of five to nine suitable brand names for your business.
So keep an eye out for short, intriguing, innovative, contemporary, thrilling, metaphoric, or symbolic words that meet your brand’s naming requirements.
But if you’re having difficulties coming up with great name ideas for your business, then don’t hesitate to use a powerful business name generator.
Test for the Perfect Name
If you follow the processes outlined in this article, you should have a list of three to nine names that fit your company’s criteria. The next stage is to put these names to the test with a small sample group of your audience to determine if they like them.
After audience testing, choose the best name and double-check it with the USPTO to make sure another brand hasn’t previously claimed it.
Grant Polachek is the head of branding for Squadhelp.com, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world’s leading crowdsource naming platform, supporting clients such as Nestle, Dell, Nuskin, and AutoNation.