Branding is complicated, and among everything that goes into setting up a successful one, getting the perfect name is perhaps the most complex. So it doesn’t surprise us that it’s shrouded in a lot of misconceptions that has led to the sharp rise in the amount of weak businesses being started lately.
These misconceptions happen because most entrepreneurs only have a hazy idea of what a powerful brand name is, and what it actually does for their business. And that’s why we’d be exploring some tips that’d help you find a great name that fits your business perfectly.
Let’s get into it!
Why You Need a Perfect Name
First, understand that your brand name is the ultimate factor in creating a successful business. That’s why brands like ‘Jerry and David’s Guide to the World Wide Web’ became Yahoo, why ‘Starbucks Coffee, Tea and Spices’ became Starbucks, why ‘Pete’s Super Submarines’ became Subway, and why ‘Corrections Corporation of America’ became CoreCivic.
The simple fact is that businesses with great names generate more revenue and have more market power, while businesses with weak names are always trying to catch up with these changes in the market.
According to a study conducted by Integer Group, the purchasing decision of 77% of customers depends on the name of the business. This just goes to show how difficult it is for businesses with weak names to compete in today’s world.
Your brand name is the heart and essence of your business’s identity. It has the power to emotionally connect your brand to your audience, as well as influence their perceptions of your products and services. That’s why it’s crucial that you find the right name that’ll establish your business as a leader in its industry.
And here’s how you can go about it.
3 Tips on Finding the Perfect Business Name
Use these tips as a guide on your search for the perfect business name:
Know Your Business
The first step to coming up with the best name is to have a thorough understanding of your business. Collect as much information as possible about the market you’re interested in so you can make smart, fact-based decisions.
Say you’re opening a health-focused restaurant. You’ll need to know your target audience, and the exact words that’d make them pause and look in your direction. So make sure you conduct a customer survey and find out who your audiences are, what inspires them, why they buy a particular product, and how they respond to similar products.
Also, do some homework on your competition and understand how their brand works because this will help you get a clear picture of what’s working and how you can further align your business with changing customer habits.
It’s difficult coming up with the right name. Many entrepreneurs begin the process only to abandon it months later after several unsuccessful attempts at naming their business. But it doesn’t have to be an impossible mission.
You can take the quick route by using a reputable business name generator, or you can read on and learn how to make your brainstorming sessions more productive.
Begin by Assembling your Team
The easiest way to come up with the perfect brand name is to collaborate as a group. Most solopreneurs took weeks, if not months, to come up with the right name for their business.
To save time, assemble a team. They may be friends, family members, or even employees. Talk to them about your brand’s mission, vision, and goals so they can figure out the best name for your business.
Unleash your entrepreneurial creativity and come up with as many names as possible that suit your brand and target market. Look through dictionaries and thesauruses for words that express the ideas you want your brand to convey.
Write down any name that aligns with your brand, whether it’s good, bad, or ugly. At this stage, your ultimate priority is to collect as many names as possible.
After you’ve done some brainstorming, you’d have found several potential names for your business. But how do you know which is the right name? The key lies in selecting the top six names that your competitors haven’t already grabbed and then testing them.
Your perfect name should include the following elements:
- Easy to say and spell
- Grows with your business
- Has an available domain and social media handles
- Loved by customers
- Stands out from competition
Empower your Business with a Great Name
Don’t make the same mistake as 26% of companies who have no brand identity at all because it’d be very tough for your business to generate solid leads and successfully sell your brand.
Always remember that the power of your brand’s name can help it stay afloat when other brands are sinking. So focus on identifying your brand’s needs and optimizing its commercial potential.
Grant Polachek is the Head of Branding at 3X Inc 5000 company Squadhelp, the world’s #1 naming platform, with 30,000+ customers from early-stage startups to enterprises such as Nestle, Philips, Hilton, Pepsi, and AutoNation. Try Squadhelp’s business name generator for custom name recommendations for your venture.