In the past, most people held to Julian Quinero’s belief that perfection is so far away that it’s just an opinion.
But perfection isn’t so distant anymore, not even for Brand Names. They’re hundreds—maybe thousands—of brand names that have taken center stage in our imaginations whenever think of a particular product.
Are you confused about something, want to search it online? Why not Google it? And while you’re at it, try some Oreos and milk.
Now, understand that Google and Oreos aren’t the only brands with names that now represent their products or services.
Brand names like Taser, Kleenex, Dumpster, Escalator, Fiberglass, Memory Stick, Ping Pong, Popsicle, Super Glue, Aspirin, and even Frisbee have all ascended and become synonymous with the services they offer.
These brand names have literally taken a life of their own, and that’s a clear sign these names are perfect for their product and industry.
So, you too need to find the perfect brand name that seamlessly fits your brand, grows with your product, and builds a unique personality that’ll favor your business.
Although for every entrepreneur, the path to finding the perfect name is paved with many stumbling blocks, and the journey is long and winding, however, at some point in the process, you’d need to push yourself to discover the best name that’ll represent your business.
This article will help stimulate your creativity and also give you a good understanding of how to find the perfect name for your business.
Here’s Why You Need the Perfect Business Name
Some of the most talented entrepreneurs were initially so fixated on addressing other areas of their business that they neglected to give their business name any serious thought.
They often felt the hassle, the stress, and the pressure of getting a great name was unnecessary, and they’d just settle for the first name that comes into their mind.
Guess what, their businesses suffered because of that singular decision. So, be particular about your brand’s name because according to a study by the US Census Bureau, over 1.35 million new business applications were made just in the first quarter of 2021.
A huge number that’s second only to the applications made in the last quarter of 2020.
This only goes to show that, thanks to the Covid-pandemic, there are thousands of entrepreneurs all vying for the same target audience.
If your business must stand out, quickly capture the affection of your target audience and succeed, you’ll need a superior branding edge.
A study by CBInsights revealed that among the leading causes of failure in business, over fourteen of them are related to branding.
A BizJournals also revealed that brands with an emotional connection with their audience see a 23% boost in sales, while those that lacked such connections saw sales drop by 16%.
So make sure you get a strong brand name because it’ll definitely trigger the right emotions in your audience and make them want to associate with your brand.
Branding is one thing every major player in the industry understands and takes seriously, and you too would have to build a powerful brand if you want your business to grow successfully. The key to effectively branding your business is finding the perfect name that works for you.
5 Steps to Finding the Perfect Brand Name
Although it isn’t easy, finding the perfect name for your business isn’t an impossible task.
But the key difficulty for entrepreneurs lies in the processes involved in finding the best name that’ll attract the right audience, transform them into loyal customers and announce their business to the world.
But not to worry, I’ve got you covered. Here’s the guide to finding the perfect name for you.
1. Know the Roots of Your Business
Understanding the core values of your business is something you must do. Take the time to reflect on the goals that brought your business to life.
Knowing the roots of your business, why you do what you do, would reveal your business’s uniqueness, and would help you shape a brand personality that’ll boost the relevance of your business.
A prominent example is Tesla. Tesla isn’t just any car company but an environmentally sustainable car company. Elon Musk put it best when he said, “your dream has to be big enough to make you excited about waking up in the morning.”
Understanding your roots would go a long way in motivating you, and this motivation would definitely seep into your employees, investors, and even your customers.
Knowing the roots of your business would help you discover your brand’s purpose, vision, mission statement, value proposition, and overall brand identity.
2. Watch Your Competitors
The perfect name doesn’t exist in a vacuum; you need to have a solid grasp on branding before finding the best name for your business, and one of the best ways to do this is by studying what your competitors are doing right.
This would help you know how your competitor’s brands are structured, what makes their products unique, what kinds of names work in your industry, and also how you can take advantage of this information while searching for a great brand name.
Understand that most business names fall under:
- Acronyms: IBM, Mnet, and AT&T
- Metaphors: Amazon, Caterpillar, and Apple
- Names of Founders: Hewlett-Packard, Tesla, and Warby Parker
- Descriptive Names: General Motors, and American Express
- Made-up words: Kodak, and TiVo
- Foreign words: Nike, Zappos, and Sony
So, knowing your competitors and the names prevalent in the industry would help you know what the ideal name for your business should look like.
Apple Inc. continues to stand out in its industry because back then it took a completely different route from the type of name prevalent in the tech industry.
3. Know your Audience, Know your Market
Know your market, its environment, influencers, investors, competitors, critics, supporters, and your audience demography. But don’t stop there, identify the people pushing the boundaries in your industry, and keep an eye on them.
Don’t settle, stay up to date with every piece of information circulating in your market so your business wouldn’t just be a sign on a billboard but would strike a chord with your target audience.
Gathering this information, especially if you’re a startup, would help you identify the areas to focus your strengths on.
Your business name would mean more to your audience if it represents something they want, and solves a problem that other competitors couldn’t solve.
Henry Ford could birth a mega-company simply because he identified a need that the company he worked for, Edison Electric Company, wasn’t meeting. In the end, he was able to start a business that built more vehicles at lower prices, and in less time.
4. Brainstorm or Use a Business Name Generator
They’re usually two mindsets I’ve seen countless entrepreneurs exhibit when trying to find the best name for their business.
The first sets of entrepreneurs already have a name in mind and just want to squeeze everything else to fit that name.
The second set of entrepreneurs are more open to learning, and to flow with the ideas as they come. They don’t get attached to a potential name for their business until it satisfies all their naming criteria.
Google, as a brand name, was only created after the founders of the company had identified the purpose of their business as the gateway to the internet.
So before brainstorming, make sure you assemble a team that understands everything about your brand, from its goals, voice, tone, and personality, to its target audience, competitors, and future dreams.
This would help them know the best name that’ll address the needs of your audience and also grow with your business over the years.
While brainstorming for words that align with your brand, make sure your team focuses on looking for unique, catchy, and interesting words. Avoid confusing, misspelled, or words that are offensive because they’ll hurt the growth of your business.
Now, brainstorming takes a lot of time, and for solopreneurs who cannot afford to watch their opportunity to hit the market slip through their fingers, using a great brand name generator is always a reliable option.
Business name generators can help you discover hundreds of unique names that’d be perfect for your business.
5. Test Every Name with an Audience
Every name that results from your sessions brainstorming, or using a business name generator, isn’t perfect until it yields positive results when tested, retested, and tried out in the market with an audience.
Representing your business with an untested name might damage your reputation in ways your business might never recover from.
Testing your name would help you know if it evokes and satisfies the curiosity of your target audience.
Remember; never get attached to a name until it’s been tested with an audience.
Must-Read: Why Does A Business Website Fail?
Conclusion – Let Your Name Shine
Covid has reshaped the world of business. Millions of businesses have been created so far, and many more will soon join the number. So, now more than ever, it’s crucial that you place your awesome business on the solid rock of a great brand name and let it shine.