The global economy is very robust and profitable. New firms are popping up around every niche, and the market is progressively becoming saturated with brands.
According to a Census Bureau estimate, 2020, the year of the worldwide pandemic, was also the year with the most startups, with 4.4 million businesses counted.
The new challenge for entrepreneurs is not just starting a business but also finding out how to make it stand out and become a force in its field. And the most potent weapon every entrepreneur can use to meet this new challenge is branding.
Having helped over 30,000 customers select the perfect name for their companies, we know that the most crucial step in branding is to choose the perfect business name. So we’ve put up this easy to guide you in finding the best name for your business.
4 Easy Steps to Choosing the Right Name for Your Business
1. Visualize Your Business
You should have a strong vision of where you want your startup to be in the future before you begin looking for a captivating name since this will affect every choice you make for your brand.
Also, do your best to explore and learn everything about your company, its field of expertise, and its industry, as this will aid you in choosing a name that accurately portrays all parts of your business.
While exploring your niche, watch for your competitors’ services, branding, and marketing methods. This will assist you in figuring out what will work, what won’t, and what you’ll need to do to appeal to your target audience.
2. Select a Compelling Tone
The best method to pick a name that accurately portrays your company’s genuine identity is to make sure it has the correct tone to stimulate positive feedback from your target market.
One of the clearest ways to achieve this is to perform extensive customer research and discover what specific traits your business must portray if it must attract its target audience. This knowledge will assist you in determining if the best tone for your company should be:
- Amiable and inviting
- Prestigious
- Fun and playful
3. Recognize the Elements of Your Brand
You’ll need to learn your company’s branding elements, just as you’ll need to recognize your company’s tone because they provide the foundation for your brand’s identity. These elements express the true personality and uniqueness of your business.
So, grab a pen and paper, and scribble down your opinions about your company’s:
- Big ideas: What are your company’s guiding principles?
- Values: What are the values that your company adheres to?
- Benefits: What do your clients stand to gain from using your services?
- Emotions: What powerful emotion(s) would you like your customers to connect with your business?
- Value proposition: What makes your company stand out from the competition?
4. Create a Naming Criteria for Your Company and Start Brainstorming
Everything we’ve said so far will assist you in developing your brand’s naming requirements. Setting up your naming criteria will give you a decent idea of what kind of name is ideal for your startup.
Once you’ve figured out what your brand’s naming requirements are, it’s time to let your creative juices flow and start exploring dictionaries and thesauruses for words that align with your company’s naming requirements.
While searching, ensure you make a list of short, original, intriguing, unforgettable, and even symbolic words that can help your business stand out in its industry. The objective should be to come up with a long list of potential brand names.
If brainstorming proves to be too time-consuming and difficult, you can always utilize a strong brand name generator to find the best name that fits your business and industry.
Make a Good First Impression with a Solid Name
When naming your business, keep in mind that customers love businesses with memorable brand names. Why? Because companies with unique and memorable names like Robinhood, Alibaba, Apple, Brave, Binance, and BlockFi are easier to recall and recommend to their friends and family.
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.