Every entrepreneur plans to identify a problem in the market, create a powerful solution that their target audience can easily use, start a business, and aggressively market their unique product to the world.
But even though everything seems so simplified, the devil is in the details. Take, for example, starting a business. The U.S Small Business Administration outlines ten critical steps for entrepreneurs to start a solid business. And one of the steps, number six, involves picking the best brand name.
Giving your business a great brand name is a critical step you cannot afford to miss because the first part of your brand customers interact with is your brand’s name. Your brand’s name has the potential to shape your business’s future and take it from a mediocre brand to a global one.
But discovering an iconic name like Apple, Fitbit, Gucci, or Tesla is challenging. And if you’re struggling with finding a great business name, you’ve got nothing to worry about. We’ve helped over 30,000 brands find the best name, and we’ve identified the critical steps that can lead every entrepreneur to the perfect brand name.
But before we jump right in, let’s take a moment to understand why every business needs a solid brand name.
Why You Must Give Your Business a Powerful Brand Name
Because you’re creating an outstanding product doesn’t mean you won’t need to enter the market, compete with other brands, outperform them, and win your target customers.
Business competition has always been fierce. It is no longer a secret that 4.4 million and 5.4 million startups were launched in only 2020 and 2021, respectively. And if present trends continue, entrepreneurs might easily create more than 5 million businesses in 2022.
And, considering that millions of new businesses are launched every year, it’s no wonder that the typical client sees approximately 5,000 and 10,000 ads every day. And, without a doubt, a sizable portion of these adverts will originate from your rivals.
Aside from having a good product, utilizing an intriguing company name like Drunk Elephant or MindBodyGreen is one of the finest methods to help your startup shine in the market. And that’s all due to the fact that a memorable name will allow your brand to:
- Attract talented employees
- Get your audience’s attention
- Reduce your advertising expenses
- Make a powerful statement with its identity
- Build a good relationship with your customers
- Increase income by improving the reputation of your brand
Now that you understand why your startup needs a strong name, we’ve listed six paths that’d show you exactly how to come up with a business name.
Five Steps to Developing a Vibrant Name for Your Startup
1. Have a Well-Defined Brand Vision
The first step in creating a strong brand identity for your business is to know what you want it to be, achieve, as well as what you want customers to associate with your startup as time goes by.
Words have enormous power. Everything in our environment has a distinct name, and that name reveals meaning and transmits feelings and thoughts that serve as a vital reference for us when we engage with that item.
So, to appropriately ease consumers into your brand, you must first decide if you want your business to be renowned for its classy style and high-quality products, its constant push for advancement, or its vast reach.
Having a clear vision of what you want your company to do can make finding the perfect name much easier.
After defining the essential concepts you want your firm to achieve in the future, the next stage is to critically assess these ideas and select a handful that represents your startup. These ideas will become the crucial foundation of your company’s identity.
Now you must recognize that your focus should not be on your startup’s activities, such as your state of the art workshop and laboratories, flashy gadgets, and next-gen technology, but on minor details, like how you want to boost your customer’s performance and productivity by making high-quality products and services affordable to all.
2. Build an Effective Brand Tone
Always remember that the power of your business’s name is only as effective as the tone it communicates. Your tone reflects your brand’s actual personality. It will attract a large number of customers if done right; if poorly done, it’ll push them away.
Creating a distinct tone that is consistently aligned with your company’s ideas is the optimum way to influence how your potential consumers perceive your brand.
So, spend as much time as you need studying your consumers, learning who they are, what they do, and what they want, because this will help you understand if the ideal tone of your startup should be:
- Pragmatic or practical
- Modern and innovative
- Emotionally impactful
- Fun and playful
Studying your competitors’ brands, evaluating their tone, and choosing whether you want to follow their example or establish a new trend is one way you can determine the ideal tone that will produce the best for your startup.
3. Choose Your Branding Elements
It’s fantastic to have a distinct tone, but your search for the perfect name doesn’t end there since you’ll also need to identify your company’s branding elements. Why’s this important? Your brand’s elements are the basic foundations that will help you to come up with fantastic name ideas.
With that in mind, grab a notebook and a pen and jot down your company’s:
- Big ideas: What important concepts does your company pursue?
- Values: What personal or audience values does your brand stand with?
- Stories: Does your startup have a story people can relate to?
- Industry specifics: What innovative concepts do you promote in your niche?
- Benefits: Will you provide any additional benefits to your customers?
- Emotions: What feelings would you like your audience to feel?
- Value proposition: What unique value sets your brand apart from the competitors?
4. Create Your Project Statement
Gather every information you’ve generated about your brand so far and use them to prepare a thorough project statement that represents the sort of name you want for your company.
Here are some samples of project statements to get you started:
- I’m looking for an intriguing name for my business that evokes passion, elegance, and mystery. The name must be both fascinating and appealing.
- My tech startup needs a catchy name that conveys fun, reliability, and success. The name should convey a sense of class and grandeur.
Your project statement presents an excellent reflection of the standards that your ideal business name must satisfy.
5. Assemble a Team and Brainstorm
It’s time to take out your pen and paper and come up with some innovative, distinctive, and engaging brand names.
And even though brainstorming sessions may be a lot of fun, they can also be demanding, so anybody looking for a strong business name shouldn’t shy away from gathering their family, friends, and even colleagues to help them out.
So gather your team, discuss your brand’s vision, elements, tone, and project statement with them, and urge them to assist you to come up with unique and memorable name suggestions that will make your company stand out.
But if you or your team ever reach a creative roadblock, don’t give up. Make sure you use a strong company name generator to speed up your brand’s naming process.
When brainstorming with your naming team or using a company name generator, ensure you generate a comprehensive list of words that resonate with the needs of your startup.
Test and Trademark Your Business Name
After choosing a word that aligns with your business, ensure you test with an audience to ensure they love it. And if your audience doesn’t love it, find another word they love. There’s no point picking a ‘cool’ name if people won’t like it.
After testing and verifying that your customers love your chosen name, ensure you get it protected with a trademark from the USPTO. That way, other businesses can’t use your brand’s name to sell their products.
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.