The world’s economy is incredibly strong and profitable; new businesses are continually springing up everywhere you turn, and the market is gradually getting saturated with brands.
A report by the Census Bureau showed that 2020, the year of the global pandemic, also turned out to be the year with the highest number of new businesses, nearly 4.4 million in total.
The new problem for entrepreneurs isn’t simply launching a firm, but also figuring out how to build it such that it stands out and becomes a powerhouse in its area.
The greatest tool for any entrepreneur to address this rising issue is branding. And, after helping over 30,000 clients find the best name for their business, we know that when it comes to branding, the most important step is to pick the best brand name for your company, and we’ve assembled this simple guide to help you do it.
4 Simple Ways to Choosing the Best Name for Your Company
- Envision Your Company
Before you start looking for a distinctive name, you should have a clear vision of what you want your business to be in the future since this will influence every decision you make for your brand.
Also, do your best to properly research and understand everything you can about your firm, its field of expertise, and its sector, as this will assist you in selecting the right name that appropriately reflects all aspects of your company.
While researching your industry, keep an eye out for your rival’s service quality, brand identities, and marketing strategies. This can help you determine what will work, what will not, and what will be needed to attract your target customers.
- Choose an Appealing Brand Tone
The ideal way to choose a name that effectively reflects your company’s true identity is to ensure that it has the right tone that can attract a strong positive response from your target audience.
And one of the simplest ways to do this is to study your target clients to determine what unique characteristics your company must have in order to attract them. This understanding can help you pick a perfect tone for your brand, whether it should be:
- Amiable and inviting
- Modern and innovative
- Practical and pragmatic
- Understand Your Brand’s Element
Just the same way your business needs a great tone, you’d also need to understand your company’s branding elements because they serve as the foundation for your brand’s identity. These elements convey your company’s genuine personality and identity.
So, take a pen and paper and jot down your thoughts about your company’s:
- Big ideas: What is the major principle of your business?
- Values: What values does your business keep?
- Benefits: What do your customers stand to gain by interacting with your services?
- Emotions: What strong feeling(s) do you want your consumers to associate with your company?
- Value proposition: Why should customers choose your business above competitors?
- Prepare Your Brand’s Naming Criteria and Begin Brainstorming
Everything we’ve stated so far will help you craft your company’s naming criteria. Preparing your brand’s naming criteria will give you a good notion of what sort of name is appropriate for your company.
Once you’ve gotten your brand’s naming requirements, it’s time to unleash your creative energy and begin your brainstorming session. Look through dictionaries and thesauruses for words that match your company’s naming criteria.
So, come up with a list of short, unique, engaging, memorable, and even symbolic words that will help your company shine in its sector. The goal should be to compile a comprehensive list of prospective brand names for your business.
However, if brainstorming becomes too time-consuming and challenging, you can always use a powerful business name generator to develop new and distinct brand name ideas for your business.
Represent Your Business with a Solid Name
When naming your company, bear in mind that customers love strong brand names. Why? Because company’s with memorable names like Robinhood, Amazon, Brave, Coinbase, and BlockFi are simpler to remember.
About the Author
Grant Polachek is the Head of Branding at Inc 500 company Squadhelp.com, the world’s #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. Get inspired by exploring these winning business name ideas.