Many people believe that ‘anyone can start a business,’ but how many people actually succeed in running a successful business? Not a lot.
It’s no joking matter to build a company from the ground up. It entails numerous costly sacrifices, failures, losses, and priceless lessons. According to statistics, 20% of businesses fail in their first year, and the mortality rate rises to 50% by the fifth year.
To cap everything off, the stress of combining their job, business, and personal lives is so great that entrepreneurs frequently overlook the most important aspects of their company’s success. One of them is coming up with the ideal name for their company.
So, if you’re looking for the perfect name for your company, you’re in luck since we’re about to share the most effective method.
But first…
Here’s Why Your Business Needs the Perfect Name
Your brand’s name can positively define your company and also lend it various advantages that other companies do not have.
Great brands like Apple, Virgin, Rolex, and Ferrari were able to establish attractive companies that hold a key spot in the minds of their customers by harnessing their influential brand names.
So, find a great name for your business because it can help you:
- Bring in new customers on a regular basis
- Convert one-time buyers into loyal customers
- Attract and keep motivated and competent personnel
- Develop a unique company culture and identity
- Separate your company from the competition
- Generate buzz in your industry
- Increase the sales of your company’s products
Four Things Every Great Name Communicates
Great entrepreneurs who are new to naming their company often ask what characteristics make a name perfect. The solution is straightforward. The most important characteristic of an excellent brand name is that it C.A.R.E.s.
That’s to say, great names are:
1. Contextual
The ideal name for your business would provide your entire brand the best context it needs. It’d stand at the foundation of your business and help you develop and establish other critical aspects of your brand.
2. Appealing
Customers love perfect names because they’re short, original, easy to say, appealing, and exciting. Customers find it easy to share it with their friends and family because of this.
3. Remarkable
Great names leave an indelible impression on their target audience since they’re extremely memorable and resonate profoundly with them in a unique way.
4. Emotionally Active
Great names draw pleasant feelings in your customers, and this is the key ingredient that converts them from casual customers to ardent fans of your business.
Now that you know all these, the only thing standing in the way of your startup reaping these incredible benefits is a fantastic brand name, and we can show you the proper approach to finding the best brand name for your company. All you have to do now is stick with us as we explore…
4 Quick Steps to Finding the Perfect Brand Name
It may not be the most challenging or frightening duty you’ll face as an entrepreneur, but that doesn’t mean it’s unimportant.
You may obtain a wonderful name from everywhere these days, from your daily chats to your dreams, but generating a great brand name requires skill.
So sit back and relax as we look at how to come up with the perfect name for your business.
Boost Your Passion with Knowledge
Every smart entrepreneur is driven by a strong desire to see their company prosper. Whatever you want to call it: a dream, a passion, or a desire to succeed, it is what motivates people to persevere in the face of adversity.
So don’t be the optimist who always goes down the false path; rather, combine your passion with a thorough understanding of your sector; otherwise, your startup will perish eventually.
Learn about your company’s principal values and how to put them into action; focus on what works, what doesn’t, and what may work. You’ll be able to construct a brand that knows just what to do in this manner.
Put the satisfaction of your customers at the core of everything you do by asking, “How can we do this better?”
Identify the Best Tone for Your Brand
One reason why you’ll need a tone that complements your business is the simple fact that when it comes to customer perception of your brand’s name, it’s not always about what’s said, but how it’s delivered.
Finding the right tone will help you come up with a creative name that matches your company, but ignoring it will cause your name to lose its potency and disconnect you from your target audience.
Your brand’s tone should mirror your clients’ desires and expectations. This can help you quickly decide whether your name should be fun like Google, classical like Citibank, playful like Skittles, casual like Chubbies, or friendly like PayPal.
Understand Your Brand’s Elements
After figuring out your brand’s tone, it’s time to identify and understand your brand’s elements. And you can do this by understanding your brand’s primary ideas, its story, the value it provides customers, the benefits your customers would receive, and lastly, your value proposition.
Take the time to learn about the elements of your brand so that your employees can appreciate the personality, mission, and vision of your company, as well as their role within it.
Start Brainstorming
Put your creativity to work, flip through dictionaries and thesauruses, and generate words that are suited for your business. Look for words that are short, unique, appealing, and captivating enough to reflect your brand.
Although actively brainstorming your brand’s name can be challenging, it doesn’t have to be, especially if you rely on the components that help you stay creative and inspired.
To make your naming process smoother and less stressful, get a team. Talk to your team about your brand’s ideas, vision, and branding elements with them. Allow them to freely contribute and don’t limit their imagination.
We understand that most entrepreneurs never seem to have enough time to come up with a unique name for their company, so if that sounds like you, consider using a strong business name generator.
Secure Your Brand’s Name
Keep an eye on your brand’s name to make sure it’s free of anything that can hinder you from success. To get the best name, cross-check your name with an audience to see if they love it, then double-check the name with the USPTO to be sure it hasn’t already been taken.
Securing your brand’s name can help protect your company from any legal troubles that may arise as a result of copyright infringement.
