There’s truly no limit to human capacity. In recent years we’ve seen many entrepreneurs start businesses like Xbird, a company that uses data from smartphones and wearables to detect and prevent health risks, Truepic, a software that counters deep fakes by authenticating and verifying images; and Winc, a subscription-based wine club. And with more entrepreneurs venturing into the world of business, despite the pandemic, it becomes more critical that any entrepreneur who hopes to stand out in the market must choose a name that sets them apart in their niche.
The competition is fierce in the market, and if you want to establish a strong business, you’ll need a solid and trustworthy name that conveys your brand’s goals in a way that attracts both customers and investors.
Here’s Why You Need to Find a Perfect name for your business
One of the best investments any entrepreneur can get for their business is a great brand name, and that’s because it forms the core of any brand’s identity and links them not just to their target audience but also to the world.
So make sure you get the perfect name because it can:
- Attract your target audience
- Help your business survive by enhancing your brand’s product-market fit
- Boost your team and company culture
- Help your company perform better, being that companies with solid brand names on the stock market perform 33% better than brands with weak names.
- Help your business stand out from the competition by giving it a unique identity
- Get customers excited about your company
Here’s the Path to Finding the Perfect Name for Your Business
Finding the perfect name for your company is something you cannot afford to ignore in today’s competitive market, so endeavor to stay ahead of the game by following these steps because they’d lead you to a great name.
1. Understand Your Target Audience
The level of success your brand achieves will be equal to how well you understand your business, its customers, competitors, and the market.
42% of businesses fail because they don’t stir the interest of customers in their products. So take the time to understand your customer because if you don’t, it’ll become a victim of the number one cause of business failures in the world.
The most successful companies today are those who recognize the genuine interest of their customers. That’s why famous business leaders like Steve Jobs and Jeff Bezos prioritize customer satisfaction above profits.
Bezos, to give his team the sense that their customers are always represented, goes a step further by keeping an empty seat at all of his board meetings.
Understanding your primary audience will help you customize your brand in a way that appeals to them. It will also assist you in determining whether your brand should be innovative, traditional, pragmatic, fun, or playful.
2. Identify Your Brand’s Element
Don’t just focus on your audience; also focus on your branding elements. Concentrate on defining your company’s big ideas, the emotions you want to evoke in your audience, your value, mission, goals, and the advantages your audience will get by using your product.
Knowing your brand’s elements doesn’t just have a significant impact on the name you pick for your business; it’d also make it easier to search for the best name that aligns with your brand.
However, when brainstorming, don’t get too fixated on trying to come up with a word that embraces all the elements of your business. Instead, concentrate on words that correspond to essential aspects of your brand.
It’s time to flex your creative muscles, open those dictionaries and thesauruses and search for the best word that represents your business’s core principles, its products, and customers.
Brainstorming takes a lot of time, energy, and concentration. Sometimes the naming process might even stretch for weeks and months, but you don’t have to walk this road alone; get a team that’d help you in your search.
Discuss your audience, your business, and the kind of name it needs with your team, and encourage them to find names that align with the core needs of your business.
But, if assembling a team is too taxing for you and other aspects of your company demand your full attention, then use a powerful business name generator.
4. Look Out for These Pitfalls
Countless entrepreneurs, while naming their businesses, have made certain grievous mistakes that negatively affected their business.
Some mistakes they made were:
- Using single English words
- Using generic words
- Using overused metaphors and symbolic words
These words weakened their business because almost every English word has been trademarked, and generic words don’t make a brand appear unique but make it similar to every brand in its niche.
Test Your Name with an Audience
Now that you have a great idea of how to pick the perfect name for your business, it’s time to take the final step by testing your name with an audience to guarantee that your target audience would love the name.
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.