The strength of a country’s economy determines its growth and development. Nonetheless, it is vital to remember that every discussion of a thriving economy boils down to one crucial point: “Economies thrive when great people run great businesses.”
As an entrepreneur trying to build a great business, you can boost your company’s chances of success and join the ranks of brands that are at the top of their respective industries by giving your business the best brand name.
And if you’re wondering how to go about it, then read on because we’ll show you all you need to know that’d help you select the best name for your company.
How to Find the Perfect Name in Four Easy Steps
Ideas aren’t the only thing your company needs to prosper. You can spend years building your ideas into a special product, but unless those products are supported by a strong brand name, your business and its exceptional services will struggle to attain success.
We understand that selecting a great name for your business is difficult, but don’t worry; the steps below will simplify the process and assist you in locating the perfect name for your brand.
- Conduct Extensive Market Research
The key to crafting a memorable brand name is to be well-versed in your target market and industry.
So, instead of fantasizing about your company’s success, put on your thinking cap, research extensively, learn everything you can about your business, audience, and competitors, and keep up with the current occurrences in your industry.
The research expertise you get will not only help you create your company’s values, mission, vision, and goals, but it’ll also help you make key decisions that will affect the entire success of your brand in the future.
- Get the Right Tone for Your Brand
Whether you believe it or not, your search for the perfect name will be incomplete until you develop the perfect brand tone for your business.
Pay attention to your target market and figure out what draws people to your business, and then build your brand’s identity around that. The right tone is a powerful magnet that’ll always draw a positive emotional response from your customers.
Knowing your brand’s personality would make it a lot easier for you to know if its tone should be:
- Fun and playful
- Emotionally impactful
- Innovative and modern
- Know Your Brand’s Elements
Your brand will never reach its full potential unless you actively build it. And one sure way you can give your business a solid foundation is by discovering and maintaining your brand’s elements. These elements include your brand’s
- Big ideas
- Value proposition
These elements are critical to your business because they communicate your brand’s essence, character, and personality.
- Begin Brainstorming
Everything we’ve discussed so far will help you establish your brand’s naming criteria. Your naming criteria will give you a clear picture of what the perfect name for your company must possess.
Now that you have your naming criteria set, it’s time to start brainstorming. Unleash your entrepreneurial creativity and search for words that align with your naming requirements.
Also, while brainstorming, always look through dictionaries and thesauruses for words that meet your company’s name needs. Gather the words you found into a list. Make sure they’re short, captivating, unique, memorable, and meaningful.
However, if manually compiling a list of possible brand names seems too complicated and time-consuming, then feel free to use a company name generator to find outstanding words that correspond with your brand’s identity.
Test Each Name on Your List
Brainstorming is simply one step in the process; you’ll also need to put each name on your list to the test before deciding on the best one. Don’t be one of those entrepreneurs that choose a word without testing it simply because it sounds great.
Test each name on a small group of people, ideally from your target demographic, then pick the best one and check with the USPTO to see whether it has already been trademarked by another company.
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.