The success of every startup business depends solely on two elements; the first being how big a problem it’s solving for its customers, and the second being how strong its brand is. Neglecting any of these elements could be the straw that breaks the back of your company.
We understand that a lot of new entrepreneurs struggle with choosing the right name for their business, so we’ve set up a simple guide that’ll help you get the perfect name for your business. But first you need to know…
Why Your Startup Needs a Perfect Name
The first step every business must take in trying to create a powerful brand is getting the perfect name. Why? Because it’s a valuable asset every business needs if it wants to enjoy success. A great name leaves a lasting impact on your clients, giving them an instant sense of the true worth of your company.
But that’s not all, the perfect brand name will:
Win the Attention of Customers
Perfect brand names creatively express your brand’s distinctive identity, helping your business achieve a winning first impression in the eyes of your clients. And your business really needs this because—although the pandemic was in full effect—an incredible 31.7 million companies were launched in 2020. So for your company to stand out, it must have a unique brand identity.
Connect Customers to Your Brand
How well people engage with your brand name determines how successful your business would be. Ideal brand names are carefully embedded in your brand’s value and address specific pressure points for your customers. This way they can quickly catch your customers’ attention and start an emotional bond with them right away.
Boost Your Sales
In business, the perfect brand name can more than triple your sales. Brands with the ideal name not only outperform companies with generic names by around 33%, but they also draw investors even faster than the average company.
Customers love perfect names, so keep that in mind because 60% of loyal consumers will buy products they enjoy on a regular basis. And this can be the dividing line between success and failure for your business.
Support Your Ads
On average, a new company spends almost half of its first year’s earning on ads. That’s a lot of money, but the good news is that you can cut that down by a lot because a great brand name literally markets itself, and we see this happen with brands like Tesla.
Tesla doesn’t spend a dime on ads, but remains on the lips of everyone, thanks to the power of its brand.
So now that you have a good idea of what the perfect name can contribute to your business, it’s time to learn how to come up with the right name for your company.
First: Understand the market
Knowing everything there is to know about your business is the first and most important step in coming up with the perfect brand name. Don’t be afraid to spend time—and money—figuring out who your customers are and how your brand can better connect with them.
Also, learn about your rivals and the industry as well. This will assist you in knowing what is working and how you can adapt your brand to emerging market trends.
It’s not easy coming up with the perfect name. Many entrepreneurs start the process only to abandon it months later after several unsuccessful attempts at naming their company.
To make things easy, you can go the easy route and use a trusted business name generator, or you can follow us and learn how to make each one of your brainstorming sessions efficient.
But first, you must begin by assembling your squad. They may be friends, family members, or even coworkers. Talk to them about your brand’s mission, vision, and goals so they can help you figure out what kind of name you need.
Next, unleash your creative imagination and come up with as many names as possible that suit your brand and target market. Look through your dictionaries and thesauruses for terms that express the meaning you want your company to convey.
Write any name that aligns with your brand, whether it’s good, bad, or ugly. At this stage, the aim is to collect as many names as possible.
By the end of your brainstorming session, you or your team should have at least six names that are perfectly aligned with your brand’s identity. And even though it seems like the simplest thing to do right now is to take one at random, don’t do that without first going through these steps.
Make sure your ideal brand name is:
- Unique, and isn’t similar to any other brand name.
- Easy to say and spell after being heard once.
- Loved by customers
- Has a .com domain, and social media handles
- Scalable, and would grow with your business
Engage Expert Help
So, if you find yourself stranded because you hit a roadblock, don’t hesitate to seek help from a reputable brand naming agency.
These agencies have a lot of experience developing fantastic and lovable brand names for big corporations that resonate with their clients, and they’d be more than capable to help your business accomplish the same goals.
Grant Polachek is the Head of Branding at 3X Inc 5000 company Squadhelp, the world’s #1 naming platform, with 30,000+ customers from early-stage startups to enterprises such as Nestle, Philips, Hilton, Pepsi, and AutoNation. Try Squadhelp’s business name generator for custom name recommendations for your venture.