Crafting the perfect name for a business can be so tough that most fresh entrepreneurs get so caught up in attempting to come up with the best name that they overlook certain essential steps.
You can’t afford to have words fail you when it comes to naming. And what’s the reason behind this? For starters, words—a brand’s name—are one thing that not only defines your company but also influences its destiny and future success.
And that’s why it’s critical that you’re in the best frame of mind and understand your business, consumers, and competition so you can come up with a powerful name that’ll help your product and business success.
So, if you’re about starting a business but you don’t know the best name, or you’ve just started one but you’re not pleased with your business name, here’s a short guide that’ll help you find the perfect name for your business.
But first, let’s take a moment to understand why you need a perfect business name.
Why Your Business Needs the Perfect Name
Thanks to the pandemic, there’s a massive influx of entrepreneurs. According to Yelp’s economic average report, almost 500,000 new businesses were created between April 1st, 2020, and March 31st, 2021. The only thing that’ll help your business stand out from the crowd is how well branded it is, and every entrepreneur begins their branding by getting the best name for their business.
Your brand name is the first and greatest opportunity your business has to connect with its target audience. It’s one asset that every successful business possesses, irrespective of their product and industry. Major businesses like Amazon, Mercedes, Disney, and Microsoft all chose the perfect name that left a deep-rooted impression in the minds of their customers and also gave their customers an immediate sense of their brand’s value.
Make sure you find the perfect brand name because it will help your business:
- Attract customer attention
- Increase sales and investment
- Build a strong brand-customer relationship
- Reduce the cost of advertisement
3 Trusted Method to Finding the Perfect Name for Your Business
Besides going to sleep and getting a direct inspiration for what your business name should be, there are three trusted methods to finding the perfect name for your business; Brainstorming, business name generators, or professional naming agencies.
But none of these would be effective if you lack a deep understanding of your business and the desires of your customers. That’s why we always advise you to load yourself with relevant information before trying to generate a brand name, and the best way you can do that is through research.
Start by Researching
Research not only opens the door to a wide variety of relevant branding information about your target audience and competitors, but it also shows you a detailed picture of your industry, so you can tell which steps your business must take and what to avoid if you must satisfy the needs of your customers.
Start researching by using a customer survey to gather as much information as you can find on your target audience. This is necessary if you must understand what your customer wants, how they think, feel, and react to products like yours.
While researching, take a close look at your competitors and understand how their brand works, what makes their products special, how great their customer service is, and how you can deliver better services.
Although brainstorming is a highly trusted method of creating the perfect brand name, brainstorming the perfect brand name is never easy. It’s almost a rule now that new entrepreneurs get stuck in this process and it grinds their entire business to a stop.
To help make your brainstorming sessions more efficient, consider setting up a team. The team could be made up of family members, employees, friends, or even coworkers. Share your research with them; tell them the goals your business hopes to achieve, and the emotion you want it to strike in your target audience.
Let your team explore their creativity as they search for words that mirror your brand’s goals and would be easily recognized by your target audience. Write all the names that fit your criteria because your perfect name could be hidden among them.
Second: Using Business Name Generators
Most entrepreneurs favor a powerful business name generator because it’s a fast and reliable method of getting hundreds of names that align with their business’s goals. Business name generators reduce a business’s time to market and help new entrepreneurs quickly settle a critical aspect of their business so they can focus on fixing other areas that require immediate attention.
But remember; only use a business name generator after you’ve completed your customer, competitor, and market research.
Third: Getting Expert Help
Getting a professional naming agency to help find the perfect brand name is one of the best decisions any entrepreneur can make. Why? Because naming professionals have amassed a massive wealth of experience creating amazing brand names for countless successful companies, and no doubt they’d be more than willing to help your business achieve the same results.
With thousands of businesses being created every day, it’s crucial to get your business out there in the least possible time because the sooner customers interact with your business, the faster they’ll start bonding with your brand name.
About Grant Polachek
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.