There are approximately 200 million companies in the world today with so many brands, ranging from huge businesses like Google, Coca-Cola, and Apple; to one-person businesses. It’s becoming harder and harder to stand out. So how can you create a brand name for your company?
Over 627,000 businesses open each year according to the Small Business Administration, i.e. 627,000 fewer names to choose from.
Well don’t worry, we’ve got your back!
Through this blog, you will learn how to choose an epic name for your business so you can step away from the boring similarity of the competition. And leave a burning imprint in the minds of your audience.
Without a doubt, naming your business is considered the most emotionally charged task within the whole spectrum of branding because of the sentimentality attached to it. Growing up when we learn to name things, we name things that we’re emotionally attached to i.e. we name our toys, first pet, our children as they come along, and then ultimately we’ll name our businesses. When it comes to naming a business it’s all about connecting with the audience and what we sell.
So, what are the basic features of the brand name?
Well business name has multiple features, but the most important amongst all are:
A brand name plays a really important role in whether the brand will be remembered or not. It plants a seed in the minds of the audience, creating an image and position so the audience remembers the brand.The job of a brand name is to be memorable. Because, if the audience cannot remember what the brand is called then the brand name has failed in its primary task!
A brand should do what it promises. The way you communicate your brand to the audience should be realistic. Do not exaggerate and do not fail to deliver what it promises as customers want to believe in the promises you make to them.
A strong brand should be attractive. Customers should be attracted by the value you deliver and the promises you make, to create a long-lasting brand impact.
Now once you understand the fundamentals, it’s time for us to make you go through the Types of Brand Names:
Types of Brand Names
Source: Just Creative
- Founder Brand Name
Founder brand names are those where the brand is named after the founder. Examples: Ford was named after Henry Ford and McDonald’s was named after the McDonald’s brothers.
- Invented Brand Name
The invented brand name has no real meaning or association. It’s a creation of somebody’s imagination and the word doesn’t exist in reality. Example: Google, Pixar, or Xerox.
- Lexical Brand Name
Lexical Brand names are those where related words are combined to enhance memorability so you might have two words with the same first letter.
Example: Krispy Kreme or Dunkin Donuts.
- Descriptive Brand Name
Here the brand name clearly communicates what the business has to offer. An example here would be The Weather Channel or General Motors.
- Acronym Brand Name
An acronym brand name is formed from the initial letters or a group of letters of a longer name or phrase and pronounced as one word. Example: BMW (Bayerische Motoren Werke) or MTV (Music Television).
- Aligned Brand Name
This is where the brand name uses associations or metaphors to align with an idea. Example: Virgin alliances with that idea of new and innovative, Amazon aligns with the vastness of the Amazon jungle.
- Geographical Brand Name
And then finally we have the geographical brand name. Essentially these brands are aligning themselves to a flag or an origin from where they’ve come. This usually comes with a certain type of reputation. Example: Singapore Airlines or Swiss Brands.
So how do you choose a brand name?
Well, we are going to give you a 6 step process that you can use to choose a great name for your business.
Process of Naming a Brand
Source: The Futur
- Create your Buyer Persona
As mentioned earlier, the brand name is not about the founders or business owners; it’s about the audience and what they’re feeling. When you understand your audience and you are clear about what you want them to picture as a brand, that’s when you can create an effective brand name.
- Define your Differentiator
Understanding what makes your brand unique is the key to finding a great brand name. You want to keep these differentiators in front of your mind as you move through the naming process. You aren’t just looking for a great name, you’re looking for a great name for you. The chances of people remembering the brand increases when the uniqueness is resonated through the brand name. So make sure you define what position you want to take, what are your brand values and how are you unique.
- Brainstorm Keywords
Now that you know who your audience is and what position you want to own in their mind, you can start to gather ideas for your brand name. This needs to be a comprehensive process. You would want to capture everything that you wish to include in your brand name. So take the time here to brainstorm every possible idea and go as far as you possibly can.
- Integrate, Amalgamate and Consolidate
This step is dependent on the previous step. We have taken the time to think of as many ideas as we could to name our brand. Here we are going to chop the words, mix and blend them into a soothing wordplay to create something out of nothing. The more time you take with this, the more chances you have of coming up with something new and something unique. So, involve a heavy dose of creativity here; take the time to integrate, amalgamate and consolidate.
- Quality Filtered
As you move forward with all the brainstorming, you would be left with a lot of potential names for our brand. You’re going to need to filter all these alternatives through some quality control. You might want to ask; is it memorable? Is it creative? Is it appealing? If you’re able to filter it through the quality control and tick all of those boxes, then you’re well on the way!
- Real-World Application
This is the last step where you apply your brand name to the real world to see if it feels right for your brand. You keep your brand name alongside the competitors within your industry and global brands of the world. You can put this into vision statements and into industry sentences to see how it fits within your industry and how it fits your brand.
There is a reason why business owners get hung up on the brand name. Partly because it is sentimental to them and it is one of the most difficult things to change. So, make sure that the name has a strategy behind it.
Choosing a business name is like a marriage, once you choose that name it is a tedious process to change.
Listed below are some of the mistakes a business owner should avoid while naming his brand.
Mistakes you should avoid
Before finalising the name, one needs to undertake these steps:
- Checking the domain availability through Domainr.
- Checking digital username availability through Namecheckr.
- Checking legal availability through IPIndiaonline. Source: Bplans
It is critical to remember that the value of a great brand is growing. Competition is becoming fierce with each passing year. You need to make sure that it is memorable, it’s going to stand the test of time and represents your brand for the image that you want to own in the mind of your audience.
In these situations, collaborating with the right partners will enhance your chances of success and make building your brand easier. Connect with us, and we’ll help you strategically name your business.