The idea of success is still a mystery to many entrepreneurs. They think that their company's success is completely influenced by how wonderful their products or services are, how innovative their software is, or how well they follow every business guru's advice to the letter. Sometimes they miss the most important piece of the puzzle, the business name!
A company's success is mostly decided by the power of its brand. This is why Tesla grows while Nikola deteriorates, and why Amazon has become the biggest online retailer for all of our purchasing needs.
Giving your business a memorable brand name is the first step in developing a strong brand that attracts customers. The ideal name gives your business all the necessary tools and flexibility it needs to shine in its industry.
So, if you're ready to boost your business, here's a quick guide on how to choose the best name that’d make your business stand out in the market.
What is a Business Name?
A business name is a name that a business trades under for commercial purposes, although its registered, legal name, used for contracts and other formal situations, may be another. The term is also used as an adjective describing the business-related activities of an individual.
How to Pick the Best Business Name
Even if you've spent years building a game-changing idea that will revolutionize your market, your brand won't be able to achieve genuine success until it's supported by the best brand name.
Finding the perfect name might be difficult, but don't worry; these simple steps will show you how to select the finest brand name for your company.
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Know Your Audience and Industry
The path to a powerful name is paved with knowledge. So, instead of daydreaming about it, sit down, conduct your research, and learn everything you can about your organization, audience, and rivals.
Make it a point to learn everything you can about your company's beliefs, mission, vision, and goals. Gathering this information can help you choose the right tone and personality for your business.
Discover the Best Brand Tone
The best way to come up with a name that represents your company's fundamental values is to make sure it has the right tone and elicits a strong emotional reaction in your target audience.
Concentrate on your target market and figure out what attracts them to your organization. Knowing who your brand is addressing can help you determine if the tone of your brand should be:
- Modern and innovative
- Emotionally impactful
- Fun and playful
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Discover the Secondary Elements of Your Brand
Unless you give your brand life, it will remain only an idea in your mind. And the simplest approach to bringing your brand to life is to identify its secondary elements. These elements convey your company's identity and personality, and they include your brand's:
- Big ideas
- Brand’s value
- Value Proposition
Understanding these essential elements will assist you in creating a brand identity that accurately reflects your brand to its target audience.
Brainstorm
Understanding your market, determining the right brand tone, and defining your brand's features can help you establish your brand’s naming criteria. The naming requirements for your brand provide you with a clear image of the best name your business needs.
So, get creative and start looking for words that meet your company's naming criteria in dictionaries and thesauruses. Concentrate on coming up with a list of short, attractive, modern, memorable, or symbolic words that will help your company stand out.
And, if the naming process proves too difficult, you can always use a powerful business name generator. Name generators are the fastest approach to come up with a memorable brand name.
Test Your Business Name
Don't just pick a name at random because it sounds nice after you've generated a list of prospective brand names that are consistent with your naming requirements. Instead, test your list of names on a subset of your intended audience.
After you've tested these names, choose the best one and check with the USPTO to see whether it's already trademarked by another company. Verifying your company's name with the USPTO will safeguard it from future copyright claims.
