With Reuters stating that 82% of investors are moved by brand strength, and the fact that over 50 million new businesses start globally every year, choosing the right brand name has never been more crucial to a business’s growth, recognition, and survival in the ever-changing local and international market.
Thankfully, choosing a brand name is something business owners have begun paying attention to, in an attempt to capture a customer’s interests by the end of the 10 seconds it’d take them to form an opinion after seeing the brand name or logo.
If you’re still wondering why brand naming is important, or maybe you are starting a business, then know that as many as 77% of customers buy a product based on the decision reached after seeing or hearing a brand’s name.
What makes Brand Naming so important?
Everything! Your brand name is everything to your company. It captures the very soul of your business and would be the first factor that would build trust in the minds of your customers, and that’s why you need to get it right.
In choosing the perfect name for your company, choose a name that packs a punch like Apple or Starbucks, a name that can withstand the tides of time like Nestle, and communicate a sense of inner meaning, like Amazon.
Although it might sound difficult, ignore the idea that since in America, over 627,000 businesses are opened yearly, all the brilliant names are already taken because it’s still very possible to come up with an intriguing company name. All you have to do is follow this guide and you’d get it right. Let’s jump in and see how you can get your brand naming right in 6 easy steps.
1. Understand your Clients
Having a clear understanding of the product and services you offer isn’t enough, you’d also need a better understanding of who your clients are, and the best way your brand name can pass a message that resonates with them. It’s important that you dig deep and discover specific things you’d have to do to attract them.
Say you’re starting a fashion line for babies and young kids, what would your brand name communicate to attract both expecting and newly-delivered mothers, as well as fathers. Always remember; your clients must love your brand name more than you do, except you fancy buying your products yourself.
2. Communicate an Emotion
The best way to communicate emotion through your brand name is to set a tone for your company name. Make sure your brand name conveys tones that are; pragmatic, playful, classic, modern, or emotional. Having names that communicate these tones would go a long way in gathering like-minded clients that appreciate what you’re offering.
Remember that people instantly attach a feeling to a business name and you want them to have a big feeling whenever they see your name. Think Disney, McDonald, M&M, and Facebook. These companies have short and punchy names that trigger lots of happy and memorable emotions whenever we hear their names or see their logos.
3. Be Creative
With over 6.7 million registered trademarks, brand naming today demands a lot more creativity than ever before, and most companies that tap their innate creativity end up standing out from the ocean of generic and overused brand naming styles.
You can display your company’s uniqueness by either using:
- A single word – Zoom
- The names of the company’s founder – Disney, Colgate
- Compound words – WordPress, Facebook
- An Acronym – IKEA, DHL, H&R Block
- Words that Reflect your values – Impact
- Something witty – Squatty Potty, GoDaddy
- Altered alphabets – Xerox, Flickr, Lyft
- Double names – Dolce and Gabbana
4. Choose Names with an Online Presence
The last thing you want after choosing a killer-name and putting some good publicity out there is for your new-found brand name to be too similar to another established company. Imagine telling your customers that your brand’s called Flikar, when there’s already another brand going by Flickr.
Not only would your brand appear illegitimate and unoriginal, but you also risk losing good money in all the lawsuits you’d face. But let’s assume that for a moment you win those lawsuits, even though the chances are incredibly slim, your brand would still struggle with its online presence because customers would confuse your Flikar for Flickr, and you’ll lose good money too.
So be certain that any brand name you pick has a strong presence online and no comparison with another brand.
5. Be Brave about It
Understand that choosing a strong brand name isn’t a walk in the park. And although there are lots of factors and trends that need to be critically analyzed before you decide, it doesn’t also mean that you should approach your brand name trembling with fear.
You need to be bold about it. Do you think these successful companies would’ve made it this far if they’d abandoned their unique names because people thought that:
- Hulu didn’t really have a meaning.
- Apple sounded too familiar with a grocery store.
- And Mechanical Turk was really exhausting to pronounce.
Bear in mind that when it comes to brand naming, they’re no hard and fast rules, just guidelines to lead you to your aim.
The primary goal is to pick a name that excites your customers and what better way to do that than to pick a name that’s strangely exciting.
6. Get Professional Help
There’s really no point in wasting months trying to decide which brand name to slap onto your product and services. Time waits for no man, and neither does the market. So when all else fails or is beginning to look like it, get professional help from a brand naming agency. They’d be more than willing to walk you through the steps involved in naming your brand.
Branding experts have gained a lot of experience in creating great, memorable, and exciting brand names that would trigger sweet emotions within the customers and draw them towards your brand.
Now that you know why brand naming is important and just how you can do it right, we’d like to reiterate that before registering a brand name, ensure that it has an available .com domain that hasn’t already been trademarked.
This way you can avoid unnecessary lawsuits and having to pay thousands of dollars to secure an online presence.
There you go! Good luck branding!
Grant Polachek is the Head of Branding at Inc 500 company Squadhelp.com, the world’s #1 naming platform, with 25,000+ 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.
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This blog post is about:
- Get Your Brand Naming Right Every Time
- Get Your Brand Naming Right
- Brand Name
- Brand Awareness