A business name is one of the most essential aspects of starting an enterprise. Not only does it help you create brand identity, but it also helps you form a connection with your target market and leave a mark on them.
As such, you can’t have a reputable company without a respected business name.
You want a business name that differentiates you from your competitors. One that represents your principles and what you stand for. A brand name that your customers recognize when they hear it.
The process of coming up with and vetting desirable business names is not everyone’s cup of tea. Firms have gone down because they couldn’t crack this process.
Some entrepreneurs don’t even go past this stage as they feel paralyzed by indecision.
You don’t want that to happen to you. You want a business name that doesn’t just sound right but works for you.
While many entrepreneurs say the process is draining, we tend to disagree. It’s not as difficult as you may have been made to believe. You don’t have to go through a gruesome process. It can be seamless.
How do you make this process painless? What does a great business name consist of? Is it wise to use a business name generator?
Here are some insider tips that have made us a recognized business naming agency over the years.
Brainstorm Business Name Ideas
The process of coming up with a great business name starts with brainstorming a few catchy name ideas. Brainstorming is essential even when you feel like you’ve hit a creativity block.
Here are a few pointers to help you to brainstorm business names:
- Get a pen and paper.
- Do a word dump for a set period, say 30 minutes. Free write until your time is up.
- Don’t be picky, as this is a time to get ideas rolling, not disqualify them.
- Get a few friends, family members, or colleagues into a room. Get feedback for your name ideas and also brainstorm others.
Remember: when brainstorming business name ideas, consider your target audience. For example, if targeting a younger audience, you might consider a name that’s fun and friendly. For an older audience, you’ll want something more practical and easy to understand.
A productive brainstorming session will give you a list of great business name ideas that you can vet.
Know What A Good Business Name Comprises
Your business name is the first thing customers learn about your enterprise. Creating a catchy business name is vital because if you get it wrong, your target audience will lose interest even before they sample your products or services.
You should therefore choose a brand name that’s clear about what you stand for, whether you’re creating a new firm or rebranding an already existing brand. Ensure it resonates with your audience.
Here are the characteristics of a great business name:
Stands Out From Your Competition
Your company’s name should be able to lay a clear distinction between you and your competitors. You don’t want your target customers to get confused. A unique business name will help you stand out in your industry.
When it comes to branding, there’s a thin line between distinction and differentiation.
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As you can see, brand distinction and differentiation are correlated. However, they’re also different.
That said, both matter equally. Whilst brand differentiation is the more powerful trait for your business to have; you need your brand to be distinct from the competition too.
With that, customers can recall and identify your brand more easily, and in return, they’ll always buy from you.
For example, Michelin’s Symmetry Tires sets themselves apart in a field full of tire makers and competitor brands by being both distinct and different. At the same time, they communicate to the consumer that the brand offers excellent engineering, perfect handling, all-condition traction, and remarkable braking.
Let’s break it down:
- Distinction: Symmetry Tires stands out from the competition by being easy to remember, say, and spell.
- Differentiation: Symmetry Tires shows the customer the value of the tires through having multiple meanings. Symmetry could refer to the good-quality design, or the tires excellent handling.
- Distinction: Symmetry Tires includes the Michelin brand name on the tires themselves. Easily recognizable and instantly stands out.
Have a Unique Business Name.
As a business owner, you need to make sure your name is completely unique. Even if your name is distinct and different from your primary competitors, you may have other companies using the same name within your locality, even if they deal in different products and services.
That’s why proper trademark screening is important.
For example, Apple Corps and Apple Computers went through many legal disputes between 1978 and 2006 for trademark infringement despite the latter being a tech-based industry and the former a music one.
Using the same name as other organizations will confuse your customers. It also has the potential of ruining your reputation.
Stays Authentic To Your Brand’s Values
Customer preferences and markets keep evolving. Brand originality and authenticity are now more important than anything else. Your target audience will relate to your brand more when you stay true to your principal values, vision, and mission.
You could ruin your reputation if your business name doesn’t represent what your brand stands for. It also has to represent your organization’s core principles.
It doesn’t have to explain what you do in detail necessarily, just ensure it captures your business’ essence.
Here are a few questions that will help you capture your brand’s essence:
- What values do we represent?
- What do we aim to achieve as a business?
- Why do we stand out?
- What are our roots?
- What personality do we want to portray?
Going through and answering these questions will have you well on your way to craft an authentic business name.
Easy to Remember
If your brand name is long or confusing, no one will remember it. Always keep things short and simple. If your customers can’t find your business from a simple Google search, then they’re not going to keep looking for it. They’ll go somewhere else.
Alliteration is one of the most straightforward ways companies are using to keep their brands memorable. Some of the world’s renowned brands using alliteration include Coca-Cola, Best Buy, and PayPal.
Your motive should be to ensure your future clients are singing your name regardless of their position in the customer’s journey. Whether they’re prospective leads or repeat customers, your business name should resonate with them.
Alliteration makes your brand name memorable so that your customers always remember you when they want to purchase a product or service.
Endures for a Long Period
All entrepreneurs want their companies to grow and still be present many decades to come. Your firm will evolve during that period, therefore, your business name has to stand the test of time and still be relevant in the future.
One way to ensure your company endures is by avoiding trends. Why? Because they come and go. What happens once the hype disappears? Your business will seem irrelevant, and you’ll be compelled to rebrand if you don’t want to be pushed out of the game.
Your brand name is enduring if it’s flexible enough to adapt to new business strategies, products, or acquisitions. It should also be appropriate to fit you if you expand or shift focus.
For example, let’s say your company deals in construction, and you’re based in Minnesota. You might settle on something like Minnesota Construction Company as your company name.
What happens once you decide to expand and spread your wings to other states. Will the name be relevant in your branch office in, say, North Dakota or Wisconsin?
Ensure your name can endure all these scenarios. Look at tech companies like Google, Microsoft, Apple, and Facebook. These companies chose their business names years ago and are still relevant today.
Legally Defensible
You have to ensure you’ve followed all legal requirements when choosing a business name. In simpler terms, ensure the brand name is available and that you have the full rights to use the name in your industry and any other states or countries in which you’re based.
Always consult a trademark law attorney to help you navigate the murky waters of brand-name legislation.
Why Not Simply Use a Free Business Name Generator?
For starters, a business name generator is an algorithm that creates some name options.
A free business name generator will give you generic name ideas that match your keywords.
Further, a brand name generator doesn’t understand your needs and how to build your name around those needs.
When you think of using one, remember millions of other businesses have probably used a business name generator.
While it can be a great starting point, always double-check the ideas you get from a business name generator to ensure it suits your operational needs.
We recommend you hire a professional business naming agency that’ll give you value that you won’t get from any business name generator.
Check Domain Availability and Secure It
Online presence is essential in today’s business world. A domain name shows a brand’s credibility in the digital sphere.
Once you find a business name that you like, check domain availability. If it’s available, secure it right there and then.
Consider using newer domain extensions, such as .tech, .site, .online, or .store. These additional extensions can help you secure a more meaningful domain name that will add vast value to your brand in the future.
Let Us Get You a Powerful Business Name!
As you can see, the process of coming up with and vetting a business name idea doesn’t have to be an uphill task. It might take some time, but everything works in your favor in the end.
NameStormers does all the hard work for you so you can focus on your business idea and get it off the ground. Our work ethic and expertise over the years have seen us work with various successful brands worldwide.
So, what are you waiting for? Contact us now!
Featured Image from: Freepik by Pressfoto