The global market is fast becoming a profitable and lucrative one and because of this, countless businesses are popping up in the different sectors of the economy. Now, every niche is becoming saturated by brands and it’s becoming increasingly difficult to stand out.
Back in 2020, a census was conducted and it was discovered by the Census Bureau that 4.3 million new brands were set up that year. This is more astonishing when you consider that 2020 was a year scarred by the global pandemic.
And now, the biggest challenge facing new entrepreneurs is the challenge of standing out in the saturated industry. But, the one tool that aids this goal is branding. Based on our experience with 30,000+ clients, we can confidently say that the most important aspect of branding is creating the perfect brand name. And so we’ve come up with a guide for you to find the perfect brand name.
4 Tips Required For A Great Brand Naming Result
Before you start the naming process, you need to have a mental picture of where you want your brand to reach and the goals you hope to achieve in the future. This mental image is what guides your everyday business activity and the major decisions you’ll make.
Also, you need to properly research your brand niche to find out its different features and the different challenges to expect. You should also find out the methods employed by different brands and their level of success and failure.
The next step is to find the tone that’s best suited to how you want your business to look. This tone will allow you to pick a brand name that adequately portrays the values and ideas of your business.
To find the perfect tone, you need to analyze the different behavioral patterns of your customers and how your brand can appeal to your target audience. This will allow you to choose between fun and loving, classy and modern, or cheerful and energetic tones.
There are specific elements that are important when naming your brand. These elements are what help define the uniqueness and personality of your brand. They also help you stand out from your competitors.
These elements include:
● Big ideas: what are the principles guiding the affairs of your business?
● Values: what are the values that your brand stands by and preaches to the customers?
● Benefits: what do your customers stand to gain by picking your brand over others?
● Emotions: what kind of emotions do you want your customers to attach to your brand?
● Value Proposition: how do you plan to distinguish your brand from the competition in your industry?
When you combine the above steps, you’re able to define the personality you wish to set for your brand. When your brand personality has been carefully established, you can easily draft out the criteria for your brand name.
From there, you can begin to brainstorm different brand names using the thesaurus or dictionary. Other tools that help include rhyming words, industry slang, visual words, popular root words and so on. If you’re having difficulties with brainstorming brand names, you can adopt the use of a brand name generator that offers different brand names for sale or you can simply set up a business name contest for your customers and pick the best from the different entries.
One thing to note about selecting a brand name is that you need to pick a name that’s not only unique but easy to remember. The reason is that great brands like Tesla, Ford, Samsung, Apple, eBay, have unique and memorable names that customers can easily identify and recommend to other customers.
Grant Polachek is the head of branding for Squadhelp.com, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world’s leading crowdsource naming platform, supporting clients from early-stage startups to Fortune 500 companies.