One significant choice you'll make as you start your business is choosing a brand name. A good business name can attract customers, build trust, and give your business an edge over the competition—but only if you choose it right.
In this guide on how to choose the perfect brand name, you'll learn how to narrow down your list of names based on what customers want to buy and how they search for businesses like yours online.
How to Choose the Perfect Brand Name
Choosing the perfect brand name for your business is no small feat. It can be herculean to create a unique, memorable name that will truly represent your company's values and vision. To make sure you don't miss out on the perfect name, it's always best to seek ideas from others through a company name contest. And since choosing a name is an element of branding strategies, you should invest ample time into it. Why? Survey reports show that brands that are consistent with their branding can increase their revenue by up to 20%.
Holding a company name contest can be a great way to gather creative and original ideas while ensuring that all voices are heard. The perfect brand name is sure to go a long way toward helping your business succeed, so why not tap into the creativity of others to ensure you make the right choice?
The Impact of a Bad Brand Name
There is an ocean of factors to consider when scouting for the ideal name for your venture or business, including how it will be perceived by customers and competitors. It must reflect the company's values and goals while being unique and memorable. Unfortunately, not all companies make the right choices regarding their names.
The power of a great brand name should never be underestimated. A bad brand name can cost you customers. At the same time, a good one can create invaluable recognition and goodwill in your industry. For this reason, it's important to take the time to do research and find an excellent and riveting name for your business, and a company name contest is a great way to do just that.
Companies that use company name contests often report lower advertising costs since people are more likely to remember them due to their catchy names than if they had randomly picked one out of a hat.
Case Studies of Good and Bad Brand Names
Finding a unique and compelling company name often involves brainstorming, focus groups, or even a company name contest. When choosing a name, there are good and bad examples out there, so let's look at some case studies of businesses that got it right and those that didn't.
One great example is the tech company Apple. After failing to agree on Applesauce, Steve Jobs suggested the simple name Apple to the team. He was adamant that the name should start with an 'A' because it would appear first on any list.
This was a stroke of genius, as Apple now boasts and is applauded as one of the world's most recognizable companies.
On the other hand, there are companies whose branding decisions didn't turn out quite as well. For example, KFC, formerly known as Kentucky Fried Chicken, was forced to change its name due to public outcry about the unhealthy image associated with fried food. KFC had to go through a long process of rebranding and eventually chose to go by its initials KFC, despite having no particular meaning.
3 Sure-fire Steps for Naming Your Business
Whatever name you choose for your business is one of the key drivers of your success, so it's worthwhile to do the work to find the right one. But how do you go about making the right choice? Fortunately, there are proven steps you can follow to ensure you find a name that will set your business up for success and make it easier to market down the road.
Follow these three tips, and be on your way to getting the perfect name for your brand without hassles.
1. Understand your brand
Naming your business is critical to starting up and setting yourself apart from the competition. It's important in defining your brand and creating an impression that will stay with your customers.
That's why it's essential to take the time to research, brainstorm, and carefully choose the right name for your business. At this point, one cannot neglect the role of research in understanding one’s audience and winning their trust via branding.
Businesses that can positively impact their clients and share in their value will enjoy more patronage because 46% of customers patronize brands they are familiar with. Interestingly 13% of customers are willing to pay up to 50% extra to brands that are serious about making a positive impact.
Here are steps for naming your business:
Do thorough research about what is available: Use keywords and search engines like Google, Bing, and Yahoo! to find the names already taken. If you find something you like but it's unavailable, check out other variations or spellings (i.e., fantasy vs. fantasies).
Research industry standards: Determine if there are any naming conventions within your industry
Brainstorm possible names: Come up with as many names as possible (50+) by using combinations of words that reflect who you are or what you do
2. Get feedback from others
The first step is to brainstorm. Take some time to think of a few potential names and write them down. Try to get at least five ideas to use as a starting point. It's also helpful to look up some name generators online to help get your creative juices flowing.
The next step is to get feedback from others. Ask friends, family, and colleagues what they think of the names you have come up with. This will help narrow the names you have on your list and present you with ideas that will get a warm reception from potential customers.
3. Test it out
The final step is to check for domain availability. Once you have narrowed your list to a few favorites, it's important to check if the domain for each name is available. If it's not, you may need to tweak the name slightly or choose another one entirely.
The Bottom Line
A company name contest can be an effective way to get lots of ideas from various people. Inviting employees, family, friends, and even strangers to submit their best names for consideration opens up your search to a wealth of potential names. Not only does this dramatically boost your chances of finding the perfect name, but it also goes further to help generate buzz and excitement around your new business venture.
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.
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