The primary goal of any business is customer satisfaction. And whether you own a jewelry store, restaurant, or doctor’s office, to completely satisfy your customers, apart from providing quality products and great services, you have to find the perfect business name.
Why is all of this emphasis placed on a name? For starters, the name is the first thing customers will see about your business. We here at Squadhelp have assisted countless customers in finding their perfect business name. So, believe us when we say a great name can either make or break your reputation.
If you want to brand or rebrand a business, here are the steps needed to find the perfect name for your business.
Learn Your Industry
The key to developing a business name is first understanding your business and its values. It’s impossible to launch a company with no purpose, vision, mission, or goals, much less give it a name.
As an entrepreneur wanting to start a business in a particular industry, you should at least have the basic knowledge of what having a business in that industry entails; a feel of what the industry is like, what it’s about, and how other new businesses fare in it.
For instance, you shouldn’t go into the fashion industry half-baked, not knowing the best and worst suppliers of fabrics, logistics, or even the approaches other top fashion brands took that made them successful.
Basic knowledge about your industry can go a long way in helping you grow your business. Without it, you’re already planning on failing.
What types of names are usually seen in your industry? Are they innovative, fun, playful, emotional, or pragmatic? One way to avoid naming errors is by knowing your industry well enough to know what trends suit it. It would save you the embarrassment of naming your business something like ‘Passmore Gas and Propane.
Determine What Your Target Audience Needs
After you’ve taken the time to learn things about your industry, what works and what doesn’t, you need to take then a long, hard look at your target audience. Understanding their needs is essential for finding the perfect business name that resonates with them.
So, for example, when you’re branding a healthcare business, you’ll want to dig deep and find their pain points, unique practices to help you stand out, and even how their experiences have gone in the past. Doing this for your business will ensure that you choose a brand name that stands out and grabs attention immediately.
Remember that the name is the first presentation of your business and what gives it its first impression. And who do you think it has to appeal to? Simple, the viewers, including partners and customers, especially customers. Having a flawed knowledge of what your target audience would like is one step on the road to an inappropriate name and disaster.
A survey or a look at existing businesses in the industry can help you figure out what your target audience likes. Looking at existing businesses in the industry can help you know whether to follow the trend already set or create a new one.
For example, other technology companies used more technical names when Apple Inc. was founded and called Apple Computers. International Business Machines (IBM) and Microsoft (short for Microcomputer software) were dominant, but Apple computers started a trend in their niche by using an abstract name, and this worked in their favor as it sparked customers’ curiosity and got their attention.
Develop a Brand Strategy
Knowing your company’s branding elements is a great way to create a consistent picture of how your business should appear to customers.
This will make sure your name aligns with the values of your business and does not sound misplaced or unfit.
To develop your branding elements, you will need to determine and state your:
- Value: What client values does your company align with?
- Mission: What short- and long-term goals do your business have in mind?
- Brand Tone: Is your business modern or traditional?
- Emotions: What feelings do you want a customer to associate with your business?
- Value Proposition: Why should the local community value your company?
- Benefits: What do people gain from doing business with you?
- Big Ideas: What’s the big problem you’re helping solve in your community?
Giving answers to these important questions will help create a consistent and strong brand name and identity that will breathe life into your business.
Now that you have an idea of what your company is and what it stands for, it’s time to begin brainstorming name ideas.
Now it’s time for the fun part! Go ahead and grab some paper, your tablet, or a whiteboard and let the ideas flow. During this step, there is no such thing as a bad idea or too many ideas. So, write down as many good and bad name ideas as you and your team can come up with.
Watch that the names align with your brand tone and mission, as well as the values of your clients. And those that are available to be used as domain names and social media handles. This is important because of the growing need for businesses to be active on the internet.
Try to avoid names that have a negative connotation or may be too similar to others in your area. Also, look out for foreign translations of the name you’re considering; you don’t want to make the mistake Nokia made with ‘Lumia’ or Mazda’s ‘Laputa’.
After you’ve compiled a list of business names, choose the ones that perfectly represent your company and put them on your shortlist. Just be sure to only keep those that can grow with your new business and that you can live with for the long term.
If you are too busy to complete the naming process correctly, you may want to use a business name generator or participate in naming competitions. To use a more personal touch on your business name, include your family name or the name of your spouse, neighborhood, state, etc.
Take Your Brand to the Next Level
Actions always speak louder than words. So, when branding your business, the information we discussed today will mean little if you don’t commit the energy and time to build a brand that stands and sticks in the minds of your customers.