In 2010, the number of new business applications stood at 2.50 million. And although that’s massive, it’s nothing compared to the 4.35 million applications submitted in 2020. Not to mention the 1.37 and 1.44 million business applications filed in the first and second quarter of 2021, respectively.
Limited space in the market and low resources has made the competition between startups in the modern world increasingly fierce.
And if your company must make the best of its early days in the market, then it must join the list of highly functional businesses with great products, exceptional services, quick delivery, solid brand identities, and compelling brand names.
Here’s Why you Need the Perfect Name
To be clear, lots of companies, both past and present, have understood that without the ideal name leading their business, there is little possibility of success.
And that’s why companies like Sound of Music changed their name to Best Buy, Brad’s Drink changed its name to Pepsi, and Burbn changed its name to Instagram.
By getting a solid brand name, these companies took monumental steps to improve their brand identities by:
- Regularly attracting new customers
- Building a loyal client base
- Attracting talented and committed workers
- Creating an exciting corporate culture
- Generating buzz and excitement in their specific niche
- Boosting product sales
- Reducing the cost of running advertisements
Now that you know what your company stands to benefit from a great name, it’s time to learn how to select the finest name for your company.
How to Find the Perfect Name for Your Company
Picture your Business in the Future
Understand that the level of success that any entrepreneur achieves with their company is directly related to the quantity of knowledge they know and apply.
So, if you want to build a product or brand that will captivate your target audience, you’ll need to collect a lot of information about your audience, business rivals, and how your specific industry operates.
And sure enough, if your budding brand must obtain the greatest results for your business, then you must gather a lot of information about all these areas.
So, begin by gaining a comprehensive understanding of what works and what doesn’t work in your sector. This would help you understand your customer’s expectations and how you can satisfy them with your brand’s personal touch.
Choose a Great Brand Tone
The tone of a brand is the compelling force that determines how strongly people are going to be drawn to your name. If you don’t get the best tone for your name, your brand will lose its strength and wouldn’t be able to connect with your target audience.
Now, the key to getting a fitting tone for your company is to understand your business and its customers. This would help you establish a tone that’s consistent with your customer’s requirements, dreams, and expectations.
Apple is simply the name of a fruit, but Steve Jobs transformed the word with his brand’s identity. It now stands out in the IT industry as a simple, beautiful, and one-of-a-kind company that thinks differently.
Know Your Brand’s Elements
Your brand’s elements stand at the core of your company. They aren’t just vital indicators that’d point you to a great brand name; they’d also play an important part in structuring your business so it remains relevant to your audience.
And the best way to know your brand’s elements is to understand the major ideas of your brand, its core values, beliefs, stories, culture, and value proposition.
Get creative and let your imagination run wild. Look through a dictionary, thesaurus, and everywhere else for words that convey the message you want your brand to communicate.
Brainstorming needs a significant amount of time, concentration, discipline, and energy. And if all of this seems too much for you, create a team and inform them of your specific requirements so they can assist you in finding the finest name and making the process as simple as possible.
During the naming process, your team shouldn’t hesitate to use short, modern, intriguing, or even symbolic words because customers love brand names with deep meaning, so coming up with a unique word that reflects your brand’s essence may be the winning strategy for your business.
But if assembling a team isn’t your thing, a strong company name generator is your best bet because it can help you spot unique names that’d align with your brand’s elements and also pique your customer’s interest.
Trademark your Name
Using a name that someone else has already trademarked will throw your new company into a lot of legal trouble that it might not survive. So, make sure you double-check your name with the US Patent and Trademark Office to guarantee it hasn’t already been trademarked.