The Saving Power Of Brand Name
The worst thing you can do for your business, like, most ‘untrained’ business owners do, is to undervalue your brand name.
First: How Important Is Branding?
Content Marketing Institution, CMI, has shown that 89% of marketers identify branding as a crucial goal for their business, and Forbes agrees that businesses with strong brands generate a higher Earnings before Interest and Tax (EBIT) than their weaker competitors.
You can’t afford to ignore getting a solid business name, especially in our economy that devours businesses at an alarming rate of 49.3% in five years, not including struggling businesses.
Don’t join the 26% of businesses that lack any form of brand identities because you’ll find it impossibly hard to generate leads and effectively market your brand.
What Your Brand Needs
Simply put, your brand name is its personality, and why’s that? Because it’s the only way customers identify your business and the services it offers. And the best way to stand out from the plethora of businesses out there is to get your brand a solid name, a fitting logo, and a memorable brand voice.
Remember. Your business’s name is really important to the success of its marketing campaign, so getting your business name right doesn’t just build a solid bridge between your business’s management, staff, and customers but also makes it a lot easier to win investors.
Before We Begin, Take a Deep Breath
Now, before you run off considering every name that comes to mind, know that nothing stands alone, not even branding. And for your brand name to be truly effective and communicate your values, you need to consider these naming elements:
Big Ideas: Transform your ideas into values that define your brand’s creativity and role in the market.
Value: Don’t hesitate to share your brand’s uniqueness and tell the world what makes you different.
Brand Story: How’d your business get to where it is today? How has it evolved?
Target Audience: What age demography do you intend to appeal to?
Benefits: How can your services help your target customers?
Feelings: What emotions do you intend to trigger within your customers?
Value Proposition: What should customers expect from your brand and products?
Don’t forget to fine-tune these elements at any point in the naming process, because answering these questions would go a long way in softening the naming process.
5 Easy Steps To Naming Your Brand
Now that you understand that picking a brand name at random won’t probably work for you, here are five key steps to help you intentionally build the name your brand needs.
1. Know Your Message, Know Your Audience
First, take the time to identify and define your branding elements, the ideals and responsibility that’d maximize your general growth and discard those that won’t do your business any good.
Understand that your message is doomed to fail if you don’t consider your target audience and tailor every concept to suit their needs. This should remain a continuous process, being that the needs and values of people, and society at large, change constantly.
Now, Zappos is one brand that captured this perfectly. The online shoe retailer has consistently placed their customers first and successfully built a solid relationship with them.
A look at Zappos’s homepage gives an excellent picture of this.
Besides appreciating their customers, Zappos was quick to take an active stand in support of the anti-racial movement, something that resonated with their customers.
So keep in mind that for your brand: The past is valuable data, the present can be influenced, and with just enough information, the future won’t be too much of a mystery.
You’ve taken the time to understand, not just your branding elements, but also your message and target customers. Now it’s time to assemble your team and begin writing every name that meets your specifications.
Ensure these names stand out by measuring them with the C.A.R.E system:
Context: What should your customers expect from your brand?
Appeal: Would it hold the interest of your customers?
Remarkable: Can your customers talk about it?
Evocative: What emotion does it trigger in your customers?
Brainstorming can be mentally challenging, most business owners beat themselves for not coming up with the perfect one. But, know that there’s no perfect brand name out there. You can still poke holes in the best ones. Why’d you name your tech business after a fruit?
3. Get Professional Help
By now, it’s obvious that branding isn’t something you do unprepared. But that shouldn’t scare you because, with the right people around you, it’ll be a breeze.
There’s generally two paths to enlisting help. Your every day in-house team, or naming experts. If you choose to stay indoors, then use materials from Squadhelp, the world’s number one naming platform, as a guide to help you assemble your team, share your criteria, brainstorm, and fine-tune your business name.
4. Securing Your Brand Name
The sad reality is that there just aren’t many names available anymore. Nearly all the perfect words in the dictionary have been snatched off the table, so the worst thing that could happen, when you get a name, is losing them because you didn’t protect them. So here’s how to secure your business name.
Secure Your Domain
We begin with a very important business asset, Domains. Just like Google suffered with Alphabet Inc, it can get really frustrating when the domain of your original name is already taken. So get your business an online domain, so you don’t lose valuable online traffic.
Make sure you register your selected business name with the Patent Office because the lawsuits and legal nightmares could ruin your reputation and kill your emerging business.
Easy and Memorable names get remembered and found, and marketable names generate sales and grow into massive companies. So, for you to remain in the minds of your customers, you need to test if your selected brand name lives up to expectations. You can’t afford to ignore this aspect.
One of the simplest ways to test your brand name is to mention it to your friend in a crowded bar. Their reaction would tell you if your name is memorable and give you a quick glimpse of how potential customers would react to it.
Another way you can test your brand name is by asking open questions like:
a. Which one of these all-organic bread bakeries are you most interested in trying?
b. Which of these customer-focused banks do you want to learn more about?
But try not to ask questions like: Which one of these names do you like? Because your goal here is to get the best result by putting your audience in a decision-making state of mind.
So Get Digging
A major contributor to a business’s survival rate is the strength of its name, so take the time to know what your brand needs, understand your message and target audience. After all, who doesn’t want to maximize their marketing potential?
About The Author
Grant Polachek is the Head of Branding at Inc 500 company Squadhelp.com, the world’s #1 naming platform, with 25,000+ customers from early-stage startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation. Get inspired by exploring these winning business names ideas.