When it comes to building a business, the amount of variables one needs to take into consideration seems to be endless. From building your product to keeping your customers happy to marketing your company - the list goes on and on. Because of this, upon initial thought, finding a terrific name for your company may not seem like the highest priority.
Yet, despite common belief, settling on a creative and memorable name for your business is paramount to the success of your company for a number of reasons. Here are some of the reasons why as well as how to discover the best name for your company.
1. Competition Overload
In today’s cutthroat marketplace, there is an overwhelming amount of choices in virtually every category. Every time we scroll down our news feeds on Facebook and Instagram, we’re bombarded with sponsored posts and advertisements. Every time we click to watch our favorite YouTube channel, we are usually first shown a pre-roll advertisement. Every time we shop on Amazon, we’re exposed to an immense amount of products for anything and everything we can dream up.
In short, because the barriers to entry to starting a business are lower than they ever have been (thanks to the advent of the internet and overall accessibility), there is also more competition than ever before. Due to the sheer volume of choices in the marketplace, consumers are now starting to—whether consciously or subconsciously—looking for reasons not to buy a product or service. As a result, aspects of companies which might have seemed insignificant previously, such as color palette or logo or website design, are now more important than ever because it’s another way consumers perceive your company as high-quality or low-quality.
Today, perception is the reality, and if a prospect has the choice between a company with great design and one with poor design, they’ll naturally pick the former. If a prospect has the choice between a company with a great name and a forgettable name, they’ll naturally pick the former as well. This is exactly why it’s so crucial to spend an adequate amount of time when it comes to finalizing your company’s name.
2. Level of Discoverability
Additionally, having a memorable and relevant business name is important when it comes to your ability to be discovered on search engines and across the online world. When formulating your name, be sure it is both relevant to the services you offer and unforgettable so you can put yourself in the best position possible to be discovered online and beyond.
3. Immediately Establishing Identity
A name breathes life into an idea and then molds it into a brand. That’s why it’s important to align the name of your company with the ideals, ethics, and identity you want your brand to reflect. A name is likely to be the first perception someone has of your company, so be sure to make it count.
- Does your company have a funny and humorous side to it? Then embed it into your name.
- Is your brand extremely polished and professional? Be sure it is mirrored in your name as well.
How to Find the Right Name For Your Business
Now that we’ve quickly discussed why you should spend a respectable amount of time choosing the name of your business, we will dive into how to actually create the perfect one. Here’s where to get started:
1. Hold a brainstorming session.
As the saying goes, two brains are better than one. By the same token, three or four or five brains that are aligned with one common company vision are a whole lot better than one. When trying to formulate which ideas to go with for your company, get your whole team involved by pulling out the whiteboard and hosting a brainstorming session. By getting the two cents from multiple people on your team, you’re much more likely to “strike gold” in terms of coming up with the perfect business name.
2. Get validation.
As an entrepreneur, it’s extremely easy to get tunnel vision and lose your ability to be objective when building a company. Because of this, once you have settled on a name you and your team both love, it’s time to venture outside of your own organization. Begin pitching the name of your business to people who you know will give you honest feedback. If the overwhelming majority of the people you speak with think it’s a memorable name, then you likely have a winner. If not, then it might be time to go back to the drawing board.
3. Make sure the name isn't already taken.
Before you get too excited about your name, make sure it isn’t being used by anyone else. To do this, start with a simple Google search to see if the domain is already registered or not. It’s also important to check and see if anyone already has the name trademarked or patented, which can be verified through Google Patents. If you fail to conduct the proper protocol prior to going all in with a name, you may end up with a lawsuit on your hands, which has the power to terminate your business before it ever gets off the ground.
4. Use Brandroot.
By using our service here at Brandroot, not only will you know whether or not a name is already being used, but you will also save yourself time and energy because you won’t have to come up with the name yourself. We have an immense amount of business names and domains ready to be purchased through our platform. No matter what kind of business you have, Brandroot is a terrific place to start searching and brainstorming ideas for your unique name.
When it comes to launching your business, having a distinct and effective company name is one element that is often overlooked or downplayed in terms of perceived importance. Yet, a name has the power to put you at the top of the mind of the consumer or at the very bottom and should be looked at as a vital component to starting a business. If you are searching for a brand name or considering renaming your current organization, start by applying the easy tips and principles laid out in this article. Good luck.