How Biggest Brands Choose Names For Their Business Ideas
Choosing perfect names for your business ideas can be really frustrating. The name will become your brand. That’s how everyone will know you. It is definitely not an easy task.
The right name can be a really valuable asset to differentiate you from your competitors. But the wrong name can cost thousands of dollars and ruin your brand image. So choose wisely.
With so many businesses starting each day, the pool of names to draw from is getting smaller and smaller.
Lets learn about the various(really important) techniques that the big brands use to name(s) different business ideas that resonate with you and your customers both.
Things to keep in mind before selecting names for your business ideas
1. Understand your target market
This is not only important before choosing a name but also before making a business plan. Understanding your target market is crucial before anything else.
- Language(they use)
- Demographics(age,gender,location, occupation,annual income,level of education)
Of your target audience.
Along with this, great names can be inspired by the niche you aim to serve. Your business name should reflect the niche of your business.
2. Type of your business names
The names for different business ideas can be inspired by a lot of things.
- Naming after a person(the founder, iconic person). Eg: Tesla, Ford, Ferrari
- Meaning in Different culture. Eg: Sony(comes from latin word Sonus= sound)
- Solution focused names. Eg: Slimfast
- Descriptive names. Eg: Home hardware
- Using a real world. Eg: Amazon( Amazon being the largest rain forest, by association Amazon being the largest retail company on the planet)
- Combination of two words. Eg: Facebook
- Making up a word. Eg: Ikea
- Word modification. Eg: Google
- Using an acronym. Eg: CBS
- Alliteration. Eg: Coca-cola
3. Decide what you want your business name to mean
Brand names are not just words. They are like vehicles through which you are communicating with your customers. Apple has built a brand so strong that people are ready to pay anything for it’s products. That is the power of branding.
A good brand will communicate who you are. The best business names communicate big ideas and elicit an emotional response.
- The name NIKE inspires us to pursue greatness.
- The name Tesla embodies the pursuit of innovation.
4. Brainstorm session
Make a list of potential names. Don’t hold back, write all the names coming to your mind. These are the things to keep in mind to find inspiration:
- Explore keywords related to your company’s products and services.
- Go through the dictionary.
- Use thesaurus for synonyms.
- Discuss with your friends, coworkers and family.
- Try crowd-sourcing the name.
5. Name availability
Once you have a list, mark down your favorites. Remember, it’s not necessary that all your favorites will be just available. That’s why, have a good number of names with you.
Before choosing a particular domain, it’s better if it’s available in .com as everyone is familiar with .com country code.
Make sure you are legally allowed to use the business name.
Next, check for social handle availability. Your business exist only if your social handles exist. People are more active on social media and you obviously want to take your business where it can be seen by a large number of people.
Other things to keep in mind before choosing names for business ideas
1. Your business name should not mean anything negative in any other culture or country. It should be future proof.
2. Try to make it catchy and memorable.
3. It should be easy to pronounce and spell in prominent customer countries.
4. Shorter names are easier to remember than long names.
5. Try to make it funny or clever.
Starting a business is already difficult, so make choosing your business name fun. Just make sure, your business name will be the first hook to attract your potential customers. Do it wisely, it’s going to be with you for a long run.
Thanks to those business names generators who make our work much easier. We shall discuss about the best business name generators available. Stay tuned!