Congratulations, you’ve decided to take the entrepreneurial leap. You have your idea fleshed out and a business plan waiting in the wings. Now for a pivotal part of the journey, you have to choose a name for your business.
Finding a name that speaks to your startup and resonates with potential customers can be a daunting decision, but an important one. After all, a memorable name can help your business stand out from an ocean of competitors.
Words have power
Studies have shown that a strong name performs up to 33% better on the stock market than weaker names.
The bottom line of your startup depends partially on the ability of prospects to remember your name therefore the importance of selecting a memorable name is clear.
Even if it’s just a few more downloads or purchases, these marginal advantages cannot be ignored. A forgettable name is, just that, forgotten.
How to choose a business name in 4 steps
When naming your startup, you need to make sure you go about it the right way. As business naming experts, Squadhelp has devised a systematic approach to the brainstorming process.
Step 1. Venture
Begin by collecting the broadest ideas that make up your business. Include any big ideas behind your startup, from your story to your operations. If you don’t know where to begin, start by describing the day you first dreamed up your venture until the present moment. Concrete, clear, and well-defined ideas are much easier to name than hazy, vague ones.
You may also begin the process with this name generator to spark the brainstorm. After a short quiz, the AI-powered name search will offer personalised recommendations.
Step 2. Brand
Next, you’ll want to narrow down your ideas until they are essential to your brand. Review and reflect on your ideal brand. Branding is how you present your startup to the world. Take a moment to deliberate on your startup’s aesthetic and tone.
The tone is the attitude toward your business conveyed by choice words.
« The tone of your business should speak to your audience while also appealing to your business aspirations. »
The right tone will set a foundation for your startup and allow you to control how your brand is perceived. Think of fashion retailers Fossil versus Gucci. People who are shopping for purses or high-end products will gravitate towards Gucci, whereas Fossil makes a direct appeal to those seeking durability, practicality, and quality.
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Step 3. Value Proposition
As you continue to narrow your focus, formulate your value proposition. This is a short one or two sentence explanation on why people should care about your business.
Today’s average customer is overwhelmed with startups vying for their attention. Decision fatigue is real.
Conceptualise why the customer should choose your business over competitors. Highlight the key qualities and benefits your startup offers.
Your name doesn’t just affect the perception of your brand. It contributes to customers purchasing your product or visiting your site, even if they don’t realise they are making those snap judgments. This will further hone in on your name.
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Step 4. Name
Lastly, review your brainstorm. Look at the word or words used by you, your team, prospects, partners, or the industry. What is used over and over again? From there, you can distil your ideas into just one to two words, which will become your new business name.
Your name is truly the cornerstone of your brand. The name of your startup is the first impression your company will make on potential customers as well as the team you hope to recruit. Your name is your brand’s identity channelled in one or two words with the power to cultivate a following.
Think of startups like Sweetgreen or SoulCycle. Selecting a name that will resonate with your target audience will help to drive customers from casual users to loyal brand advocates.
Looking for marketing & branding experts to help you out?
Yeeply works with some of the finest marketing professionals across the globe. We can put you in touch with top-notch communication and branding experts, growth hackers etc. that will scale your start-up.
Without effort, without wasting time and before than you think, you will have several candidates at hand ready to help you put your company on the track of growth.
And as always, our internal certification process guarantees that you have the best professionals at your disposal.
Contact us by clicking on this link to tell us about your project’s goals and we’ll get started. We look forward to your enquiries!