There are an estimated 30000000 companies in the world today. That's roughly one company for every 26 people. With so many brands in the world, ranging from huge brands like Coca-Cola and Apple, to small brands like Mom and Pop shops. It's becoming harder and harder to stand out. So how can you create a brand name that can help position your company in this increasingly more competitive scenario and stand out from a huge crowd? Today I'm going to teach you how to choose a great business name that will help you grow your brand.
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There are so many businesses nowadays, it can be hard to find a good business name. Over 627000 businesses open each year, according to the Small Business Administration. That is 627000 fewer names to choose from every year. Well, if you're worried, don't worry, I'm here to help, so don't worry.
First off, let's start off by going over what makes a good brand name.
Repetitive brand names affect consumers' branding elevations, reactions to cross-selling and product choices. A good brand name can be any number of things.
Meaningful, right? That cultivates a positive emotion and connection.
Visual, brand name that's communicated through design or logo. Distinctive, stands out from your competitors.
And Accessible, easy to interpret. These are just a few ways in which a brand can provide value. However, the most important question that you need to ask yourself is, especially when you're creating a brand, does it resonate with your audience?
The first thing is, consider the audience you're targeting. If you're targeting a hedge fund investors, do you think a name like Jelly Belly or Coca-Cola would work? Especially for creating some hedge fund type of product? Of course not.
So the first thing you want to do is consider the audience that your brand is targeting.
If you have a poor understanding of the audience you're targeting, the next steps will fail. So it's important that you really put your audience in the center of everything.
The second thing you need to do is select what type of name you want.
Some people can successfully get away with using their name as their business. These are typically embodied in their vision of the founders. An example of this is the Michael Jordan Brand himself, right? Jordan shoes. He's using his last name.
The next one is acronyms. These are shortened versions of descriptive names.
The third one is descriptive. The name of your company can legitimately describe what your business is. American Airlines, Home Depot. These are examples of names that tell people exactly what the company does. This avoids any confusion. It can be boring at sometimes, but it works well.
The fourth one, suggested names and there are three types.
Real, these are terms that are taken straight from the dictionary.
Composite, mixing to dictionary words together into one. Facebook is a prime example of this.
Invented. Sometimes they're just not enough words in a dictionary to come up with your own brand, so you have to invent one.
The fifth one is associative. A reflective meeting back to the brand, a name that has a metaphorical meaning, such as Sirius XM, right?
The fifth one is names that derive from another language, right? See, sometimes a la–, name won't make sense in your language but it will make sense in others.
The next one abstract name. This is where the power of phonetics comes into play.
Now a pro tip for you, make sure it's a name that can be trademarked or copyrighted.
Now the third thing, you want to decide what your name should say. Ask yourself, what is your brand vision? What is your company's mission statement? The best brand names don't describe, instead, they translate into some sort of emotional appeal. You want your brand to articulate your brand heart.
You need to figure out what your big idea is and how you can translate that into your brand name. You can even try testing with different brand names to see where you find the most success.
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