Introduction

In today’s world, with an estimated 30 million companies, it’s becoming increasingly difficult to stand out among the competition. Whether you’re a small Mom and Pop shop or a global brand like Coca-Cola or Apple, creating a brand name that positions your company in a crowded marketplace is crucial. In this blog, we will discuss the key factors to consider when choosing a great business name that will help you grow your brand.

What Makes a Good Brand Name?

In 2010, a study conducted by the University of Alberta found that customers responded well to repeatedly structured brand names, such as Coca-Cola, Kit Kat, and Jelly Belly. These repetitive brand names had a positive impact on consumers’ reactions to cross-selling, product choices, and branding elevations. A good brand name can have various characteristics:

1. Meaningful: A brand name that cultivates a positive emotion and connection.
2. Visual: A brand name that is communicated through design or logo.
3. Distinctive: A brand name that stands out from competitors.
4. Accessible: A brand name that is easy to interpret.

These are just a few ways in which a brand name can provide value. However, the most important question to ask yourself when creating a brand is whether it resonates with your audience.

Consider Your Target Audience

Before choosing a brand name, it’s crucial to consider the audience you’re targeting. Different audiences may have different preferences and cultural values. For example, if you’re targeting hedge fund investors, a name like “Jelly Belly” or “Coca-Cola” may not be suitable. It’s important to understand your audience’s needs, wants, and desires, and ensure that your brand name aligns with their expectations.

Selecting the Right Type of Name

Once you have a clear understanding of your target audience, you can begin selecting the type of name that best suits your business. Here are some options to consider:

1. Founder’s Name: Some people successfully use their own name as their business name, such as the Michael Jordan Brand and Elon Musk’s Tesla.
2. Acronyms: Shortened versions of descriptive names, like KFC (Kentucky Fried Chicken) or Geico (Government Employees Insurance Company).
3. Descriptive: Names that accurately describe what your business does, such as American Airlines or Home Depot.
4. Suggested Names: Real, composite, or invented names that have specific meanings or associations, like Uber, Facebook, or Pinterest.
5. Associative: Names that have a metaphorical meaning or reflect back to the brand, such as Sirius XM.
6. Names from Other Languages: Sometimes, a name may not make sense in your native language but could have a significant meaning in another language. An example of this is Hulu, derived from a Chinese term representing a bowl that stores precious things.
7. Abstract: Names that rely on phonetics and have a powerful sound, like Rolex, which rolls off the tongue and conveys a luxurious connotation.

When choosing a brand name, it’s essential to ensure that it can be trademarked or copyrighted, protecting your brand identity.

What Should Your Name Say?

Your brand name should align with your brand vision and mission statement. Instead of describing your business directly, your brand name should evoke an emotional appeal. For example, Nike’s brand name represents winning, overcoming adversity, and being a champion. Coca-Cola evokes a sense of nostalgia, happiness, and spending time with loved ones. Your brand name should articulate your brand heart and resonate with your target audience.

To find the most successful brand name, consider testing different options. Run targeted ad campaigns, direct traffic to landing pages, and conduct surveys with friends and focus groups to gather feedback.

Trim Down Complexity

The stickiest brand names are simple and easy to pronounce and remember. If your brand name is too complex or difficult to pronounce, it may have a negative effect on brand recall. For example, Jeff Bezos initially wanted to name his company Cadabra, but due to a miscommunication with his lawyer, it became Amazon. Ensuring your brand name is simple and memorable is key to its success.

Make Sure Your Name is Available

Before finalizing your brand name, conduct thorough trademark searches to ensure that it’s not already taken. Each country has its own trademark search engine, which can help you determine if a name is available. Additionally, check if your chosen name has any negative meanings or connotations in other languages. Doing your due diligence will prevent any legal or cultural issues down the line.

Conclusion

Choosing a great business name is crucial for building a successful brand. By considering your target audience, selecting the right type of name, conveying your brand vision, keeping it simple, and ensuring availability, you can create a brand name that resonates with your audience and helps your business stand out in a competitive market. If you need further assistance in growing your brand, consider reaching out to our ad agency, NP Digital. Thank you for reading!