Businesses are always looking for ways to rise up above others because of its ever-competitive nature. WeForum.org reports that US entrepreneurship is at an all-time high, with goods seller applications growing 21.6% in a span of a few months. However, over 10% of all startups are projected to fail within the first year, and most of these failures can actually be attributed to poor business identity and branding.
But did you know that you can strengthen your business’ chances for success by choosing a great business name? Here’s how:
1. Learn the Connection Between Names and Branding
Your business name matters much more than you think it does, so it’s important to never treat it as merely an afterthought. According to a study published on ResearchGate.net, brand name is a tool that can possibly change people’s buying behavior. And although the image associated with your business can be built over time through conditioning and advertising, a strong name will almost immediately boost brand image and recognition. This will allow you to make a lasting impression and stand out in the crowd.
2. Turn Abstract Ideas into Concepts
Thinking of a suitable name is a creative business process that can feel a bit tedious – after all, there are millions of businesses that might be selling the same products or services as you are. But there are lots of online resources that can help you, especially if you feel like you’ve come to a dead end. Namechk.com is a business name generator that can help you speed up the brainstorming process. You can also use USPTO.gov to check if the business name you’re considering has already been trademarked.
3. Look Into Business Branding Trends
It would also be smart to look into the most current branding trends. According to Crunchbase.com, there have been several naming trends that have grown in popularity in recent years. Some of these trends include creative misspellings, word combos and puns, suffixes such as ‘y’, and many more. Brands such as Shopify, Transportify, and Spotify are only a few examples of the latter trend. Of course, there’s always the option to go against the trends and think up something completely new.
4. Draw Inspiration From Your Business Values
A great way to tie your entire business branding together is to choose a name that reflects what your business stands for. Our post on ‘Low Cost Opportunities‘ for instance, talks about the rise of part-time businesses being run at home. Perhaps you’re an aspiring entrepreneur aspiring to innovate or create unique products – don’t shy away from incorporating those ideals into your business name. Customers are also drawn to names that they can resonate to, or names that evoke any emotions or memories.
5. Choose a Name That Changes
We don’t mean this literally, though. Your business will grow and develop over time, and so will the playing field. This is why it’s important to go with a name that can grow with you. When choosing a business name and logo, for instance, you need to take into consideration how well it can undergo rebrandings, how it will fare when used on social media, and how collaborative it can be. If you’re thinking far into the future, you might even want to consider how your business name will be received internationally.
A Business’ Name and Its Success Can Go Hand-In-Hand
If your business name is in the works, there’s a lot of preparation you can do to make it as true as can be. And while there’s no exact formula for a successful business name, the most important thing is being able to send your company’s message to the right people and making a lasting impression to your audience.