One of the most important parts of building a new business is coming up with the name for it. A brand name is more than just a name. It’s how customers will find your website and social media accounts. It’s what investors will use as the beginning basis of whether to put money into your business.
Branding is a name, but it’s also logos, color schemes, and much more. Even so, creating your brand needs to begin the name. Many people use a brand name generator to help them begin the brainstorming process. As you decide what works for your company, remember why choosing the right name is important.
Your Brand Name Conveys Your Values
Your brand name conveys your company’s values and overall mission. It is important that it matches your goals. A name that doesn’t provide any detail or creativity is often one forgotten by customers and potential investors alike.
Choose something that appeals to the type of audience you hope to win over. If your company is one that caters to other professionals or businesses, stick to something professional. An obvious play on words (a “dad joke,” if you will) isn’t as likely to be taken seriously.
On the other hand, if your business caters to families, Millennials, or an otherwise “individual” crowd, a cool play on words may be just what you need. Just remember, some things are offensive. Choose wisely and if you in doubt, toss the idea out.
Your Brand Name Offers a Competitive Edge
A strong brand name stays in people’s minds, which is likely to offer your company a competitive edge. Think about it. When you think of clothing stores, grocery stores, or even credit card companies, chances are one or two names come to mind first. Chances are those same names come to the minds of anyone else you ask, too.
There are dozens upon dozens of each of these types of businesses, but easy-to-remember names with recognizable branding are the ones people think of first. Remember, in the case of being memorable, the name is just part of the equation. You’ll want to create a color palette, logo, and tagline that complements your brand name and is easy to identify.
Your Brand Name Determines Your Internet Presence
Your company’s internet presence is one reason it’s so important to find just the right brand name, especially if your business operates in a saturated industry. The best branding means your website’s domain name will match your company name, and your social media accounts will follow suit.
If you name your business “ABC,” but there are already a dozen other businesses using “ABC” or similar names, you won’t be able to purchase the domain name you need or create the username you want on social media. As you focus on coming up with your brand name, search for it on Google and on social media to see if similar names come up. It is also important to run your ideas through a trademark search to ensure you aren’t infringing on someone else’s branding.
Your Brand Name Has Financial Value
What you might not realize is that your brand name can even affect your company’s financial value. As a startup, creating and trademarking a brand name shows potential investors that you’re serious about your company and getting it off the ground. As your business grows, your brand name will become even more important, especially if you intend to make it part of the stock exchange.
The better your brand name and the designs and logos affiliated with it, the higher your company will be valued on the stock market. Consistent branding ensures you continue to bring in investors and customers alike, which helps to keep your business successful.
When you’re excited to get a company off the ground, it can be tempting to go with the first name idea that pops into your head. Remember, though, once you start branding, changing the name will be harder. Sit with your ideas for a while and run them by trusted friends, family members, and industry peers before signing on the dotted line and beginning the rest of the branding process.