All the planning, all the organizing, and all the managing have produced a compelling business plan that you expect to launch your company into years of delivering incredible products and services. There is just one problem with your business plan. You need to choose the most compelling and effective brand name. A memorable brand name does much more than making your business card look cool. As branding expert Marty Neumier writes in his book The Brand Gap, “The need for good brand names originates with customers, and customers will always want convenient ways of identifying, remembering, discussing, and comparing brands. The right name can be a brand’s most valuable asset, driving differentiation, and speeding acceptance.” Selecting the right brand name might seem to be a difficult job. However, once you get your brand name right, you can expect to reap several benefits.
Benefits of Choosing the Right Brand NameIf you created a list of factors that generates revenue for your business, at the heart of the list would be brand recognition. What is the most important factor in developing brand recognition? It’s called your brand name. Here’s why creating the right brand name matters:
- Enhances recognition for your business
- Creates trust among potential customers
- Complements marketing strategies
- Increases financial value for your business
- Motivates employees
- Attracts new customers
How to Decide on the Right Brand NameThe co-founder of Warby Parker, Neil Blumenthal, says his marketing team took more than six months to review around 2,000 options for a brand name before deciding on the right choice. Although your marketing team can utilize a service that makes it relatively easy to select a brand name, there is not a substitute for old school brainstorming to narrow your choices down to the best brand name. How do you complete a successful brand naming project? The promotional product specialists at GoPromotional work with hundreds of vendors, all of which underwent some form of a brand naming process.
Understand the Heart of Your BrandBefore you entertain ideas for a brand name, you and the marketing team need to answer the following questions about your company.
What Makes Your Company Special?If you ask one question on the journey to find a brand name, it should be this question: What makes your company stand out from the competition? You are not simply trying to choose the right brand name. Your goal is to select a brand name that defines your business. Is your customer service team the primary difference between you and the competition? Is there a product that makes your company unique in the industry where you operate? Determine at least one difference that sets your business apart from the rest of the field, and you can start brainstorming brand name ideas.
BrainstormingAfter you and your team put on brainstorming caps, keep the following factors in mind when choosing the right brand name.
- Easy to pronounce
- Carries a clear meaning
- Does not mean anything negative in other languages
- Fits the mission of your company