Creating the perfect name for a product, or business, is so intense that most entrepreneurs get so caught up in trying to generate a perfect name that they skip some crucial steps in preparation.
Trust us, when it comes to naming, you can’t afford to have words fail you. Why? For one, words—a brand’s name—is one thing that doesn’t just define your business but shapes its destiny and the success it’ll achieve in the future.
To craft a strong name that sets your product and business for success, it’s important that you’re in the right frame of mind, and understand your business, customers, and competitors. This way you can create 10X products, and offer outstanding services that’d take your business to the top.
That said, use these five easy steps to prepare yourself for any naming project.
Identify Your Target Audience
Generating a name without knowing your audience is like trying to walk in the dark—you’ll certainly stumble.
Understanding your customers and their needs is the best way to generate a great brand name that positions your business to meet those needs.
Remember, just the same way you can’t afford to waste valuable time dancing to every tune, and trying to please everyone, your business needs to focus primarily on its target customers.
Consider ASOS, the British online fashion and cosmetic retailer. Their name, an acronym for ‘As Seen On Screen’ targets young customers who want to appear like the celebrities on TV.
Study Your Competitors
Now, even though you’re running a sensational startup, the odds are still stacked against you. You’ve got to outperform your competition—established companies with bigger budgets and more visibility than your startup—if you ever hope to be recognized in your industry.
And to do this effectively, you need to put in twice the effort and understand:
- Your competitor’s brand name, logo, colors, and what they communicate.
- Their brand voice and tone.
- Their products, services, and target audience.
- Their marketing strategy.
- Where your competitors succeeded, and also where they failed.
Study The Essentials of Branding
Understand that brand names aren’t enough in creating a perfect blend of expectation and reality, so build a strong brand image that enhances the full potential of your business.
By now, it should be fairly obvious that to build the best brand for your business and stand out in the market, you’ll need to acquire sufficient knowledge of branding that comes from understanding:
- Your brand’s voice, image, and story.
- Its Mission and Vision Statement.
- Its position in the industry.
- And also its values and personality.
Set Up Your Naming Criteria
Now that you’ve identified the essential ingredients to building a great brand, it’s time to bring these ingredients and tools together and set up a naming criteria that’d help you create a brand name that communicates your values and services in an appealing way.
It’s important to note that naming criteria are principles or beliefs that’d help you piece your brand together. The basic naming criteria answers questions on:
- Uniqueness: How does your name intend to stand out in its industry?
- Relevance: Does your name perfectly fit your business goals, or does it sound like something for another industry?
- Spelling and Pronunciation: Is it easy to say, and spell? Spelling your business name shouldn’t turn into a spelling test, and neither should it be a tongue twister.
- Likability: Do people love and enjoy using your name? If not, keep looking.
- Growth: Would your brand name limit your business or support future growth?
- Security: Is it available for trademarking? Although securing and trademarking your name shouldn’t be a hassle, choose a name that’s easy to defend.
Set The Rules, and Your Team Too
Your naming team would run in circles if no prior rules and guidelines are established beforehand. So make sure you set up sufficient naming criteria before calling in the cavalry.
Your naming team needs to function effectively and brainstorm unique name ideas for your product and business, analyze them, and also work on getting both internal and external feedback on these names.
This way they’d find it easier to select the best name that achieves product-market fit.
Branding creates a beautiful visual canvas for your company, without establishing a solid brand, getting the perfect name for your business would be like navigating a twisted web—something you don’t have the time to afford.
Highly successful companies dedicate time and mental skill in researching and preparing for a naming project, whether it’s for a product or a full company rebrand. So make sure you build a strong name that’s worthy of your business.