Choosing a great business name isn’t an easy task. The challenge comes from the immense pressure to summarize your business ideas into just one or two words. The difficult part is you have to do this while making sure your name makes sense, grabs attention, stands out, and is solid enough to help build an effective brand.
Boiling down all of your ideas and distilling them into a single name can be challenging, especially if you don’t have a framework to sum up all of your ideas in one, concise statement. A project statement is a great start to the process when you’re brainstorming business names. A concise project statement helps you set out your key branding ideas in a short 1-2 sentence statement.
When giving your business a name, there are a couple of common mistakes that slow down the process and distract from the goal.
In this article, you will see how you can distill the perfect amount of information into a short, clear project statement that will help you create a brand name that will be the foundation of your brand and your future growth. You will also learn what specific elements your project statement should have, how to craft a great project statement, and how this process will help you come up with the perfect name.
What goes into a project statement?
Because your project statement is just an overview of your brand, you need to focus on encompassing your brand’s tone along with a few secondary branding elements. If you’re wondering what those are, don’t worry. We will explain them below.
Setting Tone with Your Brand Name
Your brand tone should be how you want to instantly come across to your target audience. This is the foundation of your brand. If you choose the right tone it will help you connect with the right people. We think of tone in five brand naming styles:
- Modern: This is a tone that sets your business apart as unique and innovative
- Classic: This tone highlights core values like trustworthiness, preeminence, and luxury.
- Clever: A clever tone makes your business come across as lighthearted and fun.
- Pragmatic: This tone sets your business up as direct and down to earth.
- Emotional: The right emotional tone can help your brand resonate deeply with an audience.
The tone that you choose will control the way that your brand is received. If you compare the business names Alchemitics and Plain Beauty, you can see how tone controls your business name and brand perception. While both of these brands exist in the beauty industry, Alchemitics takes a modern, and unique approach, while Plain Beauty is more pragmatic with a slightly emotional pull.
Secondary branding elements in your business name
These elements are useful to help you add definition to your brand and name. Include a few of these ideas in your project statement to narrow your focus.
- Big ideas: What’s the big picture behind your business plan?
- Values: What business values drive your brand?
- Stories: Is there a narrative behind your business that you want to capture?
- Industry specifics: What industry specific values do you want to align with?
- Benefits: Which certain benefits does your product or service provide?
- Feelings: Are there any emotional feelings you are trying to elicit from your audience?
By combining your tone and a few secondary branding elements listed above, you can summarize the core elements of your brand in your project statement.
For example, if you were opening a magical garden, your project statement might look something like this:
- I am looking for a strong, intriguing name for a garden that sells rare and exotic plants with magical properties. The name should speak to mystery, magic, and healing.
Your project statement needs to apply a few core concepts to condense your brand to just a sentence or two.
How can a project statement help me?
Think of your project statement as a very simple statement to frame the naming process so that you end up with a name that supports your business’s long-term success.
If you consider the tech giant Apple, their project statement may have looked something like this:
- We need a distinctive, modern, and intriguing name that positions our technology as achievable, user-friendly, everyday items.
Apple, with this in mind, is the ideal business name because it fulfills the criteria set out by the project statement.
Great names should support your business through this understanding and traceability. A project statement should not only lead to the perfect name that strongly encompasses up your brand identity, but also help you select that name with confidence.
In reality, the name you choose probably won’t be love at first sight scenario. Need to find a name that matches all of the criteria outlined by your project statement. Instead of worrying about your subjective emotional resonance when selecting a brand name, this statement allows you to apply logical criteria when considering a name. If the business name idea matches all of the criteria that is laid out in the project statement, then it is a good name for your business!
A project statement can also help alleviate any tension around possible names in the boardroom. Multiple stakeholders can be on the same page about a brand and the name because everyone will have the same project statement that they can refer back to. This will help save everyone time that would have been wasted arguing over names.
Finally, a project statement will help you concentrate your focus so you can brainstorm a solid name that summarizes your brand. To start bringing your statement to life, try testing it out by coming up with one name for each genre of name on this list great business names.
After all, the success of your business is closely attached to the strength of your brand name. Businesses with exciting, memorable names perform up to 33% better on the stock market while also creating awareness and referrals because they’re easy to pass along to friends and family. With a solid and well thought out project statement, you will be able to find the perfect name for your business in no time at all.
Start brainstorming your own project statement by distilling your ideas with this proven approach to naming your business. Get help, and get second opinions. When you invest time and resources into your brand name, it pays off.