Naming is something that defines you and your business for life, just like naming a newborn baby, naming your venture too is critical. Although, once named it can be changed at a later stage, but that later stage can be critical and impact your venture.
Some of the troubles of renaming the brands at later stages could be;
- Losing on recall value by customers
- Additional marketing cost to showcase rebranding to the broad audience
- Redeveloping the trust in investor circle
- Of course, the additional cost to hire the agency to do it the right way for you.
In this article, we will understand the critical process of naming your business, and it is broken into 3 pieces for easy understanding.
Defining your business.
Before you get into the brainstorming mood, to pick a name, you would need to define your business in words.
- What is it that you provide to your customers? Your product/services?
- What is your vision with your brand?
- What is it that you want to communicate?
- Where will your product be sold?
- Who are your ideal customers?
Come up with a pitch about your business in one to two lines that should help you get precise with what you want.
Determine where do you wish to connect
Your brand name needs to have an objective, as it could be defining your legacy or invoking a feeling in the minds of consumer or straightforward talking about your product.
The best way to do this is to define at which level you wish to connect with your potential customers. It could be;
- Emotion/Feeling that you wish to connect with customers
- Your product/service usability
- Abstract /Invented names that have no defined meaning, but you wish to define it with your venture
This will help you define the desired feeling at which you wish to connect with your clients/customers
Let there be a storm
After defining what you are into and where you wish to connect, its time for you to let loose, you need to come up with as many names as possible, not all could be relatable/correct/applicable/etc., but the trick is not to stop thinking and put everything on your whiteboard.
While the previous steps were very close and personal to you, you can choose to consult a branding agency for naming it further.
Business naming can be a tricky job because it is going to stick with you for long. For it to work, you need to understand its relevancy, connection with the target audience, etc.
Some of the names styles that work from brands can be;
- Flickr, Quickr (A name formed by misspelling the word)
- IBM, KFC (Acronyms)
- Kodak, Viagra, Internet (Invented Names)
- Range Rover, Land Cruiser (Descriptive Names)