Five Ways Your Brand Name Can Boost Your Business
So, you finally started that business you’ve wanted to start for so long now. You put in a ton of blood, sweat, and tears and came up with a company that not only helps lots of people meet a specific need, but provides solutions to some really painful problems.
You wrote a comprehensive business plan and determined the legal stand of your business. You got your products and services ready, and looked over everything one last time before jumping headfirst into the overcrowded world of business.
But after all that effort, your business didn’t even make a splash.
No one noticed. No one looked your way.
Sure, a few clients said ‘hello,’ but that’s nowhere near the level of response your awesome problem-solving business should be attracting.
Sadly, a lot of businesses like this die shortly after their creation. But don’t panic because there’s a simple solution, and that’s branding.
A solid brand can be what makes the difference between the success and failure of your business. According to Jeff Bezos, “Your brand is what people say about you when you’re not in the room”.
The key to establishing a powerful brand starts with a solid brand name. If you’ve ever wondered what a solid brand name contributes to your business, then here’s everything you need to know.
Why Creative Brand Names Matter
A brand is more than just a logo; it’s a business’s personality that makes its products and services easy to identify.
Branding does an excellent job of connecting your business’s name, online presence, products, services, and logo. This way, customers can easily identify and build rapport with your brand.
Now, before Amazon became the eCommerce giant it is today, selling over 4,000 items per minute in the United States, it went by the name Cadabra, a name Bezos pulled out of Abracadabra.
But despite Cadabra’s magical origin, customers found it confusing. It sounded a lot like ‘cadaver’. Plus, it didn’t do a good job of attracting book lovers, Bezos’s target audience. So, Bezos chose Amazon as the name of his eCommerce empire, a far stronger name than Cadabra.
A unique brand name is the right way to go if you want your business to have a fighting chance in today’s flooded business market.
How Your Brand Name Can Boost Your Business
Unique brand names like Apple, Nike, and GoPro are loved because they’re easy to understand. That makes it easier to make a clear and deep-rooted impression in the minds of customers.
But, the ability to set your business up for success by attracting clients and giving them a well-defined sense of purpose isn’t the only thing creative brand names are capable of.
Here’s a deeper look at what brand names can do.
1. Great Brand Names Get Attention
A brand’s name plays a crucial role in how memorable the business is to customers. A solid brand name can be what stands between the success and failure of your business. It not only helps customers easily identify your business but helps you stand out and make a lasting impression in the minds of customers.
A good first impression is something that’ll go a long way in ensuring the survival of your business. A shocking 31.7 million businesses were started in 2020 – that’s a huge 3.15% growth from last year and a lot of competition.
Getting off on the right foot with your clients is a great way to communicate your business’s uniqueness, its personality, and what your clients can expect from it. And to achieve this, you need a distinctive brand name.
To get a basic picture of why Apple continues to shine in its industry, look at these major tech companies, and decide which one stands out the most: IBM, HP, MassComp, Apple. The answer is obvious: Apple.
2. Great Brand Names Connects Your Clients to Your Brand
The success of your business depends on how well your name, vision, and goals are perceived by your customers. A great brand name gives your business a professional air and makes it easier to establish a bond with customers.
But, before it can achieve a bond, your business must communicate with your customers on an emotional level. To do this effectively, your brand needs to identify and meet a particular need of your target customers.
For brands like Twitter and Instagram, that need is information. For brands like Amazon and Alibaba, that need is lots of products, at a reduced price. For Tesla, it’s saving the environment.
So don’t just start a business, start a business that meets a need that your customers are passionate about. This way you’d establish a solid emotional connection and build trust with them.
A brand name that appeals to the emotions of your customers can completely transform a first-time client into a dedicated client that’ll stick with your brand’s services forever.
Successful brands like Google and Amazon understand this truth very well and make sure they root their brand values in their name.
3. Great Brand Names Boost Sales and Investment
Research has shown that businesses with great names are more appealing to investors and perform better in the Stock exchange. They out-perform businesses with bland names by about 33%.
Why? Because investors are customers who commit capital into a business expecting a profit. Just like every customer, investors are drawn to great brand names.
A great brand name can mean the difference between a sale or a loss for your business.
By making your business stand out from the crowd, a solid brand name will get customers interested. This has the potential to increase sales, not only to direct customers but also their referrals.
Branding is completely focused on providing quality services and creating an experience in the minds of your customers.
4. Great Brand Names Support Advertising
When it comes to branding, a lot is at stake. Getting your business’s branding right means you won’t need to spend a lot of time fretting about excessive marketing. A powerful brand name is in itself great publicity, and that shouldn’t be ignored in our present world of social media.
Tesla doesn’t need to spend ridiculous amounts of money on ads, as most enormous companies do. In fact, it doesn’t even have an ad budget.
Why? Because it aligned its brand mission—sustainable energy—to the mission of the world. It’s something that customers loved so much that they took it upon themselves to publicize the company on social media.
Tesla’s communications manager, Evan Sandvold Roland, shared, “We do not pay for advertising anywhere in the world, it is our global policy.” Tesla is getting so much support from its brand it doesn’t need Paid Media.
Source: Spin Sucks
5. Great Brand Names Attract the Right Talent
Besides boosting your sales and saving your business lots of cash on advertising, a great brand name is key to attracting exceptional talent.
Well-branded companies find it easier to attract employees that understand their goals and share the same value as their brand. Having a great name is like starting a campaign. Your employees would feel more pride in working with your business if it has a solid brand.
There’s a reason lots of professionals want to work with Google, Samsung, or Microsoft.
How to Come Up With a Great Brand Name
Now that you understand the possibilities a great name brings to your business, you need to know how to create one. Follow these steps to help you generate the perfect name for your business.
Know Your Brand’s Foundation
The key to getting a great name lies in understanding your business’s foundation. You need to know your brand’s values, mission, and goals. You also need to know exactly what customers should expect from your brand.
By understanding your foundation, you can get a clear glimpse of what your business stands for, and the kind of name it needs.
Know Your Audience
But, knowing your brand’s foundation isn’t enough. You also need to have a detailed understanding of who your target customers are, their preferences, and how they communicate.
This way you’ll know if your product would be best for millennials or boomers, large companies or small startups, young singles or married couples. This will help you build a brand name that your customers would find appealing.
Put your creativity to work and write all the names you can find that fit your brand’s foundation and target audience. Flip those dictionaries and thesauruses and find words that match the value your brand wants to communicate.
After brainstorming, take the time to consider each name on your list. Ask yourself if they’re memorable and trigger the right emotion.
But, don’t stop there. Do a thorough search on search engines and the USPTO to see if these names have either been taken or sound too familiar to a competitor’s name.
Make sure that any brand name you intend to use is audience-tested. Testing your brand name would help you know if customers find it contextual, appealing, remarkable, and evocative.
Getting your brand name trademarked is the best way of protecting your brand from legal issues that’ll not just drag your reputation through the mud, but destroy your business.
One More Thing
Your business has a personality, and it’s your brand. So make sure it has a great name that’ll attract customer attention, connect them to your brand, boost sales and investment, and also attract the right talent.
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Grant Polachek is the director of marketing at Inc 500 company Squadhelp.com, the worlds #1 naming platform, with nearly 20,000 customers from the smallest startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation. Get inspired by exploring these winning name ideas.
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