Decades ago, it was not an easy task to come up with compelling business names in a short period of time. Marketers would spend weeks proposing company names and slogans. Designers and artists needed a lot of time and creativity to introduce outstanding ideas. Their only tools were pencils…
Nike, for example, spent thousands of dollars before creating the logo and name we are familiar with today. As Phil Knight, the co-founder of Nike, stated in his memoir, Shoe Dog, “Nike was a goddess, she was the winged goddess of victory. The problem was nobody could pronounce it.” They invested their time and effort into becoming one of the most successful shoe companies in the world, starting with sketches on paper…
Nowadays, there are many alternatives to designing a logo on paper. There are numerous graphic designers, and you can even generate logos or create your own with various online tools that are available in both free and paid versions.
7 Effective Steps to Create a Business Name
Understand Your Business Needs
Every business venture needs to start with a clear understanding of its objectives. Jeffrey Bezos, the founder of Amazon, once said, “Your brand is what other people say about you when you’re not in the room.” You should understand your business, what it represents, its mission, and vision. All these factors will greatly influence the kind of business name you will come up with. This step requires introspection and deep thought about what you want your brand to symbolize.
Carry Meaning in Your Business Name
To create a business name, ensure that it carries meaning. A name chosen randomly may not add value to your brand. When your business name carries a meaning, it gives you an opportunity to connect deeper with your target audience, providing them with more reasons to choose your products or services.
Tell a Story With Your Business Name
Your company name can be an opportunity to tell a story. Consider telling a story that aligns with your business, its values, mission, or history. This can greatly help you build a strong emotional connection with your potential customers, giving you a competitive edge in the market.
Avoid Hard-to-Spell Names
Stocks of companies with easier-to-pronounce names do significantly better than those with hard-to-pronounce names in the first days of trading. A name that’s easy to pronounce and remember is easy for customers to share with others, which could increase word-of-mouth marketing for your business.
Look at Other Successful Business Names
When coming up with your business name, consider studying examples of successful business names. Analyzing what works for others can give you a wealth of ideas and foster creativity. Understand why their names work, what makes them stand out, and how they connect with customers. However, while doing this, ensure that your business name remains unique and doesn’t infringe on any trademarks.
Use AI Name Generators
The growth of AI technologies has eased the process of content creation. According to a 2021 report by MarketsandMarkets, the AI industry is projected to grow to $316 million by 2026. AI tools such as Chat GPT, Jasper, or Random Word Generator can provide you with unique and creative name ideas for your business. These tools consider a wide range of factors to suggest business names that are relevant and meaningful.
Use Symbols and Signs in Your Business Name
Symbols and signs from mythology, religion, and cultural gestures can be powerful elements to incorporate into your business name. They carry profound meanings and can make your business name unique and memorable. However, always ensure that any symbols or signs used align with your business ethos and are culturally sensitive.
In conclusion, creating a compelling business name involves a blend of a deep understanding of your business, creativity, and thoughtful consideration of your target audience. As Bill Gates said, “If you can’t make it good, at least make it look good.” Focus on your strengths, consider what best describes your character, and infuse this into your company’s identity. It’s never too late to create the next globally successful company, so start with a compelling name and logo idea!