This week we have a guest blog from Grant Polachek at Squadhelp.com. Read on for Grant’s tips and strategies involved in choosing a business name.
When starting a new business, choosing the right business name is crucial. A good business name can help establish your brand identity, differentiate you from your competition and attract customers. It is the first impression that potential customers have of your company and it can significantly impact the success of your business.
One important consideration when choosing a business name is the availability of a matching domain name.
Many premium domains are short, memorable, and easy to spell, making them desirable for businesses looking to establish a strong online presence.
While purchasing premium domains may be more expensive upfront, it can pay off in the long run by helping you stand out from the competition and making it easier for customers to find and remember your website.
Setting The Stage for Success: Research and Brainstorming Business Names and Premium Domains
Before settling on a business name, it is important to take the time to research and brainstorm potential names.
This process will help you identify the qualities that you want your business name to embody and ensure that the name you choose aligns with your brand values and target audience.
Understanding your target audience
It is imperative to understand your target audience as thoroughly as possible. What are their needs, values, and preferences? How will your business meet those needs, and what message do you want to convey to your target audience through your business name and premium domain?
Identifying your brand values and unique selling points
Consider your brand values and what makes your business stand out from the competition. What do you want your business name and premium domain to represent and convey to potential customers?
Generating a list of potential names
77% of consumers purchase a product based on the brand name rather than the product’s name. With this information in mind, start generating a list of potential business names and premium domain names.
Try to come up with a variety of options that align with your target audience, brand values, and unique selling points.
How To Test and Refine Business Name Ideas and Premium Domains
Seeking feedback from friends, family, and potential customers
Once you have successfully made a list of potential names, it can be helpful to seek feedback from friends, family and potential customers. Ask them what they think of the names on your list and which ones stand out to them.
Evaluating the name’s potential for success
In addition to seeking feedback, it can be helpful to evaluate the potential success of each name on your list. Consider how well the name aligns with your target audience, brand values, and naming criteria.
Adjusting and refining as needed
Based on the feedback you receive and your own evaluations, you may need to adjust and refine your list of potential names. Don’t hesitate to go back to the drawing board and generate a new list of names if necessary.
The aim is to find a name that is memorable, relevant, and aligns with your business goals.
Finalising and protecting the name
After researching, brainstorming and testing potential names, it’s time to finalise and protect the name for your business.
This includes securing a matching domain name and social media handles, as well as considering trademark registration to protect your business name and prevent others from using it.
Consider all of the feedback you have received, as well as how well the name aligns with your target audience, brand values, and naming criteria. Ensure you choose a name that your customer connect with. 94% of consumers report that they recommend brands with which they have an emotional connection.
Securing a domain name and social media handles
Once you have chosen the final name, it’s important to secure a matching domain name and social media handles as soon as possible.
While helping you establish an online presence, this will equally make it easier for customers to find and connect with you. If you are considering purchasing a premium domain, now is the time to do so.
Protecting the name through trademark registration
This process involves submitting your business name to the government for review and, if approved, receiving exclusive rights to use the name for your business. Trademark registration can also help prevent issues with conflicting trademarks and ensure that your business name is uniquely associated with your brand.
By following the expert tips and strategies outlined in this guide, you have taken the first steps toward creating a memorable and unique name for your business.
Remember, choosing a business name is just the beginning – there is always room to refine and adjust as your business grows and evolves. With the right name and a strong brand identity, you can set the stage for success and attract customers who are passionate about what you do.
As the head of branding at Squadhelp.com, a company that has earned recognition as a three-time Inc. 5000 honoree for its pioneering naming services, Grant Polachek has scrutinised over a million names and compiled a list of the most widely utilised names currently present on the web. In addition to its accolades, Squadhelp is also the foremost crowdsourcing naming provider globally, offering its expertise to Fortune 500 organisations and fledgling ventures alike.