7 STEPS FOR CHOOSING THE PERFECT BRAND NAME
A time will come in your business life cycle when you’ll be required to choose a brand name. This may be for business registration sake, personal sake, or proper branding. Whatever the reason for your branding is, it’s crucial you choose the perfect brand name that’ll project your business. The importance of a brand name makes the task of selecting a brand name not to be a task to take lightly. This is because your brand represents a promise you make to your customers and differentiates your brands from others. Your brand name and general branding carve a unique identity and space for you in the competitive industry.
To effectively name your brand, you need to take yourself out of the brand naming equation entirely and understand that your brand name doesn’t have to make sense to you. It only matters if your brand name is meaningful to your audience.
Many companies specialize in naming brands. However, if your budget doesn’t allow you to hire such services or you just wish to do so yourself, this blog post will help you get the best name for your business.
Here are the seven steps for choosing the perfect brand name for your business
Develop a Unique Strategy and Messaging
This is the first step to developing a unique brand name. The direction, messaging, and positioning of your business or the position you wish to take will help guide the naming. If the name doesn’t fit any of those aspects, then it’s not worth it. Take the time to strategize and determine your brand’s value proposition and what makes you unique compared to others.
Carry out some market research before starting any brainstorming session on developing a business name. Market research will help you identify potential problems with a name and gives you an understanding of your audience, competition, and what types of names will be successful. One of the things to search for includes names that have been trademarked already to help you avoid legal issues.
Once you understand your market and the gaps and opportunities in the market, you’ll be able to create an effective brand name that’ll suit and fill those gaps.
After the market research, you’re ready for brainstorming. Get everyone involved to maximize brain power and creativity. At this stage of naming a brand, every idea is taken in, and no name is judged or criticized. This is because a somewhat ridiculous thought may be the perfect brand name.
When brainstorming for brand names, focus on the brand from all angles and think about all target audiences and business determinants. If possible, get insights into your ideas from customers or neutral parties who understand your industry.
Create a Short List of Names
When you have an extensive list of possible brand names, it’s time to start narrowing things down. You’ll need to reject some names, avoid some and put others under the ‘maybe’ category. With time, evaluate the maybe list and take up the more proper names on the list.
This process may give you about 8-15 names. Ensure these names are names that can stand the test of time and work through market changes, brand extensions, trends, fads, geographic expansions, etc.
Search for Trademark and Domain Name Availability
It’s one thing to get a unique name and is another to know whether the name is available to be used for business. Surely, you’re not the only person that appreciates good names.
Carry out trademark research for each name on your short list. This will help you avoid legal issues when your brand grows into a big name in the future. Search the Nigerian Corporate Affairs Commission (CAC) Database to ensure the names on your list are available for you to use. It’s also right you check that the name doesn’t violate any specific regulations for names in your industry.
Also, check for the names online to see what pops up. As well, check for the domain name to know the names that are available both on the CAC database and on the domain name registry.
Refine Your List
When you’re done with the previous step, your list will be shorter with fewer names. Carefully consider each name and come up with the three most appropriate names.
Name your brand
This is the final step where you review the names and make a decision on the brand name to go for. If you have time and budget, test the market with a few of the names and see which one is most acceptable. Create logos and packaging and see what the customers love most. Once you make your final decision, ensure you’re consistent with the new brand name, logo, packaging, etc.
Conclusively, if you want to go far as a brand, it starts with your brand name and general business branding. Never overlook this stage. Take the time to carry out an effective branding with our seven steps for choosing the perfect brand name and your business will have you to thank forever.