Most small businesses haven’t given much thought to their business name. Usually, a family name or some derivative term is chosen and the owner goes on about his or her business. This small business trend comes from a mainstream failure to recognize the significance of psychology in branding. The look, sound, and associations of a name can have a tremendous (and instant) effect on how we perceive it. All of this happens before we’ve even had a chance to hear about the people behind the name, much less experience the brand for ourselves.
Considering how much this psychology impacts our perception of a brand before anything else, wouldn’t you want to give the name of your business some serious consideration? Of course you would, but the path to creating an effective business name isn’t always clearly marked. You’re dealing with an entire audience of people whose interests, history, and personality you have to cater to.
Here are some tips for naming your business effectively:
1. What problem are you solving?
I talk about solving problems a lot, but it truly all comes down to this. You need to pinpoint the need you are fulfilling in all of your communication with your audience, and doing so as quickly as possible will only better your chances of selling that solution.
When you’re trying to convey what your product means for your customer, it’s best to make a list of all words commonly associated with that problem and solution. This includes not just traditional words but new buzzwords that might connect best with the people you’re trying to reach. From there, you can narrow down your list to a few words and keep those in the back of your mind as you go through the process of naming your business.
2. Consider your audience
Although you may have had a certain type of person in mind while creating your initial list, it’s time to really focus on who your product works best for. This requires research. The internet has allowed us to find micro-groups of people with keenly similar interests and study their language, interests, and lifestyle. This is crucial information when you’re building a bridge from your product to those people.
I recommend getting into the shoes of your audience as much as you can; try to see yourself as that person and act accordingly. Then, through the eyes of your audience, experience some of those words on your list. Figure out which ones resonate with you, your target audience, and remember those feelings. You’re trying to form a connection here.
3. Reflect your values
Throughout the process of finding your audience and learning how they interact, you’ve no-doubt found some ways to win their approval by the way you present your brand. This goes beyond just your name. You’re now able to build an entire identity around some important values that appeal to your ideal consumer.
Before you create your brand name, you want to form the identity of your brand. You want your brand to be a digestible nugget of clear value and inspiration, and your name must portray those values.