How to Name Your Business: Proven Tips for Unique and Memorable Names

Naming your business can feel like one of the hardest tasks. It seems like the perfect name is always just out of reach, like it’s hiding just around the corner. Even when you think you’ve found a winner, you may run into roadblocks with registered trademarks, leaving you feeling like all original ideas are taken. This can make the process feel overwhelming, and you might consider settling for a safe, unremarkable name.

However, creating a strong business name is crucial. It’s not just about what you sell; it’s about how you present yourself in the market. A memorable and unique business name can set you apart from competitors and help build a strong brand identity.

What is a Brand Name?

A brand name is more than just a label. It works alongside your logo and other elements like your tagline and tone of voice to create your brand identity. A strong brand helps you stand out and be easily identifiable in the market. The goal is to create brand awareness and foster positive feelings towards your brand.

What Makes an Effective Brand Name?

They’re Memorable
If consumers can’t remember your business name, they won’t think of you when they need to buy what you offer. The best business names are ‘sticky,’ meaning they are easy for the brain to remember.

They’re Distinctive
A generic business name won’t help you stand out. Unique business names ensure that your brand is not confused with competitors. For instance, Tyrepower and Tyreplus sound similar, which can lead to confusion.

They Have the Right Vibe
The sound of words can evoke the right associations in a consumer’s mind. A name like “Froth” for a coffee house can suggest thick, luscious lattes.

They Influence the Market
Some business names become so iconic that they become the generic term for their product, like Kleenex or Esky.

Why is it Hard to Create an Effective Brand Name?

Your business name is one of the longest-lasting elements of your brand. While logos and taglines may change, your name endures. This is why many businesses hire copywriters or agencies to develop their names. These professionals conduct extensive research, studying consumer behavior and conducting trademark checks.

When is a Generic Brand Name Okay?

Sometimes, a generic business name works, especially if you’ve built substantial brand equity over the years. MarketWatch noted that several generically named companies outperformed the S&P 500, suggesting that some buyers appreciate straightforward, no-nonsense branding.

Steps to Develop an Effective Brand Name

Step 1: Understand What You’re Naming
Identify whether you’re naming a product, service, or company. Understand your strengths, competitors, and target audience.

Step 2: Conduct Market Research

Use tools like Google Trends to understand what your target audience is searching for, so you can dig for names in the right areas.

Step 3: Consider the Tone and Meaning
Think about how the name should sound. Should it be loud and outgoing, or quietly confident? Also consider the ideas you want your name to evoke.

Step 4: Decide on Name Construction
Brand names can be descriptive, suggestive, or abstract, and can be real words, fused words, or invented words.

Step 5: Explore Preferences
Discuss your preferences and list existing brand names you like. This helps steer the creative process.

Step 6: Brainstorm Ideas
Hold brainstorming sessions with your team to generate name ideas. Use techniques like brain dumping and mind mapping to generate potential names.

Step 7: Evaluate Name Qualities
Assess potential names for qualities like memorability, distinctiveness, and cultural fit. Gather feedback on how the names resonate and align with your brand values and identity. You may even want to conduct surveys or focus groups to test potential names with your target audience.

Step 8: Refine and Shortlist:
Narrow down your list based on this feedback and availability. It can be helpful to compare with competitor names to identify gaps and opportunities. A short list of 5-10 names is usually a good size to work with.

Step 9: Verify Your Name
Ensure your name is available by Googling it, checking trademarks on IP Australia, and confirming domain availability on platforms like Crazy Domains and GoDaddy.

Step 10: Finalise and Protect:

Choose the final name and purchase the domain. You might also want to consider securing related domains to protect your brand online.

By following these steps, you can develop a strong, effective business name that helps build your brand identity and sets you apart in the market.