A great name is like rocket fuel for a brand.
A bad name is like a lead weight.
According to branding legend, Marty Neumeier.
The right name can be a brand's most valuable asset driving differentiation
and speeding acceptance, but the wrong name can cost millions of work arounds and
lost income over the lifetime of a brand.
Let's face it.
Coming up with a great name can be pretty difficult.
And in a world where countless businesses are started each day, the pool of names to
draw from is getting smaller and smaller.
Thankfully, there are some proven techniques that can help you
come up with a name that aligns your brand with your mission.
In this video, you're going to learn how to create the best name
for your business by following a simple step-by-step framework and
learning naming tactics used by some of the biggest brands in the world.
Understand your target market.
Before naming your business, it's vital that you understand the problems needs
and desires of your target audience.
What types of language do they use?
What are their values?
Start by creating a customer avatar.
Well, you might be tempted to open up a dictionary right away.
Understanding your target market will make naming your company exponentially
easier, as it will give you a more focused approach to name generation and an ideal
customer profile by which you can measure the effectiveness of your name ideas.
Not only that, but great names can be inspired by the niche you aim to serve.
Decide on your type of name.
When it comes to naming a business, there were several different types
of naming conventions employed by scores of household brands.
I'm going to take you through them one by one so that you can understand
what options you have available.
So you can make an educated choice about the direction that's right for your brand.
Let's start with one of the easiest ways to name a brand, naming it after a person.
Some companies are named to embody the vision of their
founder, like Ferrari and Ford.
A pro of this is that it can help consumers feel a personal
connection to the brand
. However, one thing to be aware of with this strategy is that if the founder ever
decides to leave the company, the name will stay, which can get complicated.
Other companies like Tesla have chosen to name themselves after an iconic person who
embodies the company's beliefs and values.
Sometimes when naming a company, it can help to turn to
other cultures and languages.
The names Sony comes from the Latin word Sonus for sound.
The name Nike was inspired by the ancient Greek goddess of victory.
There are tons of beautiful and powerful words in other languages that
could become phenomenal brand names.
However, if you're going to go this route, make sure you do it respectfully.
Then we have solution focused names.
These types of names.
Describe your company's benefit, right in the name, helping
separate you from competitors.
While some people may find these names on the drier side, a major
pro is that you don't have to spend as much money on educating
consumers on what your brain does.
5 Hour Energy and SlimFast are examples of product based businesses.
Using this strategy search and be found is a great example
of a service-based business.
Descriptive names are great because they let consumers know exactly what
you do by simply hearing the name.
These types of names are simple, efficient, and effective Measured
Results Marketing and Home Hardware are examples of companies that
use this naming convention.
Then we have using a real word.
Companies like Drip and Amazon have opted to use a single word.
These words are often used to tell a story through association.
For example, the Amazon is the largest rainforest on the planet.
By association, Amazon is the largest online retailer on the planet.
The word needs to allude to an image or a feeling that aligns with
the brands message and mission.
Next, we have combining two words into one.
The reality is countless businesses are started each year.
So finding one lone word that represents your business is
getting increasingly difficult.
Many companies have gotten around this by combining two words.
With the right combination of words, these names can be easy
to spell, say, and remember.
LinkedIn Salesforce, Facebook and TripAdvisor are all examples of
companies that use this naming style.
Another option is to combine part of a word with a full word.
Group and coupon became Groupon, Costco, and Herbalife are examples of
other companies that also did this.
If you feel like your brand is bold enough that it needs a completely
unique name, then a great option can be creating your own work companies
that have done this include Kodak, Ikea, Beboe, Etsy, and Lexus.
Some important things to consider when making up a word.
Is there a real word that rhymes with your mate upward?
If so, it's more likely than name will be adopted as it will seem
more familiar to the human ear.
Furthermore, the name should definitely be spelled the way it sounds to
avoid confusion when searching.
Then we have word modification.
Some companies opt to intentionally misspell words
to display their originality.
They may add vowels, remove vowels, or even spell the word phonetically.
Fiverr, Flickr, Google and Digg are all examples of companies
that have used this naming tactic.
One thing to be aware of with word modification is that the word
needs to be short enough and have a simple enough variant that the
name is easy to remember and spell.
Then we have using an acronym.
Some companies like HSBC, AIG, CBS, and AT&T use abbreviated
names in the form of the acronyms.
These names can have a rhythmic quality that makes them easy to remember and
be shorthand for descriptive names.
CVS, for example, stands for consumer value stores.
However, one thing to note is that many consumers will never have any
idea of what they stand for and won't put in much effort to find out.
Some businesses use a root word that embodies their mission or brand
personality and then add on a suffix.
One thing that's really great about this strategy is that these names are
often incredibly fun to say, which makes them really easy to recall.
Shopify, Thrillist and Bitly all use this tactic.
Alliteration is a rhetorical device that repeats the same sound,
which is usually a continent.
It has been used by writers and poets for centuries to direct an audience's
attention and create a mood and rhythm.
Plain and simple, alliteration can really impact how a person experiences, words.
Brands like Coca-Cola, Dunkin' Donuts, PayPal, and Bed Bath & Beyond have all
found success with this naming style.
Decide what you want your name to say.
Once you have a solid idea about the style of your name, but before
you go start searching for specific words, you want a strong grasp on
what it is you want your name to mean.
See, brand names are more than just words.
Rather they are vehicles by which you consciously or subconsciously
communicate to consumers.
A good brand name will communicate who you are.
The best brand names, communicate a big idea and elicit an emotional response.
The name Nike inspires us to pursue greatness.
The name Tesla embodies the relentless pursuit of innovation.
The name Patagonia inspires visions of adventure and nature worth protecting.
You get the idea.
Brainstorm.
Once you have an idea about the message you're trying to get across,
now it's time to start coming up with a list of potential names.
At the beginning, it's important to reserve judgment and try and come
up with as many names as possible.
Now, the reason for this is twofold.
The most original names are going to emerge when you
allow your mind to run free.
But number two, you will also likely need to come up with a lot of names
to find one that is available.
Here are some simple ways to find inspiration.
Explore keywords related to your company's products and services.
Skim through the dictionary.
Use a thesaurus to unearth synonyms.
Have a brainstorm session with your co-founders friends and family.
You can even try crowdsourcing the name.
Coming up with a great name takes time and effort.
So don't get frustrated, just get to work.
Name availability.
Once you have the list of names, you'll need to make a
short list of your favorites.
Then you'll need to evaluate each name for its viability.
Having a custom domain name for your store is mission critical.
Once you have a list of options for your brand name, find if your chosen domain
name preferably a .com is available.
The reason for this is that everyone is familiar with the .com country code.
Domains like .io and .co are becoming so popular that they're
starting to take on characteristics of generic top level domains.
Also domains like .store are becoming increasingly popular.
Next, make sure you're legally allowed to use the business
name that you've come up with.
For business owners in the US you can check the United States
Patent and Trademark office.
In Canada, you can check the Canadian Intellectual Property office.
While you can search these websites yourself, they can be pretty confusing.
So hiring a lawyer to conduct these searches for you will likely
be your most effective option.
Next check for social handle availability.
It's really important to check Twitter, Facebook, Instagram, and Tic Tok, or
any other social media sites you'll want to use for name availability.
Ensuring that your handles are consistent is really important so that your
customers have an easier time finding your brand on their favorite platforms.
Lastly, make sure the name doesn't have any bad connotation or mean
anything negative in other countries.
You want to make sure your name is future-proof.
So stay away from anything that could be seen as insensitive.
Furthermore, if you ever want to expand into new markets, you don't want to
have any embarrassing name fails.
Hopefully this video has given you a better idea of how to name your brand.
The reality is, naming your company is a big decision that can ultimately
have an impact on your growth.
However, like most things in business, it's important to remember that
a name can be subject to change.
Don't let finding the perfect name, stop you from making your
entrepreneurial dreams a reality.
Let us know in the comments, what other videos you'd like to
see and we'll make them happen.
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more tips to grow your online business.
Remember, we're a channel for small business owners with big plans.
I've been your host Tyler, and I'll see you next time on Learn With Shopify.