Have you ever thought of starting your own business? Are you familiar with the concepts you need to consider when establishing one? As an aspiring entrepreneur, you should familiarize yourself with developing a brand name.
Imagine a human without a name, trying to socialize and make friends. Do you think that person will find it easy to meet new people? That’s unlikely.
That’s the same thing with a company that has no brand name. This article will discuss the four steps of developing a brand name and its importance in sealing your business’s success.
The 4 Steps of Developing a Brand Name
Brand name changes or development are crucial and not to be taken lightly. With the right strategy, you can generate revenue, stand out from your competition, build equity, and encourage people to purchase your products or services.
Here are four steps you can follow to develop a unique brand name.
1. Consider All Factors
You can begin by determining the impact of the following factors on your business’s growth:
Linguistics– ensure that your name is universal and can be easily understood by a general audience. However, if you intend to promote a cultural concept, you may opt to use a native language that conveys your brand’s message.
If your business has something to do with Filipino cuisines, you can name it: “Pinoy Cart.” (“Pinoy” is the Filipino colloquial term for someone born in the Philippines).
Brand Mission and Vision – your brand name should embody the mission and vision of your company. Also, you can use a symbolic word that pertains to the desired future of your business.
If you want your rice business to reach worldwide renown, you can name it: “The Great Rice Co.”
Market and industry – lastly, you need to identify your area of expertise. By doing so, you can grab some ideas or concepts from your chosen industry.
For example, if you’re into adorable electronic devices, you can name your business “ElectroCUTE.”
2. Plan Your Brand Strategies
Aside from naming your business, developing a brand name also involves making efforts to establish its fame.
The best way to accomplish this is through marketing strategy and identifying your target market.
Marketing strategy pertains to a company’s strategic planning regarding the promotion of its services to a particular group of people.
Meanwhile, identifying your target market involves data collection and keen gathering of potential clients’ information.
3. Filter Your List
After making a list of at least ten potential brand names, you must reduce them to three. Choose the best names that effectively embody your company’s mission and vision.
From the final three, you must decide which of them you will choose as your official brand name.
You may opt to ask for recommendations from your colleague as well. The name that gets the majority vote wins. However, just a kind reminder, your brand name will embody your company forever. That’s why you must choose the best out of the best, so you’ll never regret picking it.
4. Avoid Plagiarism
After you’ve chosen your brand name, you still have one more step left to do.
As a corporate entity, you should ensure that your chosen name is unique and does not infringe another company’s intellectual property rights.
You should take this step seriously out of all the steps we’ve tackled. Plagiarism may cause you to face serious legal consequences that can endanger your company’s future.
The Importance of Having a Great Brand Name
Now that you have your company’s brand name let’s talk about why it’s essential to follow the four steps above.
1. Embodies Your Company
Your brand name represents your company’s values, mission, and vision.
Without it, your clients won’t be able to identify your company as one of a kind. Also, a brand name says a lot about your company’s quality of service.
If you have an eye-catching, attention-grabbing, and witty brand name, there’s a big chance you’ll secure your fame in no time.
2. Secures Your Company’s Success
Just as aforementioned, your brand name helps secure your company’s future.
Many people think a mere name can’t do anything about a business’s success, but they’re wrong. You cannot market a company in an enormous world market if it doesn’t have a name that stands out among others.
Legendary companies with unique names like Facebook, Google, Twitter, and Wikipedia came up with identities society will never forget.
3. Attracts Potential Clients
Part of your company’s success through an excellent brand name is attracting more potential clients to purchase your service.
If you’re using a brand name that can trigger the curiosity of individuals, you can convert it into sales. People love services and products that have unique names.
Developing a brand name truly is exhausting. However, the prize, in the end, is worth the toiling. Without a brand name, your company may face difficulty competing in the world market.
That’s why it’s imperative to memorize the four steps on brand name development above listed. Also, you must understand the essence of a brand name for a company to succeed.
Create a unique, unforgettable, and unparalleled brand name for your company now!
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