Creating a Brand Name for Your Company
Creating a brand name for your company? Your name is part of your brand. It supports the value you add to your product or service.3 min read
Creating a brand name for your company? Your name is part of your brand. It supports the value you add to your product or service. Choosing the right brand name for products you make, the services you provide, or for your business begins with thinking about the role of the name you choose in your branding efforts.
Approaches to Branding
You have several options when you're working on choosing a name that brands your business. These options include:
- Using the name of the inventor of your product or the company founder's name
- Choosing a brand name that tells people what your business does
- Using a brand name or image that can be experienced
- Using a random word that's kind of out of context
- Making up a word
The key lies in deciding what your business or product name should mean and what it should represent. As an example, if you decided to run a business where you helped other businesses name their products or services, the name of your own company would be an example of the service you provide and you would want it to be amazing.
Choosing a Name
When you choose a name that creates a brand, it can get people talking about your products or services. It can position you as a leader in the market and an innovative company. It can reinforce the value proposition you're offering in one or two words. It can be an expression of your corporate culture or a position you take on an issue, and it sets your company apart from every similar company in the market.
If you choose names and logos that are similar to those that all the other companies around you use, then you've missed the chance to share an important message with your customers. In addition to not generating excitement with your customers, an ineffective name neutralizes and even undoes the work you've done to build your company's position in the market.
Before you choose a brand name, it's important and helpful to develop your brand strategy. You should also ask yourself if you need to hire someone to help create your brand name. Some business owners can develop a good name on their own, but other companies don't have the resources or the interest and handling the project from inside.
There's no assurance that an outside agency or a consultant will come up with a better brand name then you can yourself, but because of their objective view of your company, they might be able to produce a brand name faster than you could. Some things to consider when working on branding include:
- What you have at stake, such as if you have a lot invested in launching the new product and you're trying to compete in a major market.
- How confident you are on your own and your confidence in your team's creativity and objectivity.
- How much time and energy you want to spend on coming up with a brand name.
- If you can afford to bring in an outside agency or consultant.
Determining what you want to accomplish with your brand name is an important part of developing your branding strategy. If you already have products or services that you offer, consider how your new brand name is going to work with them. Decide which type of name you want to develop, such as if you want a descriptive name, if you want to use your own name, or if you want to make up a name. Establish a set of criteria to use when you evaluate the brand names you're considering.
Hold a brainstorming session where you create a large list of potential brand names. This is important if your product will be sold outside of your local area because many of your potential names might already be in use by another company or another product.
Creating a long list can help you capture ideas to review later as you're developing your brand name. Use the criteria or parameters you set earlier in regard to what you want to accomplish with your brand name. Then, you can evaluate all of the names you come up with in your brainstorming session.
If you need help with creating a brand name for your company, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Stripe, and Twilio.