Your brand name plays a crucial role in shaping your brand’s identity and influencing consumer behavior. According to a Nielsen Global Survey, 77% of consumers make purchases based on a brand name, and 60% of global consumers prefer to buy new products from a familiar brand rather than switch to a new one. A strong brand name can contribute to 31% more growth for companies compared to weak brand names (McKinsey Global Institute) and even increase sales by as much as 10% when it’s easy to pronounce and remember (Journal of Consumer Research).
The steps to creating a good brand name
There are several steps that you can follow to come up with a good brand name:
To create a memorable and impactful brand name, it’s crucial to consider several factors, such as its connection to your brand’s messaging and how it resonates with your target audience.
Here’s a step-by-step guide to crafting the perfect brand name for your business:
Step 1: Define your brand’s values and identity
Start by identifying the core values and unique qualities that define your brand. This foundation will help guide your brand name brainstorming process. Consider what sets your brand apart and how you want to be perceived in the market.
Step 2: Determine your target audience
Understanding who your potential customers are and what they value in a brand name is essential. Conduct market research to gain insights into their preferences and expectations. Cater to their desires and needs when selecting a name that will resonate with them.
Step 3: Consider your brand positioning
Your brand name should accurately represent your market positioning, whether it’s high-end, affordable, innovative, or traditional. This helps set the tone for your overall brand messaging and creates a consistent image for your audience.
Step 4: Brainstorm potential names
Generate ideas for potential brand names based on your brand values, target audience, and positioning. Use brainstorming techniques such as word association, freewriting, or mind mapping. Don’t be afraid to explore various naming approaches, such as descriptive, suggestive, evocative, experiential, or invented names. The more ideas you have, the easier it will be to find the perfect fit.
Step 5: Evaluate and refine your options
Once you have a list of potential brand names, evaluate each one based on how well it aligns with your brand’s values, target audience, and positioning. Consider factors such as how memorable the name is, how easily it can be pronounced and spelled, and how well it resonates with your target audience. Eliminate names that don’t fit and refine the remaining options.
Step 6: Test your options
After narrowing down your list of potential brand names, test them with a small group of people, ideally from your target audience. Gather feedback to see which names resonate the most and evoke the desired emotions or associations. This can help you make a more informed decision about which name to choose.
By following this step-by-step process, you’ll be better equipped to craft a brand name that not only captures the essence of your business but also connects with your target audience and supports your overall brand messaging.
Common approaches to brand name creation
There are several methodologies that companies and branding agencies use when coming up with brand names. Some of the most common approaches include:
Descriptive names are straightforward and directly describe the product or service that the brand offers.
- How-to: Think of words that explicitly describe the core offering of your business. Combine these words in a way that clearly communicates what your brand does.
- Examples: “Home Depot” (home improvement retailer), “General Motors” (automotive manufacturer), or “Toys”R”Us” (toy store).
Suggestive names are more abstract, but still hint at the product or service that the brand offers.
- How-to: Brainstorm words and phrases that relate to your brand’s offerings or benefits. Play with word combinations that subtly convey your brand’s purpose or value proposition.
- Examples: “Netflix” (suggests a vast selection of entertainment content), “Instagram” (suggests instant photo sharing), or “Pinterest” (suggests a platform for pinning interests).
Evocative names are more abstract and aim to create an emotional response or association in the mind of the customer.
- How-to: Consider the emotions or associations you want your brand to evoke. Look for words or concepts that can trigger those emotions or associations, even if they are not directly related to your offerings.
- Examples: “Tesla” (which suggests innovation and sustainability), “Starbucks” (which evokes a sense of comfort and relaxation), or “Virgin” (which implies a fresh, unconventional approach).
Experiential names aim to create a sense of the brand experience that customers can expect.
- How-to: Focus on the experience your brand delivers to customers. Look for words or phrases that describe or evoke that experience, and consider combining them to create a unique name.
- Examples: “Airbnb” (which implies a unique and personalized travel experience), “Burger King” (which suggests a superior burger experience), or “Whole Foods” (which implies a focus on natural, wholesome food products).
Invented names are completely made-up words that have no meaning in and of themselves.
- How-to: Experiment with word combinations, letter swaps, or completely new words that sound appealing and memorable. Ensure the invented name is easy to pronounce, spell, and remember.
- Examples: “Spotify” (music streaming service), “Zillow” (real estate marketplace), or “Kodak” (photography and imaging company).
Ultimately, the best approach to brand naming will depend on the specific goals and needs of the brand. It is important to consider the target audience, the values and identity of the brand, and the market in which the brand will be operating when deciding on a brand name. With consumers willing to pay up to 7% more for products from well-known brands compared to lesser-known brands (McKinsey Global Institute), investing time and effort in choosing the right brand name is well worth it.
You can also check out a recent article on DesignRush that has examples of brand names.
Using AI brand name generators
Using an AI brand name generator like the one offered by Shopify can provide several benefits when trying to come up with a brand name:
- Quick results: AI generators can produce numerous name suggestions within seconds, saving you time and effort during the brainstorming process.
- Unique ideas: AI algorithms analyze vast amounts of data and linguistic patterns, generating a wide range of creative and unique name suggestions that may not have been considered otherwise.
- Inspiration: Even if you don’t find the perfect name among the AI-generated suggestions, they can serve as a starting point or inspiration for your own ideas.
- Objective perspective: An AI generator doesn’t have personal biases or preferences, which can help produce a more diverse and objective selection of names.
- Cost-effective for start-ups on the budget: Many AI brand name generators, like the one offered by Shopify, are free or relatively low-cost.
Keep in mind though, AI-generated names tend to be pretty generic and lack the human touch and in-depth understanding of your brand’s values, positioning, and target audience. It’s essential to thoroughly evaluate the suggested names to ensure they align with your brand strategy and resonate with your target customers. AI generators can be a valuable tool in the brainstorming process, but they should be used in conjunction with other methods to develop the most effective brand name.
A well-chosen brand name is a crucial element of your overall brand messaging. It sets the stage for customer expectations and perceptions of your business. By following the steps above and working with expert brand strategists, you can create a strong, memorable brand name that propels your business to success.
Ready to create a powerful brand name that resonates with your target audience? Let the expert team at 712 Creative guide you through the process and help you build a name that sets your brand apart. Contact us today to get started on crafting the perfect name for your business.