Even many successful leaders in business sometimes think of branding as a luxury, something you do after you take care of every other part of a business.
However, research has found that about half of consumers say that they would be willing to pay more money for products from a brand that they perceive to be trustworthy. Many business leaders start emphasizing branding when they find out that just having a signature color can improve brand recognition by 80%!
Combining product development and brand development is essential if you want to reach your customers. There are many aspects to brand development, but the single most important one may be the name that you choose for your business. People may learn to recognize other aspects of your brand on sight, but it's your name that they will share with others.
That is why it is important to use brand development to inform packaging development concerns.
It can be hard to pick the right name. But the right principles can help you through the process. Read on to learn all about the most important things to understand about how to pick a company name and how naming services can help you!
Know What You Want From a Business Name
Professional naming services use a long list of tried and true techniques to come up with the perfect name for a business. Of course, there is no one best name for all businesses. Rather, the particular situation of each business determines what kind of name is suitable for it.
That is why it is so important to get clear about your objectives before brainstorming name ideas. Many people are used to designing landing pages and public content to achieve specific goals. However, you can apply the same principle to the name of your company.
For example, you might want your company name to lead people to want to learn more about your company. In contrast, you might want your name to amuse people and lead them to share it with others.
You cannot aim at every target at the same time. Therefore, it is important to sit down and decide what you want your company name to accomplish.
It can also help to think through what kind of personality you want your company to have. In a certain sense, branding is all about creating a personality for a company in the minds of customers.
Be Prepared for a Brand Name Change
As you prepare to change the name of your company, it is important to make certain preparations. Once you have your name, you will need to be ready to start your rebranding initiative.
Make sure that you know what web pages you will update, what materials you will print, and so on, once you know what your new name will be.
Decide What Your Company Represents
Part of finding the right name is understanding what your business is all about. It can be hard to know what target to aim at, but it is often clarifying to think carefully about your company values and mission.
This is also a good time to pay attention to your competitors and think about how you want to differentiate your company from them in the minds of customers. All of this preparation makes it easier to come up with good candidate names.
Understand Product Development: Who Is Your Product Packaging For?
Remember that your branding and packaging is not directed at the whole world. Instead, it is important to focus on your target market. This is just as important to keep in mind as your company mission and values.
Depending on your situation, this may be a good time to do extra research into your target market. You may learn the key information that changes your mind about what kind of name to choose.
Take a Look at the Names of Your Competitors
It is one thing to look at what your competitors offer and think about how to differentiate yourself. It is also helpful to look at their company names and glean whatever insights from them you can.
For example, you might notice a pattern in the kinds of names that are most successful in your industry. Or you might notice that a lot of competitors have similar names, indicating that it may be wise for you to pick something in a different conceptual space.
Pick a Timeless Name
It is also important to remember that you do not want to change your company name again in the immediate future. Think about the goals you have for your company. Think about the growth trajectory it is likely to experience.
You need a name that will work today, but also a name that will work tomorrow, next year, and for years to come after that.
Understand Different Styles of Business Names
The professionals are intimately familiar with the different styles of brand names.
For example, some names are all about acronyms. Most people don't know what BMW stands for. As far as they are concerned, the company name is just a series of letters.
Other people choose to name a company after a person.
Another type of name is invented from scratch. The word Lego did not mean anything until a company made up some sounds and decided to use them as their name.
Other companies use descriptive names. These names tell you a lot about what a company offers. For example, it is obvious what General Motors is all about.
The last kind of name is almost poetic. The association between the company Apple and the fruit is not obvious. However, there is an idea of crispness and good taste that is poetically related to the Apple brand.
Hire the Professionals
You can go through these steps yourself and come up with a name that you can use on your consumer goods packaging. However, if you want the best results, you may want to turn to the professionals.
Most people do not come up with a great name on their first try. Coming up with good company names takes practice and experience. You can develop that yourself or turn to those who have already specialized in naming companies.
Understand the Importance of Picking the Right Business Name
Picking the right business name is an essential part of brand development. Combine that with the proper product development, and you will be prepared to grow your business as fast as possible!
To learn more about how to improve your brand development, packaging development, and more, feel free to reach out and get in touch with us here at any time!