The Benefits Of Establishing A Strong Brand Name
When you choose to start a business, one of the very first questions you face is what you want your business to stand for and what to name your business. Do you name it after yourself and rely on you as the authority, expert and face of the brand? A personal brand can be a great choice!
If you choose to accept the mission of inventing your own brand name from scratch – i.e. a “business brand,” good news! There are specific benefits to doing so.
5 REASONS TO INVENT A STAND-OUT BRAND NAME
01 – Clarify your industry
There are many different ways to invent your business name. One benefit of having a business brand is being able to name it something that showcases your industry or hint at what you do or provide.
Consider business brands who do this well, including:
LYFT
DryBar
FedEx
Geek Squad
Coffee Bean & Tea Leaf
02 – Share your values
Another benefit to being able to invent your name from scratch is the ability to showcase your values right there in the name. This helps you show what you believe in as a company and can immediately connect you with those consumers who share the same belief.
Consider business brands sharing their values in their names, such as:
Whole Foods
World Wildlife Fund
Best Buy
03 – Create meaning & appeal for your audience
In this case, you’re usually choosing a name that represents a special meaning about why your business exists in the first place. You’re choosing something to help you tell the story of your brand. Consider these well known examples:
Nike – In Greek mythology, Nike is the Winged Goddess of Victory. The logo is derived from the goddess' wing, 'swoosh', which symbolizes the sound of speed, movement, power and motivation.
GAP – Gap is a reference to the “generation gap” between what the retail industry offered at the time and what younger consumers truly wanted from a clothing store. The owners wanted to fill the gap — and they did.
Amazon – Founder, Jeff Bezos, started his company with the goal of building the world’s largest bookstore. Amazon seemed fitting because it was earth's largest river.
04 – Not having to be the face of the brand
If you have a personal brand, you’re out front positioning yourself as the go-to authority and the brand relies heavily on your expertise, personality and unique approach.
If that doesn’t appeal to you, the benefit of creating a business brand is you can let your product / services / experiences and the meaning behind your brand stand for itself.
05 – Sell your business with more ease
Last, but not least, if you’re an entrepreneur or business owner with designs to grow, scale and then sell your company, a business brand will be a huge benefit to you. It’ll be easier to sell your business if your business is not named after you (after all, who wants to sell their personal name?).
Here are some additional considerations for your Business Brand:
WHO ELSE IS USING A SIMILAR NAME?
Is your brand name already taken? Do a domain search and check it out, and if there is someone with a very similar name you want to see if they are in your industry or doing something completely different? You can always tweak the name slightly in order to find an available domain but if someone in your same niche is already known for that name, I’d think twice and probably go with another name.
TRADEMARKING
First, check (or have your business lawyer check) to see if someone has already trademarked your brand name of choice. If yes, choose another name. If not, and you are able to snag the name you want for your business, go ahead and start the trademark process so you really do own the name.
PIVOTING TO SOMETHING NEW
If you’re a multi-passionate entrepreneur looking to start one business in a certain industry but then pivot to other interests you have, a business brand is going to be a little less flexible. When you create a name, as we’ve shown, it’s typically based on what you do, the values you hold or a special meaning you can attach to your topic / industry of choice. If you’re going to drastically change any of those things, your business brand may be irrelevant in which case you’ll need to start a new brand or fully re-brand the one you have.
Creating a business brand has huge benefits, and it takes strategic thinking, searching, brainstorming and allowing the a-ha moment to come where a brand name feels just right for the business you want to build. Stick with it, it’ll come!
And if you need additional help determining if a personal brand, business brand (or even a hybrid brand) is right for you, Take This Quiz To Find Out.