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If you’re building a startup, you may know that the nature of startups means you’ll face a lot of challenges from the get-go. These challenges include identifying the right audience and developing a solid marketing strategy that engages their audience, building a loyal customer base. And to do this successfully, you need to create a strong brand.
Even startups with great products still find it difficult to penetrate the market and gain market share if they have failed to create a strong brand. This is the core of any business and one of the most important challenges you face as a founder.
Branding starts with choosing a name. A company name should make it clear to the public what type of product or service you offer and increase your visibility.
Unfortunately, many companies make the mistake of choosing names that do not enhance their brand. Don’t be one of them. A good brand name should be unique, easy to remember and evoke a certain kind of emotion in your target audience. If you don’t build a sustainable and memorable brand for your business, your brand identity is at risk of being swallowed up by the competition.
Related: 5 Common Challenges Entrepreneurs Face When Creating a Brand Name
Choosing a brand name
Your startup cannot start without a name. But coming up with a great brand name can be time consuming. There are two optimal options when it comes to naming your business: you can either come up with a name yourself, or you can use a business name marketplace such as brand bucket.
So the first option is to come up with a name for your company yourself. This can be a good option if you have a specific idea in mind. Here are some tips for coming up with a great brand name:
Unleash the power of storytelling
Storytelling is a powerful tool. A story describes experiences, places and events that people can identify with. Your personal story is closely linked to your company. Think about your journey so far and why you decided to start the business.
Many companies now use story-driven names. For example Robinhood, a financial services company named after the story of the legendary Robin Hood. The company focuses on a fair distribution of assets through commission-free investing.
There are other names you can choose that tell the story of your brand by just mentioning the brand name. Another good example is the e-commerce giant Amazon. Jeff Bezos wanted a name that started with the first letter of the alphabet. He also knew that the Amazon River is the longest and widest river in the world. And since he was trying to build what would become the largest bookstore in the world, he chose the name.
With such a compelling story, it’s no surprise to see how the Amazon brand name eventually became so powerful. So, when choosing your brand name, try to start with a story. If you’re lucky enough to come up with a brand name that fits your story, you’ll definitely stand out from the competition.
Related: 8 Mistakes You Should Avoid When Naming Your Business
Brainstorm on keywords that capture your values
Your values are your promises to your customers. They must stir up an emotion or a feeling in them. After telling your story, identify the keywords that stand out. Make a list of the words that come to mind.
Examples of company values are:
Go ahead and brainstorm with your team to come up with possible names that fit your values.
Check the availability of your company name
You may be wondering why your domain name should match your business name. Simply put, it makes it easier for people to find you on the web when they search for your business. However, after choosing a company name, you often find out that the domain name is already in use. Then you need to go through the process to find and contact the domain owner. And if the owner agrees to sell, the price is usually outrageous. In addition, startups often cannot afford the services of a professional agency to get a brand name that may come with a matching domain name.
Related: How to choose a name for your business
Marketplaces for brand names
The second option is to use a branded marketplace. This option is becoming increasingly popular with startups as it is a quick and easy way to find an available business name with a domain name to match.
Coming up with a business name and checking its availability can be a huge and time consuming task. Most startup founders need to come up with a name first and then go online to check if the domain name of the selected name is still available or not. And if not, they have to contact the domain name owner, and oftentimes they get extortionate prices if the owner agrees to sell. If the owner doesn’t want to sell, they have to repeat the process again, and this ultimately drags on the business process. Fortunately, things have changed and you no longer have to spend all day brainstorming a company name with your team.
There are a plethora of companies offering business name generation services for startups, but only a few offer fully formed brands, complete with a logo and domain to match. One of the pioneers in this industry is BrandBucket, founded by Margot Bushnaq.
As a startup founder, she saw that while every startup needed a brand name and domain name to match, there wasn’t a streamlined process for acquiring it. That need drove her to start BrandBucket in 2007 with the vision of becoming any startup’s first choice for brand names. BrandBucket is now the largest database of premium business domain names in existence.
Bushnaq believes that startups should have access to affordable services that allow them to search and buy company names by industry or style, as well as automatically obtain full rights to the associated “.com” domain name. More than that, she wanted to save the founders time. “Time is the most precious commodity for a startup founder. They should focus on their business and not waste time brainstorming names or searching for available domain names,” she says.
“The goal is to make the startup naming process as simple and efficient as possible so founders can focus on building their business, not brainstorming names,” Bushnaq says. “We want to help founders get their business off the ground as quickly and easily as possible.” With this solution, a startup founder just needs to go to BrandBucket.com and browse industry-specific lists of available brand names, each with a matching “.com”.
BrandBucket has a global customer base and has helped entrepreneurs in more than 180 countries find the perfect brand name for their business. The website features over 100,000 hand-picked, premium business names for sale, with new names being added daily.
Using the tips above, you should have a good idea of how to choose an effective brand name. And armed with the right tools, getting a suitable brand name and domain name is no longer one of the headaches a new startup has to deal with.