How do you create a brand name that reflects your value proposition?

Identifying your target audience, as it relates to creating a brand name, is best accomplished by answering the following questions: 1. Ideally, who do you want to work with? And why? (because although you may be flexible, it's not everyone, it's someone) 2. Who can you relate to based on your education, experience, and culture, and who can relate to you? (just because you may want to work with CEOs doesn't mean they can relate to you) 3. Who may appreciate the products and services you have to offer? (be optimistic but also realistic)

Consider this; the less product differentiation you have in the market the more your brand identity needs to be memorable. As and example, let’s say you have seen ads for six different companies on instagram trying to sell you into real estate investment funds. Northwestern, Pelican Ridge, Promontory, Southern Mutual, Pete Middleton and Diversified Capital. Just off of the names do you think you will remember which is which in a week? A month? Of course not. Now if they spend billions force feeding you then of course you will (like Charles Schwab). Now what if the name is grwth. You will probably remember for two reasons. The missing “o” makes you think for a split second about the name. Also, The name relates to your desired outcome.

Consider this: The ideal brand name for a business does not exist. You want a brand name that conveys the value proposition and is also true to the brand personality and is also original and catchy but is not too commonplace to get lost in SEO wars but is also not too generic to take tons of marketing effort to get established and is also.... the list goes on! One way out of this catch-22 I find helpful is to look beyond the theory and search for an emotion. After all, if your business, branding and marketing do not evoke an emotion, why do they even exist? In your process of finding the right brand name, try different permutations and combinations and test for the one that best evokes the emotion you want your target audience to feel.

Push yourself and your team to brainstorm outside of the conference room or your offices. Go to a place that you haven't been before; a museum, a restaurant or a park. Wander into a toy store or walk into a grocery store without the intention of buying anything. Bring a notebook and jot down what comes to mind.

I firmly believe that the most compelling brand names have the power to capture the hearts and minds of people and should open up endless opportunity for the brand once created if done well. The most successful brand names are usually based on familiar words and concepts that people understand and can appreciate. Ideally your brand name should evoke emotion in the consumer and should create a lasting impression and memory for them.

Brand name is only part of the picture. What distinctive assets make up your brand? These are verbal / visual mnemonics that will help your brand stand out within a crowded market. Think about: ‘Priceless’ Golden Arches A moustached face None of these rely on a name, but I’ll bet you immediately thought of the brands. According to a recent Kantar Millward Brown study, brands with the strongest distinctive assets are 50%+ more salient than their rivals - that is, they’re more readily called to mind when it matters.

There’s little value in testing within a subjective echo chamber of your team, friends or family. Who’s buying into your category? Who’s buying your potential competitors? Who will likely enter your category in the future? These are the opinions that hold the most value. When testing sentiment, pay attention to: Prompted / unprompted recall Affinity / attitude Purchase propensity You want a brand that’s powerful enough to change behaviours.

Be sure to factor in Search Engine Optimization when choosing a name. If it's a common word, you could face a steep climb to page one of the SERPs.