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How to Choose a Great Business Name | Creating an Amazing Brand - YouTube
Channel: Neil Patel
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- There are estimated 30000000
companies in the world today.
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That's roughly one company
for every 26 people.
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With so many brands in the
world, ranging from huge brands
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like Coca-Cola and Apple, to small brands
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like Mom and Pop shops.
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It's becoming harder
and harder to stand out.
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So how can you create a brand name
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that can help position your company
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in this increasing more
competitive scenario
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and stand out from a huge crowd?
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Hi, everyone.
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I'm Neil Patel and today
I'm going to teach you
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how to choose a great business name
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that will help you grow your brand.
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(upbeat music)
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Before we get started,
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make sure you subscribe to this channel.
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And if you are on YouTube,
click the Alert notification.
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There's so many businesses nowadays,
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it can be hard to find
a good business name.
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Over 627000 businesses open each year,
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according to the Small
Business Administration.
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That is 627000 less names
to choose from every year.
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Well, if you're worried, don't worry,
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I'm here to help, so don't worry.
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First off, let's start off by going over
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what makes a good brand name.
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There was a study done by the
University of Alberta in 2010,
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that concluded that
customer responded very well
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to repeatedly structured brand names
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such as Coca-Cola, Kit Kat, Jelly Belly.
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Repetitive brand names affect consumers'
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branding elevations,
reactions to cross selling
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and product choices.
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A good brand name can
be any number of things.
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Meaningful, right?
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That cultivates a positive
emotion and connection.
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Visual, brand name that's communicated
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through design or logo.
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Distinctive, stands out
from your competitors.
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And Accessible, easy to interpret.
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These are just a few ways
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in which a brand can provide value.
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However, the most important question
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that you need to ask yourself is,
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especially when you're creating a brand,
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does it resonate with your audience?
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The first thing is, consider
the audience you're targeting.
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If you're targeting a
hedge fund investors,
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do you think a name like
Jelly Belly or Coca-Cola
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would work?
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Especially for creating some
hedge fund type of product?
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Of course not.
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So the first thing you want
to do is consider the audience
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that your brand is targeting.
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What is their age group?
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What is their cultural values?
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What is the brand?
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And how will it help them
accomplish things in their lives?
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Solve their needs, their
wants and their desires.
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If you have a poor understanding
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of the audience you're targeting,
the next steps will fail.
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So it's important that you
really put your audience
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in the center of everything.
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The second thing you need to do,
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is select what type of name you want.
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Some people can successfully
get away with using their name
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as their business.
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These are typically embodied
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in their vision of the founders.
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Example of this is the Michael
Jordan Brand himself, right?
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The Jordan shoes.
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He's using his last name.
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It's almost $1000000000 brand,
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if not over $1000000000 brand.
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Elon Musk, he uses Tesla
named after Nikola Tesla.
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The next one is acronyms.
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These are shortened versions
of descriptive names.
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Kentucky Fried Chicken
label themselves as KFC
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because they thought fried
chicken sounded unhealthy
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and it's name.
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Now did you know Geico is actually
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not named Geico at first
standard for government employees
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insurance companies.
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Later on they decided to rebrand as Geico
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and then they put that
famous Gecko as part of it,
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and that put a fun spin on it.
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The third one is descriptive.
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The name of your company
can legitimately describe
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what your business is.
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American Airlines, Home Depot.
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These are examples of
names that tell people
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exactly what the company does.
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This avoids any confusion.
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It can be boring at
sometimes, but it works well.
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The fourth one, suggested names
and there are three types.
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Real, these are terms that are taken
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straight from the dictionary, right?
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EX Uber, means outstanding
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or supreme example of a particular
kind of person or thing.
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That represents a company
with big goals and ambitions.
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Composite, mixing to dictionary
words together into one.
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Facebook is a prime example of this.
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The third one is invented.
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Sometimes they're just not enough words
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in a dictionary to come
up with your own brand,
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so you have to invent one.
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A good example of this is Pinterest.
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Yeah, sure there's words
like pin and interest,
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but they just merge them
and created their own word
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and it worked well for them.
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The fifth one is associative.
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A reflective meeting back to the brand,
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a name that has a metaphorical meaning,
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such as Sirius XM, right?
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The satellite company radio
station named their brand
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after Sirius, the
brightest star in the sky.
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It's a station where
you can come and listen
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to the biggest and brightest stars.
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The fifth one is names that derive
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from another language, right?
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See, sometimes a la--,
name won't make sense
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in your language but it
will make sense in others.
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Good example of this is Hulu.
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It's actually derived from a Chinese term
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that is used to represent a bowl
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that stores precious things.
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The next one abstract name.
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This is where the power of
phonetics comes into play.
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A good example of this is Rolex.
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Rolls right off the
tongue and also represents
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a luxurious connotation.
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Now pro tip for you, make sure it's a name
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that can be trademarked or copyrighted.
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For example, the NBU
Universal channel, right?
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Sci-fi had to change his name to S-Y-F-Y.
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Not only did it visually
look more appealing,
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but they can now copyright it.
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Now the third thing, you want to decide
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what your name should say.
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Ask yourself, what is your brand vision?
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What is your company's mission statement?
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The best brand names don't
describe, instead they translate
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into some sort of emotional appeal.
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You want your brand to
articulate your brand heart.
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Nike's emotional appeal is about winning,
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overcoming adversity, being a champion.
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When you think Nike, you
think professional athletes,
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Olympians, champions, right?
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Just do it.
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Coca-Cola gives you
this sense of nostalgia,
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happiness, spending time
with family and friends.
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You need to figure out
what your big idea is
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and how you can translate
that into your brand name.
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You can even try testing
with different brand names
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to see where you find the most success.
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Try running targeted ad
campaigns, to landing pages
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and even conduct surveys with friends
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and other focus groups.
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The fourth thing, trim
down the complexity.
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The stickiest brand names
out there are simple.
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If you have a brand name
that's hard to pronounce
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are too long, or it's
not easy to memorize,
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well, it's going to
have a negative effect.
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Did you know when Jeff Bezos
was incorporating Amazon,
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he wanted to name his
business to be Cadabra, right?
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After the magic word Abracadabra.
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But when he got a call from his lawyer
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who was helping him
incorporate, his lawyer thought
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the name of the company was Cadaver.
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He didn't know it was Cadabra.
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Right then Basos knew
and he realized that,
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that name wouldn't work, hence you see
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the name now of Amazon.
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Luckily we're not all going
to Cadaver or Cadabra.
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Amazon is much a easier
to understand name.
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Last but certainly not least,
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make sure your name isn't already taken.
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There's a ton of ways you can do this.
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Make sure you do trademark searches.
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Each country has their
own trademark engines,
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do searches, make sure
there's nothing that pops up
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so that way you can take that name.
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And of course, make sure that your name
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doesn't mean anything
negative in other languages.
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As long as you do that,
you'll be off to the races
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and you'll have an amazing brand name.
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Now if you need help with your company,
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growing it once you got your brand name,
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check out my ad agency, NP Digital.
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Thank you for watching.
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If you enjoyed the
video, like it, comment,
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share it, subscribe to the channel.
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Have a wonderful day.
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