By Grant Polachek
The financial sector is the conduit that supports the global economy. And although there’s been very little change in the industry, it’s the lifeblood that keeps the global economic engine running.
Over ten thousand Fintech startups exist in the US finance industry, and it’s expected that by 2022, the global financial sector would reach $26.5 trillion, which is over $6 trillion higher than the value of the US economy in 2020.
The market is tough, and if you’re hoping to start a business in this sector, you must rely on more than talent and ambition because your business would need a solid and trustworthy identity that communicates its vision in such a way that attracts both customers and investors.
And one of the surest ways you can do this is finding the perfect brand name for your business.
What Can the Perfect Name Do for Your Business?
The financial sector is unique. Cash isn’t the only thing being traded; trust and credibility are also powerful currencies for businesses.
And that’s why you must endeavor to get the perfect name that communicates trust and credibility because it can be the difference between your success and failure.
But that isn’t the only thing the perfect name can do for you because it can also help you:
Anchor Your Brand’s Identity to its Core Values
Understand that every name will give your business an identity, but only the perfect name will match your brand’s identity to its core values and meet the needs of your audience.
Appeal to Your Target Audience
According to a study, 95% of customers will invest in your brand if it appeals to them emotionally. And getting the perfect brand name would connect your startup to its customers by establishing that emotional bond.
Distinguish Your Business from Competition
The competition in the finance sector is like a violent game of chess but with much higher stakes. They’re tons of competing businesses out there that your only chance of standing out from the crowd is with a powerful brand name.
A great name would help you build your reputation, enlarge your target audience, and take your startup away from the shadows of the giants in the industry.
With that said, let’s see how you can find the perfect name for your business.
How to Find the Perfect Name for Your Business
If you’ve always wanted to set up your company for success with a great brand name but don’t know the steps involved, then smile because today’s your lucky day. We’ve prepared a checklist that’d help you confidently select an excellent name for your startup.
It all begins with:
1. Knowing Your Audience
Your understanding of your target audience can either make or break your success. So invest the time and resources to understand who your customers are, what they like, what they want, how much they have, what they’re willing to invest in, and what company they’re currently patronizing.
When starting your business, make sure you take the time to research your target audience and understand their needs because it’d help you balance your creativity with their expectations.
2. Positioning Your Brand
Understanding your audience demographic will not only help you customize your brand in a way that appeals to them; it will also help you figure out if the tone of your brand should be fun, classic, modern, pragmatic, or playful.
A great way to position your brand would be to identify what makes your business unique—whether it’s superb security, lower rates, or better credit offerings—and infuse them into your company’s culture, mission, and values.
Make sure your startup’s uniqueness is tied to the needs of your audience such that it’d be impossible for customers to hear your name without connecting it to your brand.
It’s time to unleash your imagination and brainstorm a list of names that fit your brand’s needs. Brainstorming can be quite taxing in terms of time, focus, energy, and discipline. So, to make the process easy, get a team together and describe your brand, its tone, audience, and goals with them.
Encourage your team to come up with the craziest and most inventive words they can because coming up with a unique word might be your brand’s winning strategy.
But if you don’t have a team and coming up with a unique name sounds complicated, then a powerful business name generator is the way to go.
4. Avoid These Areas
While brainstorming, watch out for these areas of danger because a lot depends on the reputation of your brand’s name.
Make sure you:
- Avoid single English words due to trademark issues
- Avoid generic words like force, icon, and united
- Avoid geographical names and overused metaphors
But make sure your ideal word is:
- Simple, short, and memorable
Also, feel free to use your name, especially if you’ve built a solid reputation for yourself.
Conduct Detailed Tests
Your brainstorming session should’ve led you to at least three to six prospective words that align with your brand. Now it’s time to test those words to ensure they’re perfect for your brand.
You can test each word by performing a thorough google check, running a crowded bar test, and using the United States Patent and Trademark Office to ensure your name hasn’t been trademarked.
About the Author
Grant Polachek is the Head of Branding at Inc 500 company Squadhelp.com, the worlds #1 naming platform, with 30,000+ customers from early-stage startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation. Get inspired by exploring these winning business name ideas.