As the beating heart of the business world, the finance industry stands at the core of countless successful companies. From Alibaba to Groupon and Coinbase, financing has played a significant role in their speed, growth, and success.
Any founder starting a finance business must prioritize establishing a solid brand identity because that’d make it easier for them to build a robust, trusting relationship with their customers.
And while creating a successful finance company will be challenging, doing it while having a weak brand and a boring brand name will be even more difficult.
Discovering a solid brand name is the first strategy for building a compelling brand identity for your business. Today we’d be showing you how to find a captivating name that’ll easily win your customer’s confidence.
But first, here’s why your company needs a reputable brand name.
Why Finance Companies Need Reputable Brand Names
The financial sector has always been fiercely competitive, especially for new financial businesses.
And that’s why, even though you’ve created a fantastic financial service or product that will pleasantly surprise your customers, you shouldn’t ignore boosting its performance by using exciting brand names like Paypal and Robinhood to communicate your company’s excellent qualities.
Here’s a quick view of what the perfect name can accomplish for your business:
- Bring in qualified workers to your company.
- Captivate your intended audience’s attention.
- Lowers your marketing expenses.
- It can help you instantly communicate your brand’s personality and identity.
- Boosts the revenue of your finance company.
That said, these tips will help you come up with excellent finance and investment name ideas for your company.
How to Choose a Reliable Name for Your Financial Company
- Be Brand-Aware
The most crucial aspect of your business, outside of the product and services you intend to offer, is your brand identity. Your identity affects how clients connect with your finance business, and no entrepreneur should take the risk of ignoring their brand identity when naming their finance company.
Consider Accenture, a consulting firm. What do you feel and visualize when you see, read, or hear the name? To begin with, the tone is luxurious, beautiful, and high-end. This works well for one of the world’s biggest consulting organizations.
So, to get a clear picture of your brand identity, ask yourself:
- What does my finance business look and feel like?
- What are my business’s values?
- What tone does it communicate?
- What emotion do I hope to stir in customers?
Finding the answers to these questions will put you in a better position to start brainstorming.
- Start Brainstorming
This is the fun and intriguing part! If you have a naming team, gather everyone in one place, take some markers, notebooks, and a board, and begin writing words that reflect the essence of your company. Bear in mind that analyzing each name is not necessary at this point. Just let your creativity run wild and follow the flow.
Here are a few tools that can boost the efficiency of your brainstorming:
- Thesaurus
- Industry slangs
- Words that rhyme
- Crowdsourcing company names
- Visual names, perhaps pertaining to a color
It’s vital that members of your naming team cut across people of various age groups. And that’s because they have different opinions on whether your finance company should have a contemporary, fresh, and exciting name or a timeless, classical, and traditional one.
At the end of your brainstorming session, gather at least 200 potential names. Gathering many names will give you lots of ideas to consider when you start narrowing the words down.
- Assess and Validate
How we all wish the name you’ve chosen as your top selection out of the alternatives is the exceptional business name you’ve been looking for! But before you can celebrate, there are a few essential requirements that your ideal name must meet.
The validation process is the best way to determine if your chosen business name is the best fit for your finance business.
So ensure you get:
- Feedback From Your Audience: Customer feedback is essential for proving the reliability of your business name. And you could do this by asking loved ones, friends, or even complete strangers for honest assessments of your chosen brand name.
- Check for a Quality Domain Name: Nowadays, finance businesses must have a great website and, consequently, a strong domain name. You must verify that the domain name you have chosen is still available. The ideal situation would be for you to have no trouble getting to nameofyourbusiness.com. Sadly, that is rarely how it happens, and you may have to pay a considerable fee for it.
- Available trademarks: This procedure might not be fun for you, but it will help you avoid a lot of issues later on. Most commonly used words have previously been protected by trademarks in some fashion. To help you trademark your name and avoid already-trademarked names.
Conclusion
Brand names could enhance sales and improve business results, making them game-changing instruments for your firm to outshine its peers. To draw in potential customers, use a brand name that perfectly expresses the core of your business’s character as well as the personality of your core audience.
Grant Polachek is the head of branding for Squadhelp.com, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world’s leading crowdsource naming platform, supporting clients from early-stage startups to Fortune 500 companies.