There are several absurd myths and ‘false facts’ about the finance service industry that is shocking and extreme.
We’ve met people who believed that ‘finance companies don’t create any real value,’ that ‘people in finance have sold their souls for wealth and influence,’ and that ‘everyone entering the finance sector is a math genius.’
It’s no secret that the financial sector is the heartbeat of businesses around the world. And it’s a well-known fact that the finance sector depends on trust, more so than any other sector, and that’s a fact.
Every Finance Business Needs Trust!
Building brand-customer trust is one thing founders venturing into the finance sector must be acutely aware of. Why? Because it takes 90 seconds for customers to make a subconscious judgment on whether to trust your finance business or not.
Just like Robinhood, one of the best ways to establish this trust early on is by getting an appealing name. But, that’s not all; a terrible brand name can have far-reaching consequences on your business and hurt its chances of success.
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Think of brands with attractive names like Webull and Betterment, and you’ll realize that getting the trust your business needs to thrive is impossible without finding the perfect name for your finance business. And this is why you must dedicate the required time, effort, and skill needed to get the best finance business name ideas.
Why Do You Need a Strong Brand Name for Your Company?
Because you’ve created an exceptional financial product or service that will impress your customers doesn’t mean you wouldn’t need to get active in the finance sector, compete with other companies, exceed them, and gain the interest of your target customers.
Competition in the financial world has always been intense. And the fact that 17 million companies are expected to be created in 2022, is a course to worry about, mostly for fresh startups, since this means more competition.
Also, with the millions of startups being founded yearly, it’s no surprise that the end customer sees between 4,000 and 10,000 advertisements every day. And, besides, a significant number of these advertisements will come from your competitors.
So, aside from offering great financial products and high service standards, your company must also utilize the power of a great financial business name like Paypal and Mastercard to shine the light on your other great qualities.
Here’s a shortlist of what a fine brand name adds to your business’s arsenal:
- Attract talented people to your company.
- Attract your target audience’s attention.
- Lowers your advertising costs.
- Help you in making a strong statement about your brand identity.
- Establish a positive relationship with your clients.
- Improve your brand’s reputation
- Raises your brand’s revenue.
Now that you know why your new enterprise needs a powerful name, we’ve put up a list of five steps to assist you on how to proceed with one.
Five Steps to Choosing a Trusty Name for Your Financial Business
1. Have a Clear Vision for Your Finance Brand
The first step in developing a strong brand image for your company is to determine what your business should be, achieve, and what you want people to associate with it in the future.
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Words have tremendous power. Everything in our world has a name, and every name has a meaning as well as sentiments and ideas that we may use as a reference when we interact with such items.
So, to properly ease customers into your startup, you must first choose what you want your company to be known for. Do you want to be recognized for your new ideas, high-quality financial products, relentless pursuit of innovation, or your global reach and influence?
Finding the appropriate name is considerably easier if you have a clear idea of what you’ve set your firm out to achieve.
After determining the key ideas you want your company to reach in the long term, the next step is to critically evaluate these concepts and choose a few that best reflect your startup. These concepts will serve as the cornerstone of your business’s identity.
2. Establish an Effective and Exciting Brand Tone
Always keep in mind that the strength of your finance company’s name is only as strong as the tone it conveys. Your tone reveals the true personality of your company. If done well, it will engage a vast number of clients; if done incorrectly, it will drive them away.
The best method to impact how potential customers view your brand is to establish a unique tone that is continuously connected with your company’s beliefs.
So, give as much time as you need to learn about your customers, who they are, what they do, and what they desire, as this will help you choose if your startup’s ideal tone should be:
- Practical or pragmatic
- Modern and creative
- Emotionally impacting
One technique to find the perfect tone for your company is to analyze your competition’s brands, evaluate their tone, and decide if you want to conform to the norms or start a new trend. This was the way modern finance apps captured the attention of their audience. Instead of using names like JPMorgan Chase & Co., finance apps use catchy names like Cash App, Mint, and Spendee.
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3. Select the Elements of Your Branding
It’s great to have a unique tone, but your hunt for a solid brand name doesn’t end there since you’ll also need to figure out what your company’s branding elements are. What roles would your branding elements play? For starters, these elements are the vital groundwork for coming up with excellent business name ideas.
With that said, it’s time to get a journal and a pen and write down your company’s:
- Big ideas: What are the most crucial concepts of your company?
- Values: Does your brand stand for any personal or audience values?
- Stories: Is there a backstory about your startup that the audience can connect to?
- Industry specifics: What unique concepts do you stand for in your industry?
- Benefits: Is there any advantage your audience would get from your services?
- Emotions: What emotions do you want your clients to experience?
- Value Proposition: What distinguishes your finance brand from other competitors.
4. Develop a Project Statement
Gather all of the information you’ve compiled so far about your brand and use it to create a detailed project statement that describes the type of name you desire for your business.
To help you get started, here are some examples of project statements:
- I’m searching for an exciting name for my finance business that inspires boldness, wealth, and ease. The name should be intriguing and appealing, as well as one that expresses fun, independence, and accomplishment. It should also stir feelings of grandeur and dignity.
Your project statement is a fantastic representation of the criteria that the perfect name for your business must meet.
5. Form a Group and Brainstorm Ideas
Now is the time to get your notepad out and proceed with your search for creative, memorable, and interesting brand names. Open up your dictionaries, flip those thesauruses, and search through every online material for appealing, catchy, and exciting words that meet your finance company’s naming criteria.
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Trust us; brainstorming sessions can shift from a fun activity to an exhausting chore. Any founder seeking a good finance company name shouldn’t be afraid to enlist the advice of loved ones or even coworkers.
So assemble your team, go through your brand’s goal, tone, elements, and project description with them, and ask for their help in coming up with distinctive and memorable name options that will set your firm apart.
However, if either you or your team ever hit a creative snag, don’t give up. And one way to keep your creative energy bubbling is by using a powerful company name generator.
Whether you choose to brainstorm or use a company name generator, make sure you produce a thorough list of words that connect with the demands of your finance firm.
Your Company’s Name Must be Tested and Trademarked
After brainstorming, select a couple of three to five names from your brainstormed list and choose the best word that fits your company’s needs. Next, ensure you try it out on a group of people to see whether they like it. If your audience doesn’t like it, try selecting a different word from your brainstormed list. It’s pointless to choose a ‘cool’ name if no one would enjoy it.
After you’ve tested and verified that your selected name is popular with your clients, make sure you trademark the word with the USPTO. Trademarking your brand’s name would stop other firms from using the same name as your finance business.
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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 such as Nestle, Dell, Nuskin, and AutoNation.