The global financial market is massive, but despite its immense size, the market grew $20.4 trillion in 2020 to $22.5 trillion in 2021. Analysts even expect the market to hit $28.5 by 2025.
This sweet growth has caused lots of entrepreneurs to jump into the finance industry, increasing the competition within the sector to the point that any new entrepreneur hoping to stand tall in the industry must be armed to the teeth with branding.
Whether you’re planning on starting a bank, or a crypto trading app, the key to getting your branding right is finding a unique name that’d attract customers and set your finance business apart from its competition.
With that said, here’s how you can find the best name for your finance business?
Four Practical Steps To Finding the Perfect Name for Your Finance Business
1. Visualize the Brand of Your Finance Company
Before you begin looking for a memorable name, you should have a clear vision of what you want your finance company to be in the future since this knowledge will affect every decision you make for your brand.
Also, do your best to thoroughly investigate and learn everything you can about your company, its area of specialty, and the finance industry, as this will help you choose the perfect name that accurately represents all parts of your business.
While investigating your sector, don’t forget to look into your competitors’ service quality, brand identities, and marketing techniques. This will assist you in determining what will work, what will not, and what will be required to attract the best clientele.
2. Select an Interesting Brand Tone
The best method to selecting a name that effectively expresses your company’s fundamental values is to ensure that it has the appropriate tone that instantly evokes a great response from your target audience.
And one of the quickest methods to accomplish this is to research your target customers to discover what distinguishing traits your finance company must possess to attract them. This knowledge will assist you in determining the best tone for your brand, whether it should be:
- Innovative and modern
- Amiable and inviting
- Practical and pragmatic
3. Discover the Elements of Your Company’s Brand
Although a captivating tone is necessary, your company’s branding elements will provide the framework for your brand’s identity. This is because your brand’s elements represent your company’s true personality and identity.
So grab a pen and paper and scribble down your opinions about your company’s:
- Big ideas: What is the core concept of your company?
- Values: What specific personal or client values does your company align with?
- Benefits: What would your clients gain from interacting with your services?
- Emotions: What strong emotion(s) do you want your customers to feel when connecting with your company?
- Value proposition: Why should buyers select your company above its competitors?
4. Get Your Brand’s Naming Criteria and Start Brainstorming
Everything we’ve said thus far will make it easier for you to create your company’s naming criteria. Preparing your brand’s naming criteria will offer you a decent idea of what kind of name is suited for your business.
After you’ve decided on your brand’s naming criteria, it’s time to let your creative energy flow and start brainstorming. Look through dictionaries and thesauruses for words that meet the naming standards of your finance business.
So make a list of short, creative, engaging, memorable, and even symbolic words that will help your brand stand out in its field. Your objective here should be to create a comprehensive list of potential brand names.
If brainstorming gets too time-consuming and difficult, you can always utilize a strong business name generator to generate some fresh and distinctive brand name ideas for your finance and investment company.
Get a Powerful Brand Name
When naming your firm, keep in mind that powerful brand names are typically appealing to clients and the market. Why? Because brands with memorable names, like Robinhood, Amazon, Brave, Coinbase, and BlockFi, are easier to remember. These names arouse pleasant emotions in individuals, and such emotions typically convert regular clients into loyal customers.