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Without a doubt, Blockchain is the future. Crypto already has such a massive impact in today’s world that our daily lives would’ve been fully integrated with blockchain technology in a few years.
And like other promising industries, we’ve already begun seeing a rise in the number of successful Blockchain companies like BlockFi, Binance, Zap Solutions, HODL Ranch, FTX, and Coinbase, not to mention the plethora of cryptocurrencies in the market.
The Possibility is limitless, so any entrepreneur hoping to excel in this rapidly growing industry must possess solid technical skills and solid entrepreneurial skills in building their business. And the best place to start is by branding.
Why your Blockchain Business Needs Branding
Whether you’re hoping to start a crypto funding company, crypt trading company, crypto mining company, or even a crypto lending platform, branding can be the difference between the success and failure of your business.
And why’s that? Well, the answer is simple; branding is all about discovering, enhancing, and adding distinctive features to your company in such a way that customers can link your business not only with your products or services but also with an assurance of how you’ll do business.
In 2021, branding has evolved beyond establishing a strong market presence to establishing a personality with beliefs and aspirations that people can relate to. We saw this with Dogecoin’s branding. The cryptocurrency’s branding was so strong that at one point, it transformed Dogecoin from a meme coin into the third-largest cryptocurrency in the world.
Understand that branding your blockchain business would give your company a face, a personality and make it more fascinating, loveable, and relatable.
Customers in today’s post-Covid world are searching for blockchain companies with a purpose, companies with values, and companies that stand up for issues they care about. And the best way you can position your business is to find the perfect brand name because it will help your company:
- Create a distinct brand identity
- Differentiate your company from its rivals
- Attract more people to your brand
- Create a relationship with your consumers
- Enhance customer referrals
- Increase its sales
- Lowering advertising costs
- Attracting skilled workers
So make sure you invest the time to equip your blockchain company with a powerful name that’ll boost your business, and the best way to do it is:
Begin with your audience
Before settling on a brand name for your blockchain company, you should be well-versed in its operations, services, and what sets it apart from others, as well as your customers and their needs. You should also be familiar with your competitors, their services, and what makes their products unique in the market.
Knowing your firm inside and out can help you choose the perfect tone for your brand name. For example, it’ll help you decide if your brand name should be fun, modern, or pragmatic. Identifying your brand’s tone would encourage you to think of the best name for your company.
But don’t stop there; you also have to know what message your brand name must communicate to your customers. Why? Because knowing your name’s message is a vital stage, that’ll help you choose a name that your audience will recognize and connect with right away.
And the best way to find your brand’s message is by writing a brief project statement that summarizes your brand’s main ideas. Here’s a look at some project statement samples that can help you get started:
- We’re searching for a stylish name that triggers images of a reliable crypto trading platform.
- We need a strong, memorable, and distinct name for our cryptocurrency that distinguishes us from other cryptocurrencies.
Identify the Ideas that Drive your Brand
You’ll need to figure out what concepts you want your brand name to represent. And to help entrepreneurs do that, we typically encourage them to concentrate on communicating one or two fundamental concepts that are essential to their business’s culture and values rather than focusing on the descriptive side of their business.
So, do your homework and compress all of your brand’s concepts into three to six words, or themes, that are not only important to your business but also what you want your target audience to connect with it.
It’s time to gather your wits and the results of your research, order some drinks, and begin crafting the ideal name for your blockchain company. But only brainstorm once you’ve decided on the tone, style, and message of your brand name.
Also, while brainstorming, keep an eye out for certain trouble spots and steer clear of them since, with so many factors at play, it’s easy to fall into an open trap that can harm the reputation of your brand’s name.
Stay away from:
- Words like strong, command and united because they’re generic words that can be used to describe any situation
- Words that are long and complex
- Words that are similar to the names of your competitors
- Words without an available .com domain
- Words with a bad connotation in a foreign language
- Single English words because nearly every ‘single English term’ has already been trademarked
Remember that, though it may take a long time to come up with the perfect name for your firm, assembling a team and discussing your business with them is one method to cut down on the time it takes.
Encourage your brand naming team to broaden their reach as much as possible when brainstorming, so they can come up with many unique names for your blockchain company.
If you’re too preoccupied with other aspects of your business to devote time to creating the right name for your business, then know that using a reliable business name generator is the best option for you.
Test for the Ideal Name
Brainstorming or using a business name generator would help you find a few names that align with your brand’s goals and mission. But don’t keep the names you’ve found to yourself.
Test the names with an audience by discussing them with your family, friends, and colleagues. Doing this will help you find the name that makes a great first impression in your audience because their reaction may be similar to how your target audience would respond when they hear your brand’s name.