{"id":7963,"date":"2020-08-28T14:17:08","date_gmt":"2020-08-28T19:17:08","guid":{"rendered":"https:\/\/www.figmarketing.com\/blog\/?p=7963"},"modified":"2023-09-06T20:14:42","modified_gmt":"2023-09-07T01:14:42","slug":"4-steps-to-naming-a-financial-services-company","status":"publish","type":"post","link":"https:\/\/www.figmarketing.com\/blog\/4-steps-to-naming-a-financial-services-company\/","title":{"rendered":"4 Steps to Naming a Financial Services Company"},"content":{"rendered":"\n

Updated September 6, 2023, at 9:15 PM<\/em><\/p>\n\n\n\n

Done right, naming a financial services company will be deeply personal and very telling. Potential customers will develop their own expectations based on the name of your business. Be aware that if it doesn\u2019t sit well, they’ll probably go elsewhere.<\/p>\n\n\n\n\n\n\n\n

Developing a name should start with high-level brainstorming and then drill down to specifics. Naming shouldn’t be done alone. If possible, bring in a variety of people. Include co-workers as well as those not associated
with the business but who know you personally for the brainstorming sessions. Your business associates will be polite, but you need your friends to tell you the truth! “On Time Deliveries” is only a good company name if you’re actually punctual.<\/p>\n\n\n\n

A STRONG BUSINESS NAME WILL STAND OUT, BE MEMORABLE, AND IS EASILY SHARED<\/p><\/blockquote><\/figure>\n\n\n\n

Now that you’ve got your brainstorming hat on, a few friends and colleagues to help, and a financial services company to name, it’s time to get to work.<\/p>\n\n\n\n

Follow these four main steps to naming a financial services company.<\/p>\n\n\n\n

Step #1: Brainstorm<\/h2>\n\n\n\n

Start with whatever big ideas come to mind. Think quickly and write everything down. Using a whiteboard or wall makes it easy to visualize and move things around. Pro tip: <\/strong>Post-it notes are great to use during this process.<\/p>\n\n\n\n

Every word will help you get to a great result, even if you feel the word isn’t right or silly at the time. There are name generators online but without your personal input, the results most likely won\u2019t reflect your personality.<\/p>\n\n\n\n

Related: Shift into Marketing Gear: Tips for Committing to Your Marketing Strategy<\/a><\/h4>\n\n\n\n

Step #2: Drill Down<\/h2>\n\n\n\n

What do the words say about you? What jumps out that points back to your passions and motivations? Catchy names work if you\u2019re Google or Amazon, but if you\u2019re not in that arena pick a name that says something meaningful. As you narrow down ideas, your brand value proposition should start to emerge and mirror the concepts you’re choosing.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Be honest with yourself. <\/strong>By answering these questions,
you start to develop the part of your business name that
reflects who you are:<\/p>\n\n\n\n

\u2022 What motivates you to do what you do?
\u2022 What personal values or customer values drive your brand?
\u2022 Why should people trust you?
\u2022 Is there a personal story you want to tie your name to?<\/p>\n\n\n\n

Stay focused and on target.<\/strong> These questions will turn
into the part of your name that says what you do:<\/p>\n\n\n\n

\u2022 What does your company do?
\u2022 Why are these services a benefit to your customer?
\u2022 What will make the customer comfortable?
\u2022 What will make the customer trusting?
\u2022 What will make the customer satisfied?
\u2022 Who is your ideal customer?<\/p>\n\n\n\n

Step #3: Review<\/h2>\n\n\n\n

Look for patterns. Look for strong words. Group similar words and concepts together. Using Thesaurus.com to discover synonyms and antonyms can assist with generating a list of words to consider and keep you from including a negative word. Pro tip: <\/strong>This step is a great time to sort through those post-it notes.<\/p>\n\n\n\n

Also, look for ethnic or geographic offenses\u2014remember the Chevy Nova which in Spanish means \u201cno go\u201d? Any words that miss the mark should be put in a separate pile but don\u2019t toss them. You may want to refer to that list to make sure one didn\u2019t somehow end up back on the board.<\/p>\n\n\n\n

Sort your list and eliminate the unnecessary. <\/strong>If the word feels wrong today, it\u2019s going to feel worse later so toss it now. Trusting your gut feelings at this point will keep you on track. Consider these tips:<\/p>\n\n\n\n

\u2022 Keep the words that reflect your company\u2019s strengths
\u2022 Put in the discard pile any words and images you want to avoid
\u2022 Any word that is too hard to pronounce is best discarded<\/p>\n\n\n\n

Be creative. <\/strong>There are no rules regarding your business name, so go ahead and be unique. Consider a combination of words that start as separate words but when combined correctly make a memorable and strong message. Bad Daddy Burgers would have been much worse had they chosen Daddy\u2019s Bad Burgers.<\/p>\n\n\n\n

Then, take your list of words and images and move them around. Play with ideas and messages until you find the names that accurately reflect your passion and intent.<\/p>\n\n\n\n

Related: The Financial Professional’s Inbound Marketing Funnel [Infographic]<\/a><\/h4>\n\n\n\n

Step #4: Get Feedback<\/h2>\n\n\n\n

It’s possible to get too attached to the wrong name and miss the obvious (too funny, too negative), so take your top three choices and present them to an unbiased group. <\/p>\n\n\n\n

If you need a wider group to help you in this step, consider an online crowdsourcing company. It costs you some money, but they can provide some outside input and help you land on target. Listen to all feedback and adjust your choices before making any final decisions.<\/p>\n\n\n\n

Consider: Is your name in the CARE or the DON’T category<\/a>?<\/h5>\n\n\n\n

Positive feedback will mean your name is:<\/strong><\/p>\n\n\n\n