Chapter 2: How to come up with the right business name in 3 simple steps

 

Soy & Spice Lingerie

It's almost guaranteed that whenever I meet someone new for the first time, either at a gathering or party and tell them what i do for a living, the question “how did you come up with the name Soy & Spice?” will always come up. 


I’m not surprised why. Startup Daily said that the name of your business is possibly one of the most important assets to the business’s brand and I couldn't agree with it more. The name should encapsulate the essence of the business and its meaning and be relatable to its target market.


Below are three tips on coming up with the right business name for your brand and will hook your audience attention straight away:

Branding logos

1. Brainstorm as many names as possible

Brainstorming ideas has long been proven to a critical and extremely important step in ideation. There are an abundance of resources online that points to this, including this article by Small Business.

I spent around a month or two coming up with Soy & Spice, jointing down anything and everything I can think of, conducting hours of research online, looking at all things to do with how to name a business, words related to the ideas I already jointed down and losing a lot of sleep over it, I mean, a lot.


I wanted the name to be representative of the Asian culture, something where when you see it, you immediately know who our line is for and what we do. I wanted something that is also unique but simple.


After dwelling on the list and going back and forth day in day out, there were two final contenders in the end, Wild Camelia & Soy & Spice Lingerie.  


I love flowers and I think every woman does. So naturally, I began to list out all the flower names in Asia and thought about words that could represent our brand of breaking through the mould and trying new things while still maintaining femininity and so, the name Wild Camelia came about.

2. Shortlist two and conduct a deep comparison


Whenever I come up with a good idea, I always try and think of something to compare it with. Don’t ask me why, but I ALWAYS do. So back to the drawing board I went and started to brainstorm other things related to Asia and words that described the feelings when you are in a set of gorgeous lingerie and that’s when the name Soy & Spice hit me and of course being a lingerie line, I added the word at the end of it.


I then boggied around my living room for a short while and put my pen, paper and brain to rest for a few days on this topic.

3. Ask others for feedback

Market research builds the foundation of any business. In an article by Entrepreneur, it states "Accurate and thorough information is the foundation of all successful business ventures because it provides a wealth of information about prospective and existing customers, the competition, and the industry in general. It allows business owners to determine the feasibility of a business before committing substantial resources to the venture."

In the beginning of my market research, I reached out to 10 of my closest friends with a survey and got them to send the same survey out to their friends in order to understand their lingerie purchasing behaviours. The survey results showed that these women normally purchase new intimates 2-3 times a year and they cared about comfort over everything else. This information has allowed me to slowly understand our potential customer lifetime value and for me to focus on what’s important when it comes to designing our collection. 


At the end of this exercise, I had collected 40 survey responses, so, when I was deciding on the name, I thought what better way to get some more feedback than to reach back out to this particular group once again. 


I asked the group to rate which of the two names they preferred for a chance to a cup of free bubble tea for them and 2 of their mates, because comeon, who doesn’t love bubble tea? 


The survey came back with majority voting for Soy & Spice Lingerie and after sleeping on it for a few more days, it dawned on me that this name is actually perfect because Soy & Spice are the two items in every asian household so i wanted our line to be a staple in every asian women’s closet. Plus, I could play around with the two words and have Soy represent the more day to day wear, whereas Spice being the more intimate wear and that, ladies and gentlemen, is how the name Soy & Spice Lingerie was born. 


In the next chapter,  we will explore how I began to test the market demand through purchasing garments off Alibaba. See here for our full series of blogs.


Note from the author

Coming up with the right business name is SO much harder than people give it credit for. I hope this article has given you some tips and insights into how I came up with Soy & Spice Lingerie which you can now apply when thinking of your business name.

Mary

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