You are reading about: "Cryptocurrency Branding 101: How to Name a Cryptocurrency"
Naming your business has become a vital part of launching your cryptocurrency.
The name will be the first thing that your potential user base will notice.
As you know, the cryptocurrency market can be so competitive in 2019. Your name needs to set you apart from the competition, draw people in and effectively sum up your brand.
The Challenge: Outline your brand
Even though naming can be a challenge for many crypto entrepreneurs, it should not have to feel like you’re stepping off an edge of a cliff with a blindfold over your eyes.
If you can follow the following three steps, you can organize your name ideas and get the most out of your cryptocurrency name.
Step One: Mission and Vision
Jot down a couple of current cryptocurrency names that you know are successful.
Simple, but it will really help you when it comes to brainstorming the ideas for your own brand name.
It is important to separate the process clearly: First, create a list of a few of your favorite existing brand names, only then begin to analyze them. You can get some inspiration from our directory of blockchain tech businesses.
Go through your list of catchy crypto business names to give yourself a head start on the naming process. You should be taking notes about what you specifically enjoy about each of the business name and why it is effective for the company.
Once you dissect all of your top existing business names, you will be able to reveal the direction that you want your naming process to take.
- Make sure you take notes on what exactly it is that you like about the names you are noting.
- Also write down if you want to capture a similar vibe to any of the names on your list.
When coming up with a successful crypto brand name, you need to keep your eyes on the prize: Focus on where your business will go in the future.
Consider where you see your brand at in the next five years and even in the next 10 years. Will you be in a different place than where your brand is today?
If you want to create an innovative company that might grow into different areas in the future, you should be mindful when picking a name so you don’t pigeonhole yourself into a name with too narrow a scope.
Try to be concise when you summarize your mission and vision in a couple of short project statements like these examples:
- We need a name that captures our hip, special approach to tokenization.
- We need a name that establishes us as a youthful, energetic dApp game brand.
- We need a name that hints at our environmentally conscious business practices.
Why not get started by writing out a few project statements for your own startup based on your own values and beliefs.
Step Two: Get Creative
Gather some prospective names.
Brainstorm crypto business name ideas and write down a few potential examples based on every type of name that’s on the list you made in the first step.
This can be a really helpful step in the process to give you a good idea of what you’re looking for.
At this stage, go for the bulk: The more names you come up with, the better. This is how the idea of what name you want can start to crystallize.
Narrow your list.
Now that you have created a list of name candidates with a variety of ideas, you can start crossing off the names that don’t fit the vibe of your startup.
Keep crossing off names until you have only a few left and let it sit for a bit.
Discussing the short list with your team, an advisor and anyone else with a fresh insight will help you decide on the one brand name to go for.
Step Three: Check your Boxes
Before you set on a brand name for good, assess your risk with trademark validation.
Trademark validation for your cryptocurrency name is a useful way to ensure that your name is secure.
Running a trademark risk will give you the peace of mind that the name isn’t already in use by another project. If your name is too similar to another cryptocurrency, you may actually be in trouble in terms of trademark law - and the space is indeed getting crowded.
Make sure that you are proactive about protecting your name. If you evaluate your trademark risk before you lock in the name, you will be able to prevent any potential complicated legal issues.
Coming up with a strong brand name can feel like a daunting task for many entrepreneurs, not only in the blockchain business.
So much of your company’s success rests upon the name that you choose.
Your brand’s name should be the sum of your cryptocurrency’s identity, and it should serve as a point of connection between you and your audience.
Even if you feel like all the best names are already taken, don’t worry, the perfect name for your cryptocurrency is out there waiting for you to find it.
This article, mainly targeting the entrepreneurs among you, is a guest post by Grant Polachek of Squadhelp. Grant is the Director of Marketing at Inc 500 company Squadhelp.com, the worlds #1 naming platform, with nearly 20,000 customers from the smallest startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation. Get inspired by exploring these winning company name ideas.
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Editor: Diana Trang
I'm a nobody and nobody cares. I like researching business models so that later I can fail miserably anyway. Editor at @BOC__Official.