SMEs took the brunt of the impact when the 2020 coronavirus pandemic hit the world. Since then, almost a million U.S. businesses permanently closed in just three years. In 2023, it is estimated that only 14 percent of jobs lost in the pandemic will be recovered within the year.
Overall, recovery is already well underway on a national scale but there is still a long way to go. The repercussions on the economy and employment are only expected to be almost fully recovered 10 years down the line. With that in mind, it’s more important than ever for new and existing businesses to use the best tools they can to ride that wave of recovery.
The 7 ultimate tools for a startup’s digital workplace include surveying, CMS, and communication tools, among others. These will ensure that your business can feasibly be maintained cost-effectively. It’s best to look into those when kickstarting your business, but one tool worth checking out while you’re still in the pre-launch phase is the business name generator. There are several key reasons this can help your business fly in 2023.
Helps Develop Branding
Part of the recovery process is seeing a boom in new businesses. In the first quarter of 2022 alone, the US saw 1.45 million new business applications. Your branding is what will separate you from the hundreds of thousands of other businesses and direct competitors out there.
Naturally, the name of your business is a major pillar from which much of your materials, voice, and identity will stem. When using a business name generator, you can focus on a unique and relevant name more easily. By inputting keywords and prompts that are relevant to your services and ideals, the generator creates a comprehensive list of potential names that can be exactly what your brand needs. This is a simple yet significant asset considering how businesses with a strong brand identity are more likely to get attention and build customer loyalty.
Saves on Resources
It can take a lot of time, manpower, and money to brainstorm for your business. Thankfully, tools like name generators help simplify the process and lessen the load. When you cut down on extra costs, you can focus on other financial elements such as payables, wages, inventory, and marketing that can maximize your launch.
Considering the budget constraints brought on by the pandemic, it’s best to use what you can to save on resources in 2023. After all, US Bank reports that 82 percent of small businesses that fail are due to poor cash flow.
Streamlines Business Launch
The last thing you want is a staggered launch that takes too long. There are tons of moving parts to think about, especially when there are investors involved. When you use a business name generator, you speed up the pre-launch process as you can figure out your name, brand materials, domain options, and social media presence more efficiently.
With these out of the way, you can focus on other factors that will help you meet your business goals. The quicker you get your business up and running with all the bases properly covered, the more productivity you can get while reducing the impact on your cash flow.
Provides Market Insights
One might not consider market insight as the main reason to use a business name generator, but the very nature of this tool can prove useful in figuring out the market. The tool not only generates options that may fit your ideas but also checks for availability. This can give you a sense of the competitive landscape and your name value, especially when combined with more comprehensive market research.
Gathering insights is a crucial part of prospering in 2023, as it will help you understand consumer habits and perceptions in the current market. You can also further develop your niche and target market when you have useful data on hand. 77 percent of consumers care about brand values that match theirs, so gathering these insights is something you shouldn’t overlook.
Increases Relevant Traffic
A business name generator can also do wonders for your SEO and consumer perception. You can get a name that is searchable, establishes credibility, and works well with your target market. Potential customers should be able to find you online and search engines should deem your business worthy of showing up on the results page.
To put the importance of traffic in perspective, 2.14 billion people worldwide bought something online. If you want to generate revenue and increase brand visibility, it’s all about choosing a name and domain that sets you up for traffic. Then, you just have to back it up with useful content and services to create engagements and conversions.
Unifies Online Presence
In 2023, it’s basic sense to consider online when you are launching a business. Even if you have a brick-and-mortar setup, you need to create searchability. After all, most mobile users will look up a business online before visiting it. On top of that, 77 percent of consumers will choose to patronize a brand they follow on social media.
Your online presence also shouldn’t be disjointed. With a proper business name generator, you should also be able to check for free domains and social media usernames so that you can create a cohesive online foothold. This way, potential customers can easily find you whether they use search engines or have different social networking sites. This can also contribute to your profit, as brand consistency has been shown to increase revenue by 20 percent.