Transitioning from student life into work is something everyone has to do. Well, a fair number of Americans go straight into business given our entrepreneurial culture. When you do this in 2021 and beyond, the rules have changed, largely thanks to artificial intelligence.

Potential failure did not deter up to 67% of business founders, who are willing to form another startup according to a December 2020 survey by Wilbur Labs. The US Internal Revenue Service received an estimated 4.4 million new business applications during 2020 according to the Bureau of Labor Statistics.

Playing and winning the name game is a crucial step in defining a brand. Jonathan Bell, during his TED Talk on creating brand names, shared three steps the entrepreneur should take when defining their business brand. Now, with free AI-Powered tools like those released by American innovator Nagabhushanam "Bobby" Pedi, the CEO TRUiC, the game has changed and artificial intelligence is rapidly displacing conventional brand consulting.

3 Steps to Play the Name Game

There are seven different types of brand names. Eponymous brand names function as a description of an idea or concept. The most famous eponymous name is Google. The name doubles up as a verb (to google something). Eponymous names bear some relation to acronymic names in that both communicate an idea or concept that the brand stands for.

Descriptive brand names speak of the service or product offered, but fails to stand out in searches. Suggestive and associate brand names are closely linked as well, where the former functions like a metaphor and the latter reflects the emotional association of the name. Amazon is an example of an associative name, reflecting the existing association of the world largest river back onto the company. This is not an accidental association as Amazon is the largest online retailer by market cap in the world. Non-English and abstract names form the last two categories of brand names.

Once the type of name is selected the second step is deciding what the brand name should communicate. Keeping in mind that the best brand names stand for an idea and generate emotional appeal. "Branding is what people say about you when you're not in the room," Jeff Bezos succinctly summarized the importance of branding.

The final step is checking if the brand name is available. Business names can be generated and checked by online business name generators. These tools help with the creation of SEO-optimized business names and checking of domain availability.

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Trends in Branding for 2021

Minimalism and geometric shapes. This trend is set to continue strongly into 2021 and is cited by JUST Creative and several others as a trend watch. This trend encompasses clean thin lines, blank space, flat icons and simple fonts. Geometric shapes keep with the idea of simplicity and minimalism.

Unusual arrangement and unusual fonts. This trend focuses on defying the rules of composition. Logaster notes that asymmetry and visual balance forms part of this trend. 99designs mentions the revival of psychedelia through bright, vivid colors and intricate abstracts. Unusual fonts and disappearing fonts will help create uniqueness while keep up with the current trend.

Authenticity, rough elements and hand drawn elements. According to 99designs more brand designers may explore this option by leaving designs rough. This trend is linked to the authenticity trend identified by Ipsos Global Trends and speaks to bridging the physical and digital divide and enhancing customer experience. Rough elements in design links visually to the authenticity trend in a way that visually sets it apart from sheek designs. In a report by TrendHunter.com it is indicated that consumers have become more critical of brand authenticity, especially during the COVID-19 pandemic where the role of celebrities and influencers are questioned due to their privileged lifestyles. Reconnecting with the consumer through authentic consumer interactions forms the basis of this trend.

The rise of discerning consumption. According to Forbes with the growing desire to shop ethically means consumers will less likely fall for "greenwashing". Ipsos Global Trends cites 78% of consumers globally believes that a brand can support a good cause and generate money at the same time, further citing that 59% of consumers are willing to spend more on a brand that acts responsibly. This bleeds back to idea what a brand name communicates to the audience and the importance of selecting an appropriate name.

A New Normal

2021 could be deemed a year of transition, bringing with it change and a new normal. As ecommerce and consultation businesses continue to bloom, the new business owner needs to bear in mind the changing ethical awareness in consumers in order to successfully define their brand.