Google your product or service category and analyze the direct and indirect competitors that come up.
Check subreddits that relate to your customers and eavesdrop on their conversations and product recommendations.
Talk to people who are part of your target market and ask them what brands they buy from in your space.
Look at the relevant social media accounts or pages your target audience follows and are receptive to.
Go shopping online or offline and get a feel for how your customers would browse and buy products.

Your unique value proposition is the one thing you’re competing on. Find it, go in on it, and make it a part of your brand’s messaging.
Alternatively, if the company you want to start has a cause at its core
(e.g., if you’re starting a social enterprise),
you can also write this out as a mission statement that makes a clear promise to your customers or to the world.

Make up a word, like Pepsi.
Reframe an unrelated word,likeApple for computers.
Use a suggestive word or metaphor, likeBuffer.
Describe it literally (caution: easy to imitate),like The Shoe Company.
Alter a word by removing letters, adding letters, or using Latin endings, likeTumblr (Tumbler) or Activia.
Create an acronym from a longer name,like HBO (Home Box Office).
Combine two words: Pinterest (pin + interest) or Snapple (snappy + apple)

Stake your claim. Death Wish Coffee: “The World’s Strongest Coffee”
Make it a Metaphor. Redbull: “Redbull gives you wings.”
Adopt your customers’ attitude. Nike: “Just do it.”
Leverage labels. Cards Against Humanity: “A party game for horrible people.”
Write a rhyme. Folgers Coffee: “The best part of waking up is Folgers in your cup.”
Describe it literally. Aritzia: “Women’s fashion boutique.”