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How To Name a Business, Company, or Brand – A Brand Strategy
So what’s in a name? A lot actually, when it comes to the success of your brand and small business. The right name can make your company the brand people choose over your competition. The wrong one can doom you to obscurity and failure.
Having created hundreds of brands over the years, we are often asked, how do you choose a great brand name? As the title alludes, your brand name must come from your brand strategy. More often than not, sadly it does not, and it creates numerous unnecessary hurdles which the right name can not only overcome and avoid but instead strengthen and empower your brand.
During the crazy period of launching a business, nothing is more complicated and frustrating than selecting a name. While many founders have a general sense of their brand, trying to distil that message into a memorable, easy to say and easy to spell name is no easy feat. Tying that into a cohesive brand strategy, even more so.
To add to that, many brands face two major challenges in finding the perfect name. The first and most annoying fact is that many simple names that describe what you do are taken, trademarked, or being used. Second, the name selection process often starts and ends with what the founder(s) like. While we get it, it is not an “effective” strategy unless you are the target audience.
So how do you select an effective name?
You can either do it yourself, or you can bring in a team of experts to help you. Both have costs. You will pay the price either in the near future, or over time. And with almost every common name squatted on or trademarked, it has only gotten that much more complex to find an effective name
The process is especially challenging because there are more than 24 million businesses in the United States. U.S. trademark law protects business names, so when you find one you like, make sure you can use it. If you infringe on a copyright, you could be forced to abandon your new business name after investing a lot of time and money in it.
Also, think about your internet marketing goals, since you’ll need a URL (the websites domain/ address). There are over 860 million domain names registered worldwide, and some experts believe that over 99.9% of the dictionary is registered as a domain name.