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Marketing Resources - home The Strategic Marketing Process Introduction: What is marketing? Part 1: Develop your strategy
Part 2: Create tools & processes Part 3: Generate & manage customers
Part 4: Support tools
Conclusion: What happens next? |
How to name a business product or service
How important is the name of your business / product / service? It depends on your industry, the amount of time you’ve been in business, your competitors and how you want to position yourself in the market. Your name is an extension of your brand, and it can reinforce the value you provide or distance you from it. When you’re developing a name for a business, a product or a service, you have a number of options:
Here are some companies that provide naming services:
All of these companies may be fantastic with many years of experience and terrific track records. And they each could be very well-known in certain markets or industries. However, if you need to select three companies to bid on your naming project, which companies would you contact? Are you more likely to call a company with a unique name, an average name, or no name? This example shows that you have one chance to make a first impression. Many of your potential customers know virtually nothing about your company and a great name can open doors; a poor name may shut them. 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. Also think about your internet marketing goals, since you'll likely need a URL. There are over 60 million domain names registered worldwide, and some experts believe that over 98% of the dictionary is registered as a domain name. Don’t let these challenges stop you from finding the best name you can – there’s a lot at stake:
Key concepts & steps Before you begin to develop a name for a business / product / service Since your name is an extension of your brand, it’s important to develop your brand strategy before you start the naming process. Do you need to hire someone? With a good process and strategy, you can probably develop a good name on your own. However, you may not have the resources or desire to handle the project internally. While it’s no guarantee that a firm or consultant will develop a better name, they may do it more quickly and objectively. There are a number of factors to consider, including
Generate plenty of potential names If you’re competing beyond your local area, you may find that many of your potential names (or URLs) are already taken, so you’ll need a long list. Invite a variety of people for a brainstorming session; plan it well and capture every idea for further evaluation. Evaluate the list against your criteria Your goal is to objectively find the name that meets your criteria, so be careful about asking friends and family whether they “like” a name. For example, a name that raises eyebrows may do so because it’s different – and it may be the most memorable and powerful one in the bunch. Test your name Make sure it
It’s important to protect your name to the appropriate degree. If you choose a name that infringes on another company’s copyright, you could receive a cease-and-desist letter and have to go to court and/or change your name after months or even years of use. By protecting your name, you also gain the ability to prevent future competitors from using it.
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