Why? Because that word or phrase is the “handle” that people will know you and remember you by. The connotations of the brand name – what it means to people both consciously or unconsciously – strongly influence their perceptions of your company, product or service as a whole.
However, changing an existing brand name is something that should be considered very carefully. If your company or product is already known in the marketplace by one name, and you stop using that name, you lose what is known as “brand equity.” You lose the accumulated value of people’s ability to recognize the existing name and associate it with a business, product or service. We’ll help you make that decision.
Lawrimore Inc. has helped clients name or rename their companies, products, services and properties for over 25 years. This is a service that we are highly interested in because we feel it is profoundly important. Over the years we have studied the whole naming process in great detail and learned what works and does not work in today’s ever-changing marketplace.
As a general rule, creating a new name with one or more words from the dictionary is a risky and counter-productive process. There is hardly a word in the English language that someone has not already used for a company, product or service name. There are billions of English-speaking people on this planet, and naming things is as old as Adam and Eve. So just about all of the good common names are already taken. And a large number of them have been trademarked, so they are not available for competing uses.
Then we have the challenge of the Internet. Hundreds of millions of names have already been purchased as dot-coms. Our belief is that every new name we create should be available both as a dot-com and as a trademark. That presents tremendous creative challenges and requires a high level of expertise.
To create a new name for your business, product, service or property, we would begin with a discussion of what you hope to accomplish, your target audiences, existing name(s) if any, and ideas if any for new names. Coming up with a new name is very personal and subjective. It’s almost like adopting a baby. The first time you see it, you may not love it, even if it is strategically and creatively on target. For many people it takes time to get comfortable with a new name and to come to “love” it as their own.
Sometimes we have a flash of creativity and the ideal new name pops into our heads immediately. It is right and our client agrees.
Other times it takes longer. We start with generating one or more new names, present them to you, you respond, we generate some more, and back and forth it goes for maybe a week or more before the you feel that one of these names is just right for you.
The process works best when there is just one person to make the decision. A name is very personal and reflects personal style and taste, like clothing. If several people or a committee are involved, the naming process can take much longer. You know the story about the horse designed by a committee that looked like a camel. But whatever your internal control or political or management reality is, we will work within it. That’s our job.
Depending on the number of approvers involved and the complexity of the challenge, creating a new name that you like can cost from $300 to $3,000 or more. Big companies often pay hundreds of thousands of dollars for new brand names, so this is a real bargain.
Contact us today to discuss your brand name needs at 704-332-4344 or use our convenient online contact form.