10 Things to Consider Before Searching For a Name
One of the main reasons a business would go through a name rebrand is a limiting name. It does not fit the future roadmap or offerings of new products or entering new markets. Many businesses go through a name change when faced with growth that was not initially within their brand architecture, and though this is not an easy implementation, it can be successful if done correctly.
Lets go over a few things you should consider before searching for a new name for your business.
- Brand architecture
You need to identify your present brand architecture. This is basically an arrangement of the brand eco-system which helps you to effectively develop and measure the brand over time. In simple words, it helps you decide how to build your brand/brands. Here are four kinds of brand architecture that you may choose from: Sub-Brands, Masterbrand, Endorser Brand and Freestanding Brands. A great read we found about brand architecture to help you decide can be found here.
- Keep or modify
Next you need to make one the toughest decisions – whether you want to keep your current brand architecture for your next naming strategy or whether you’ll be better off changing it for another architecture. Learn when to go for such a change and when not to.
3. Name type
You also need to find out the type of name you need – arbitrary, descriptive, generic, invented, or suggestive names. What are they? Arbitrary names have a common meaning unrelated to the products; descriptive names depict fractions of the products; generic names describe the product category; invented or fanciful names are made up ones; and suggestive names imply a product feature.
- Brand strategy
It’s imperative that you identify the brand strategy as well which is basically the brand position, personality and promise. Brand position is important as it depicts what the business does and for whom while brand personality demonstrates what the business wants to be known for whereas brand promise describes what the business promises to deliver to the customers.
- Geographic regions
You need to consider all the different geographic regions you are in or will be entering into in the future as well as their laws and policies related to trademarks. Looking out only for the laws in your state or region will simply not be enough when deciding on a company name.
- Cultures and languages
You also have to keep in mind different cultures and languages too when deciding on names. Why? It’s because there can be negative connotations which can harm your brand to a great extent. Why not be safer in the beginning than being sorry later on?
- Domain requirements
Next you require determining the top level domain requirements. It’s extremely important since your domain name is going to be your unique identity on the internet which helps to build up your credibility, uniqueness, and brand.
- Domain budget
You need to consider your budget in all phases of your naming process – even when it comes to the top level domain parameters. You can estimate having to spend around $1,000 to more than $100,000 depending on the type of name and its quality. So be prepared with sufficient resources.
- Domain registrations
You also need to keep in mind if your domain registrations require being defensive in order to reduce fraud and legal issues. Defensive domain registration basically refers to registering your primary domain name in various extensions. You need to find out if it will really be worth it for you. How to decide if it’s apt for you or not? Here’s how: Should my company defensively register domain extensions?
Finally, you need to think about how to make the transition from your old company name to your new one. It’s definitely not going to be an easy one, so you have to go step by step to make sure you aren’t missing any steps or making any mistakes.
So now you know what to consider when searching for a new company name. If you have any suggestions or queries, comment below to let us know.