Best Practice: Inventing a new company name makes it easier to find a domain name, get it trademarked, but can be more expensive to brand.
Today’s Article: Creating an Invented Company
Invented names create a new word not found in the dictionary. This can be a totally new word like : Verizon, Xeros or Accenture. Verizon”, came from veritas (Latin for “truth”) and horizon. Xerox came from xerography, a word derived from the Greek xeros (dry) and graphos (writing). The name Accenture came from the concept of “accent on the future” to position the company as a global consulting leader.
Pros: These names are easier to find a domain name and go successfully go through the trademark process. They are free of negative connotations. You start with a clean slate.
Cons: You start with a clean “unknown slate”. People are not familiar with the name since it is new. Therefore, it may take more time and money to connect people with the name, remember the name and understand what you do.
Need some help with latin names and meanings go to: http://www.latinwordlist.com/
Brand Name Filter
The brand name filter below will help you objectively evaluate how available and good a name is.
Number System: 0-poor, 1-fair, 2-good, 3-excellent.
___ Easy to Say and Pronounce
___ Easy to Remember
___ Easy to Spell
___ Name is Web-Ready: Exact Match Domain Name with no hyphen (Domain Search)
___ Trademark is Available (Trademark Search)
___ Available in Your State (Online check with your State Department of Incorporation)
___ Social Media Identity Availability (Example Facebook (B2C), LinkedIn (B2B), etc.)
___ Stands out from the Competition in a Favorable Way
___ Has no Negative Meanings (Example: when translated to a foreign market’s language)
___ Name Allows You to Add New Services or Products in the Future
___ Number of Points
Action Step: Make a list of invented words to create a company name. Work on the list of words until you come up with 1-3 that you like. Next go to the name filter above to evaluate them.
Note: If you are having trouble coming up with a name that you like and is rated high by the brand filter, it may be time to look for an outside source to help you i.e. Ask the Expert.
Recommendation: In a branding process, it is important to look at name possibilities in different name categories: Literal, Attribute, Legacy, Initials/Numbers, Word Combination, Related, Alliteration or Rhyme and Inquiring. This helps you expand they way you look at your company, to find the best name to connect with your target market, that stands out from the competition and reflects your brand position.
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