Naming firms
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Unlike their full service marketing counterparts, naming firms specialize entirely in the linguistic art/science of creating product and company names. Currently there are about 50 naming firms globally. Naming has become big business, with some larger companies investing upwards of $500,000 to create a new brand name. One of the big drivers has been pharmaceutical corporations with their growing pipleline of new medicines, each needing its own place in the market. This demand, combined with the FDA's stringent naming criteria, has caused many in the health care field to look for expert assistance.In addition available domain names have become increasingly scarce, with over 85 million names registerd as of 2005, according to Verisign.This places an additional brand burden on emerging internet based firms.
Typically, naming firms charge anywhere from $30,000 to $80,000 U.S., to develop a company or product brand name. This will often include the creation of a list of naming candidates, suggested tag lines or positioning statements, the domain name status of each name, and (depending on the firm), logo design/corporate identity. The fees may also include market research and consumer focus group testing. Many naming firms will also provide trademark services as part of their process. Once the exclusive realm of Fortune 500 companies, an increasing number of small business owners and consultants have turned to "namers" to help clear a spot for their new business or product. However, not all businesses can afford such services.
For those who go it alone, most naming professionals advise to run any potential new name through the government's data base at USPTO.gov as as starting point, and to check state and local web sites as well. Other free naming help and advice can be found at AOL Small Business or at Entrepreneur.com Almost every naming firm will advise potential new businesses to run a self created list of names by a trademark attorney for added safety.
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