Naming tips: number 58 in a series.
Study your competitor’s names.
This may sound obvious, but I’ve known many instances where it hasn’t been thought of, or has been give short shrift.
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So why do it? Well, first, you want to know what NOT to do.
Do not use a name that’s like a competitor’s name. Now I know some short-sighted entrepreneurs who would want to come as close to a competitor’s name as the trademark laws would allow in hopes that their brand might “steal” some business from that competitor.
It seems like a sound strategy on paper, but it will diminish any chance you might have of long-range relationships with customers, particularly if those customers are thinking they are buying the older brand. This is a short-range, no-win tactic that handicaps your brand from the start.
In addition, a study of competitive names will give you some idea about the type of product category you’re dealing with. If most competitive names are descriptive, then you’re probably dealing with a conservative, unimaginative category that might be ready for a contrarian competitor.
An aside: why do most ad agencies name themselves after their founders?. That’s not a way to differentiate meaningfully, or to demonstrate an agency’s creativity. That’s why I named my agency Industrial Strength Advertising.
The point is: try to be relevant with your offering and your market, but different from your competitors.
Martin Jelsema
303-242-5975
