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Naming Firms specialize entirely in the linguistic art and science of creating product and company names. Naming has become big business, with some larger companies investing upwards of $500,000 to create a new brand name. These large fees include the creation of a list or multiple lists of brand name candidates, suggested tag lines and/or positioning statements, domain names, and may also include logo design that enhances the overall product or corporate identity. Market research and consumer focus group testing is often part of the process to narrow the focus more accurately. At one time these types of services were exclusively reserved for Fortune 500 companies but have become more available to smaller businesses with the emergence of dedicated naming agencies that handle only naming.
It is possible to go it alone and the best advice from most naming professionals is to research any potential new name with the help of a government’s trademark database, as well as the home state and local web sites. Most naming firms will advise potential new businesses to run a self-created list of names by a trademark attorney. However, these attorney fees can be rather expensive, therefore, to lower the cost, a naming consultant can help narrow the list to be researched.
