Naming: A 99% Failure Rate23 Jan 2015
When you think about it, there aren’t too many businesses in the world where the failure rate on production is close to 99%.
But that’s exactly what happens in the world of naming.
Virtually every name that makes it onto a long list or even a shortlist fails.
That’s because it’s almost impossible to find a name that’s legally viable and usable.
Most names, most ideas, have all been created before and someone else, another firm or individual has registered them.
So how do you prevent failure? how do you find the proverbial needle in a haystack?
Where are the 1% of name ideas that succeed, that pass the trademarks challenge?
The solution isn’t easy but it’s a combination of elements including these three factors:
– Creating less obvious, invented names
– Utilizing a small decision making team to work in close affiliation with senior level stakeholders
(the more stakeholders, the greater the consensus, and the likelihood of creating a more communicative name which in turn has less likelihood of being trademarkable)
– Having close liaison with trademark lawyers during the process (not waiting until the very end)
High failure rates in naming is the reason we as a naming consultant are in business.
We leverage our naming experience – over 24 years – to create unique, legally viable names that help clients make their naming projects become a success.