If you have a new product, you undoubtedly need a new name. However, this
statement is not as straightforward as it appears if you want an effective way
of coming up with a brilliant brand name for your business. It may be a result
of a reactive approach, wherein you wait until the product is almost ready to
get launched before working hard on the same; however, the best practice always
lies in being proactive. If you start working on the brand name before the
product is realized, you will be able to save a lot of time and achieve the
best possible outcome. To be specific, you need to involve with your product
teams right from the beginning and ensure that all the legal and marketing
functions are performed well.
With a new brand, it is always highly advisable to choose multiple
potential names, that too, at the beginning of the process itself. The names
should be selected based on a few criteria, including what the brand is for,
which jurisdictions it needs to operate in, and how the brand name intends to
engage the customers. It is a matter of fact that yes – the different parts of
a business will most probably have different priorities for a brand name, and
managing all the competing desires is a part of the overall process.
After shortlisting
the brand names, you need to undertake multiple checks, which are as follows:
1.
You need to perform a Trademark Search, which can
either be done in-house or with the help of an Intellectual Property (IP) It is
imperative to check whether the names you want are available or not and whether
they can be protected in the jurisdictions you are aiming for in your overall
strategy.
2.
It is essential to think about all the countries and
regions where you wish to use the brand name and also check for meanings in
their local languages. In the past, several companies and organizations have
made a lot of errors by launching brands with unintended and offensive meanings
in other languages.
3.
In some industries like the pharmaceuticals, there
may be regulatory constraints corresponding to the way you can name a product,
which you must keep in mind.
4.
Without any doubt, there is a dire need to identify
all your key markets and then create a filing strategy to protect the brand
name.
In some industries, in particular, companies face challenges with brand
names, specifically when we talk about name creation. In the fashion industry,
for instance, the life span of a brand can be pretty short, and there is indeed
no way of knowing how successful a particular brand can become. Consequently,
you may require a high volume of brand names while operating in this industry.
Another thing to notice in the fashion industry is that the companies need to
develop the brands very quickly as they have to launch new ones every season.
The same can put a lot of stress on a fashion company as the volume of search
required in this process becomes high. Nevertheless, with the help of correct
resources and a robust strategy, the companies can achieve success in this
aspect as well.
If you can navigate well all the potential difficulties of coming up with
a brand name, then it becomes a pretty straightforward process. By pooling
ideas from the relevant stakeholders before the launch, you will get a lot of
time and options for creating an efficient Trademark Registration strategy.
However, there are a few pitfalls as well, which you need to be aware of,
especially if you operate in a highly competitive environment. It is imperative
not to fall into the registration gap, where you own protection in some
jurisdictions and not in others. Hence, it is always worth coordinating all
your filing efforts to make sure that you file in all your key jurisdictions at
the same time. For doing the same, you need to work with the local agents or
hire an external partner who will manage the process on your behalf.
Coming up with a new brand name can, at times, seem to be daunting,
specifically; if we consider the fact that the brand is the root of a product’s
value. But, with the help of the right approach, the process can always be
productive and stress-free.
For view source: https://www.trademarkmaldives.com/blog/from-idea-to-trademark-registration-how-can-you-come-up-with-a-brand-name/
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