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:
- 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.
- 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.
- 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.
- 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 more visit: https://www.trademarkmaldives.com
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