https://www.marijuanamarketingxperts.com/how-to-develop-a-name-for-your-new-cannabis-company/
You have your business vision, a mission statement, ideas for products and services, and even a few fun slogans in mind – but what about creating a name for your new cannabis company? The cannabis industry is still in its infancy, making it an exciting time to stake your claim as a new business. For business owners and marketers in the marijuana landscape, that means there’s plenty of room to get creative and choose a winning brand name.
Odds are, when it comes to a cannabusiness name, you’re hoping to come up with something memorable, unique, and representative of your brand identity, which is quite a tall order. Choosing the right name for your cannabis company plays an important role in how consumers perceive your brand, how well you stand out from the competition, and, ultimately, your potential for long-term success. Naming your company should be approached with the same seriousness as any other aspect of your brand development strategy, and it’s key that you choose a solid name with excellent staying power. No pressure, right?
Luckily, you don’t have to dive into the naming process unprepared. We’ve rounded up a series of questions to ask yourself before choosing a cannabusiness name, making it easier to tackle this monumental branding task.
How can I describe the heart and soul of my company?
Before you begin brainstorming names, first ask yourself what your business is all about. Just about every company owner has an idea of the brand they want to become, as well as the overall impact they hope to have on the industry. Jot down a few words or phrases that capture these ideas to get a clear picture of how to best represent your company in its chosen name.
What does the future hold for my business?
We get it – you can’t exactly whip out a crystal ball and start predicting your cannabusiness future. But you need your company name to have staying power, so it’s key that you try to center it around an aspect of your business that you’re confident will be permanent. Business priorities and goals may shift from year to year, but your brand name should be able to withstand the test of time.
For example, you may be opening a medical dispensary now, but if you have any inkling that it may eventually expand into a recreational dispensary, that’s important to keep in mind. In that scenario, you’d want to stay away from words that evoke images of the medical field, such as “RX” or “medical.” Instead, search for words that communicate the core of your company’s mission, which is unlikely to change dramatically. If you’re focused on providing 100 percent green certified products, maybe include the word “clean green” or other holistic descriptive words in your brand name.
Is the name easy to spell and remember?
Creative, unique names are all well and good unless consumers can’t remember them – or figure out how to type them into an Internet search bar. Keep your company’s name simple and straightforward, avoiding potentially confusing words or spellings. One of your most important marketing goals will be to encourage people to talk about your brand, but they can’t do that if they find it difficult to say, spell, or remember.
What are the company names of my biggest competitors?
One of the easiest ways to get a feel for good cannabis company names is to go through a list of all your biggest business competitors. You aren’t looking to copy their names, but rather learn from them. Work your way through the list and highlight ones that are appealing to you from a consumer perspective, then ask yourself why. Mark ones that turn you off, and consider exactly what it is about the name that doesn’t seem appealing. Use these notes to help you approach your naming process from an angle that keeps the consumer in mind.
What is my company’s value proposition?
A big part of your company’s success relies on your ability to figure out what sets you apart from the competition. What need are you serving that others aren’t? Does your brand provide something of value that no other company can? Do you offer consumers something completely unique? Here’s a hint: your answer should be a resounding yes. You don’t have to reinvent the wheel to figure out your company’s unique “thing,” it can be something as simple as a particular element of the shopping experience or a certain niche you cater to. Whatever it is, try to figure out a way to communicate that value proposition in your name.
What’s my brand personality?
Developing a cohesive brand identity means figuring out exactly what you want the “vibe” of your business to be, then applying that ideal across every aspect of branding, including your company name. Are you aiming for playful and laidback, professional and serious, or maybe somewhere in the middle? Whatever you want your brand personality to be, your cannabusiness name should clearly align with it.
What name categories do I like the most?
Most company names fall into one of four main categories: functional, inventive, experiential, or evocative. A functional name describes exactly what the company does, while experiential alludes to the experience the consumer will have. Evocative names don’t necessarily describe the brand as much as evoke a larger, representative idea, while inventive names create a made-up word that hints at relevant concepts and words. You might find yourself learning strongly towards one type or the other, which can help you narrow down your ideas considerably.
Can I trademark the name?
There’s nothing worse than going through the process of finding the perfect name, only to discover that somebody already has it. It’s important that you’re able to trademark and own your name, otherwise, you run the risk of other companies using it for themselves. Do your research before selecting your final choice to avoid having to start back at square one.
What do my peers think about the name?
Once you find a name you love, it’s time to get feedback. Chat with colleagues and friends, run a poll or survey on social media, or conduct paid audience testing. Their honest opinions can help you make any necessary refinements, as well as bring up potential strengths or weaknesses you didn’t notice before. Work through the feedback from every angle and focus on serving the specific needs of your business and future customer base.