Because the legal cannabis industry is relatively new and booming and because there are so many niche markets within the industry, there are a ton of new naming possibilities. The key is to find a name that both describes the essence of your brand and differentiates you in the marketplace. Milano did a quick survey of the cannabis company names and broke it down into a few different categories. “For example, senior citizens are one of the fastest growing cannabis consumer bases, but very few cannabis businesses cater to them.” By identifying niches and needs such as these, you can carve out a unique market for yourself in your name. Once you have a solid list of names (Molinari suggest 1000! If your findings there are inconclusive, you might want to consider hiring a private trademark attorney. While your core customer is very important to your core business, you don’t want to just play to your base. Says Goldstein, "No matter what you name your business, remember that your customers aren't the only ones you need to worry about. Once you come up with your name wish list, it helps to take it outside your familiar bubble and expose some of your top names to colleagues, friends, and even complete strangers. Milano suggests running simple tests online, using social media, free services like Survey Monkey, or paid audience testing.
What’s in a name? Turns out—a whole lot. Your brand’s name is the message that you broadcast to the world. While companies may come and go, their name lasts forever. But too often entrepreneurs treat the naming process as an afterthought, a fun thing to brainstorm about over bagels or a drink, not a serious step of a brand development strategy.
Because the legal cannabis industry is relatively new and booming and because there are so many niche markets within the industry, there are a ton of new naming possibilities. The key is to find a name that both describes the essence of your brand and differentiates you in the marketplace. Here are some key questions to ask yourself.
What’s the soul of my company?
Before writing anything down, ask yourself what your product or service is all about. What story do you want to tell? Cannabis is a “very intimate product that people want to connect with,” says Scott Milano the founder and managing director of Tanj, a boutique marketing agency that specializes in names (they were responsible for the name Wii). “Getting a clearer picture of what your brand should represent in the world can be very beneficial.”
Can my name withstand the test of time?
“Try to pick at least one aspect of your business that will be permanent, and see if you can reflect that in a name,” recommends Joe Goldstein, the director of SEO and operations at TrailBlazer SEO, web design and SEO specialists for the cannabis industry. The reason for this is that businesses change. What might be a priority one year may be completely different the next. You don’t want to be stuck with a name that’s yesterday’s news.
For example, he says, “if you want to open a medical dispensary that may eventually evolve into a recreational dispensary, a name that includes “medical,” “doctor,” or “RX” could send the wrong…