Last updated on February 9th, 2019
Pharmaceutical companies have a vast market to explore and earn profit. Being an entrant in the industry, you have to build a trustworthy brand image and stable customer base. This is where the importance of the right business name comes to the fore. A new company can make a good first impression and convey a brand message using a simple, unique, and effective name.
For a startup and small pharmaceutical company, there are immense opportunities to grow and make the profit. According to a report, the U.S. pharmaceutical market is valued around 446 billion U.S. dollars. Together with Mexico and Canada, the U.S blocks become the largest pharma market in any continent. The demand for generic and non-generic drugs is fast increasing, meaning that your new pharma company can register a quick growth.
But is the pharma business you want to start shortly appropriately named? Do not ignore the importance of naming a company. Although the name is not everything, it matters a lot to catch the attention of people. The name is also crucial to help you build a popular perception amongst people about your pharma company. It is this perception that helps in building a popular brand image of your business in the long run.
Remember that most of your target customers will hear about your company’s name before they know and buy your products. Therefore, choose a name that is unique, easy to remember, and simple so that it catches people’s attention in a few seconds.
However, the job of naming a company is not easy. You have to take into account many aspects of naming a business professionally.
Here Are Some Essential Tips To Help You In Naming Your New Pharmaceutical Company
01. Know Your Brand Niche
First, pay heed to this aspect of naming a company that its name should reflect its market niche. In the pharma industry, many companies target their specific markets. For example, your new pharma company may be just in research and development that conducts clinical trials.
So, you are in the field of providing crucial feedback to leading pharmaceutical companies. Or, you may be in the business of manufacturing bulk compounds and chemicals for over-the-counter use of medicines. It may also be your company produces vaccines, blood products, and serums.
Therefore, the customers should get a clear indication of what short of medicine your pharma company manufactures from its name. That suits especially to the new companies as people want to know about the business right away. Such a name will also help build the company’s authority. Another thing to note here is that with such effective name your medical company logo design itself will become a marketing tool. The logo will tell the customers about your niche.
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02. Pick A Name For A Brand Message
Pharmaceutical companies have some message for their target market and customers. Often, the message is in the form of a motivational slogan. A company may aspire to make people’s life easier, disease-free, healthy, and so on. If you haven’t written down a message so far, do it right away and make sure that the message appears everywhere in your marketing campaign.
The name you shortlist for your pharma business should convey the message. When designing your pharmaceutical company logos, the designer will consider the message to incorporate the right colors, typeface, and such elements.
03. Involve Your Community
How about asking your own company’s likely officials and members to suggest you the right name? Turn to those whom you trust. The core group of people may also include your family members and friends.
Some business owners prefer long surveys, but that is not the right approach for every new business. Instead, keep your naming team short and ask them some key questions. This way, you can find out a good short list of medical company name ideas.
04. Check It On Google
One of the most helpful ways to name business is to use Google. There are some applications available with the search-engine behemoth. You can use them to search for an appropriate startup name for your pharma company. How about using the ‘Keyword Tool’ of Google AdWords? This provides you with the information about which terms and words are popular with customers.
You can also know specific traffic associated with a word. This helps in judging with words related to your niche will be ideal for driving customers. This also lets you have a macro view of the terms and words.
In fact, your logo designer will love to have a name that helps in generating various logo ideas. Google can give you a hint of what words should be included in the company name.
05. Use Free Worksheets
Another tool to generate the name ideas is to use free worksheets available on the Internet. Many branding companies provide these sheets free. The primary purpose of such a sheet is to help you brainstorm.
You and your team can focus on your idea using the sheets. This means that you will come out with a name that enables you to create a logo as your company’s most important visual identity.
06. Take Help Of Online Networks
After you have selected a list of few potential names, you should check their availability as username. Go to the sites such as NameChk.com if you want to save your research time. Such a site lets you search even 100 different online networks.
This means you can check the username availability across the web using just one site. Make sure that your naming idea is unique and simple before you hire graphic design services to design your logos, websites, etc.
07. Check Domain Registries
A domain name is essential to taking your pharma business to online consumers. It is only after securing a domain or URL address that you put a website for your business. The website will have information about your new company and the type of pharma services or products it makes and sells. So, the name you shortlisted should also be available to you as your domain address of the business.
But domain names are grabbed quickly in thousands on a daily basis. It is very likely that the name you picked after a hard brainstorming session cannot be booked as a domain as it already is owned by some other pharmaceutical business. So, to check the availability of your name as a domain, visit sites such as GoDaddy, DomainRegistry.com, and Register.com.
However, do not be disheartened if the name is not available. You can find if the owner of the domain is willing to sell it. If .com is not available as a domain, then try others such as .net. Another point to consider here is that your exact and full company name need not be the domain of your website. You should break the name by adding some hyphen and other characters in the name and check if it is available.
Talking of your pharma website, when you design it, make sure that you consider some of the current graphic design trends so that the site looks contemporary and user-friendly.
08. Look For Trademark Eligibility
What if the name you chose for your pharma company is not available as a trademark with the authorities? In that case, you need to have another name from your shortlist. This is because you may be infringing the rights of other pharma businesses if you use the name that is already registered as a trademark.
Remember that your logo is also a part of your trademark along with your company name. So, before you hire a professional graphic designer to design your business logo, register your company name as a trademark.
To check the trademark registration availability, visit the U.S Patent and Trademark Office website to research the database. The site will also provide the information if the company having the trademark is still active. If it is inactive, see if you can apply for the trademark registration.
So, these key considerations should be taken into account when selecting a name for pharma companies. Note also that the naming process is time-consuming. You may take many days before you finally settle for a name that is appropriate to represent your business.
Once you have registered your company name, the next step is to promote your business. For that, first, you should design an awesome logo that is capable of conveying your brand message. Then, you will be creating a website, business cards, brochures, etc. At this point, Designhill, a leading marketplace help you get the right design solutions at an affordable price.
New Pharmaceutical companies need to promote their business aggressively. But they should first have effective names that are simple and unique. The names should also be available as domain names and trademark. To pick the right name, you may need several brainstorming sessions.