What's in a name?
Naming a new product or company is a tricky endeavor, but when done right it can make you stand out from the rest. When done wrong, however, it can result in your company or product blending in with everything else in its category. Further adding to the complexity of this process, estimates show that an average of 23,000 domain names are purchased daily and more than 25 million .com domains have already been registered. Finding a domain that is not only available as a .com, but is also easy to remember and matches up with your new name can be complicated. By employing different naming techniques, you can simplify this process and open the door to more possibilities. This will not only help you stand out from the competition, but it may make it easier to find a memorable .com domain name and one free of trademark issues.
Following are a few different naming techniques to take into consideration when naming a new HIT product or healthcare company:
- Describe what your healthcare company or product does. By giving the HIT market a clear understanding of who you are and what you do, a descriptive name can help you build a strong brand. For example, everyone has a general understanding of what Healthcare Billing & Management Association does based solely on its name. Or for products, ones like MPV Contract Analysis fit this category to a T. The disadvantage to these names is that they can be difficult to trademark and legally protect since competitors are often pulling from the same limited supply of descriptive words.
- Combine words, root words or suffixes that offer meaning. Many healthcare organizations want their names to mean something, and a good way to do that is to look at Latin and Greek root words or mix and match various prefixes and suffixes. By doing so, you’ll create a fresh name that is usually free of any negative connotation. A good example is Capario, which comes from a root word for seize and a suffix meaning strength. You can also use day-to-day words like NextGen does. Additionally, these names are easier to trademark, but they generally require the support of a strong marketing and advertising campaign to give the personality and market recognition required for success.
- Suggest a feeling. This approach is a great way to create a name that is both memorable and engaging. The resulting names are often contemporary, playful and short, like Epic or Yahoo. The main challenge with this approach is identifying a name that truly reflects your company or product. They can also be difficult to pronounce and spell, which is another hurdle you’ll need to overcome.
- Draw on an experience or function. While this technique is not commonly employed in B2B markets, it’s a great way to tie emotion to your brand and garner the attention of your market. One example is RFID and bar code company Zebra, which plays off of the stripes on a zebra and those in a bar code. Unfortunately, these names can be difficult to trademark if they rely on fairly common, everyday words or experiences.
Regardless of the naming technique you choose, don’t be afraid to be creative and get away from the traditional healthcare industry names and phrases that you hear time and time again.