Naming a company can range from $5,000 to $50,000+. Here's how to determine your budget...
If you ever tried naming a company, you probably know first hand how something that seems so easy, can be so difficult. And if you are the owner of the company, or the corporate marketing director, you probably know your time would be better invested managing the company vs. flipping through a thesaurus. So just what does it cost to name a company?
Much of that answer depends on the following criteria...
- How big is the project? (sole proprietor? regional company? international firm?)
- How many decision makers will there be? (one person, or the entire management and marketing teams?)
- Do you need just the company name, or the entire brand identity (e.g. name development, tag line creation, corporate logo, etc.)
- Do you need the exact matching .com domain name?
- How much trademark clearance do you need (none, just the U.S., or the entire globe)
- Do you need name development, or strategic branding (the first is purely a linguistic assignment, the latter involves "positioning" or creating the overall message of the brand)
Basic company naming - $5,000 to $10,000
(When you simply need a good company name, tag line and domain name)
Let's start at the most basic level. If you are a small start up, operating in a local market with no plans on franchising or national expansion, and don't require the exact matching .com domain name, then you could reasonably expect to pay $5,000 to $10,000 for a company branding agency to create a list of pre-screened company names and tag lines. The focus at this level is not so much on "brand positioning" and messaging, and more on the nuts and bolts of finding a good, workable business name. An example would be a business consultant, IT provider or financial advisor that needs a solid business name that's easy to spell and pronounce. At this stage it's more about business naming vs. company branding, and the goal is to create a good handle for their business.
Mid level company naming - $10,000 to $25,000
(When you need a company name, tagline, logo design, letterhead design, social media pages and domain name)
From there we have established business consultants, entrepreneurs and small business owners who recognize the value of a foundational brand name, (but don't have the funds to hire a multi-national branding firm.) At this point, they need a company name, and a company naming process, one that helps determine and highlight the core value proposition of their enterprise. This requires aligning the brand name and the brand message so they compliment and reinforce each other. This level of company naming requires more discovery and exploration about the company's goals and actual end benefits to the consumer. It's also more comprehensive in terms of crafting the entire look and feel of the brand name, from name development and tag line, to logo design and supportive marketing language. There's also social media considerations, more thorough trademark research and additional collateral design. These types of company naming assignments generally range from $10,000 to $25,000 in price, depending on the length of the assignment, the number of decision makers, the amount of trademark clearance and the necessity of an exact matching .com domain name.
Comprehensive company naming $25,000 to $50,000 +
(When you need a full suite of company naming services -- including name development, brand positioning, corporate logo design, trademark research, brand validation and brand implementation strategies)
More advanced corporate naming projects require additional time, consensus building and extensive trademark research. It may be necessary to first identify the overall brand message and strategy before beginning the company naming process. There may be several sets of stakeholders, such as upper management, an advisory committee, board members, investors, staff and employees to take into consideration.
The process itself may take three to six months to complete, in order to satisfy all the needs and objectives of the organization. And it may be both wise and necessary to perform brand name validation research, linguistic evaluations and other forms of research to arrive at a final name. For all of these reasons, the cost of naming, or rebranding a company or corporation, can run anywhere from $25,000 to $50,000 or more.
Creating a budget to fit your company naming needs
Matching your needs to your objectives can ensure you have a great outcome
The cost to name a company depends a great deal on the size and scope of the business, the number of decision makers involved, and the degree of additional services needed. From basic business naming, to more complex corporate brand name development, the fees can range from $5,000 to $50,000 or more, and require anywhere from a few weeks to several months to complete. By predetermining the level of your company naming needs, you can gain a better understanding of the amount of funds you can reasonably expect to commit to the project. The right budget amount can assure that your company naming and branding needs receive the appropriate amount of time and attention they deserve. An investment in a quality company brand name can increase recognition and recall, while building customer loyalty that pays dividends for years to come.
For a no obligation quote on your naming and branding project, simply complete our Getting Started form and we'll respond within 24 hours. Or call us at 828-877-2699.
About the author: With over twenty five years of company naming and branding expertise, Tungsten founder Phil Davis is a marketing and advertising veteran, having personally named over 250 companies, products and services worldwide. As a sought after branding expert, Phil has been quoted in The Wall Street Journal, Inc.com, Businessweek, Entrepreneur, and Newsday.
Ready to find out more?
Signup for a newsletter that defies all other newsletters!