The New Name Economy in the Old Branding World
By and large the true meaning of the term branding has simply been lost and what was once a very noble profession during the last century is now mostly entangled with traditional advertising, losing its power and respect fast. As long as anyone can claim to be an instant master of this art, very little can be said about its integrity and as long as it stays mainly graphic driven its power will further be stripped.
Brace yourself, as all through last century, ad agencies mastered the craft to entice, hunt and capture customers. Now, in this new millennium, the search engines offering brand new tools that empower the customers to hunt for the best deals are making the traditional advertising and branding craft almost obsolete. The search engine has made all deal options so easily stacked and accessible that customers can stalk around the globe like 24/7 predators, calling the shots while zeroing in on their most desired purchases. As a result, advertising has become a noise for deaf ears and branding stays entrapped into fancy graphic works. Customers no longer want to be told what they should buy as they are now masters of their own domain.
The Billion Dollar Domain Babies
The latest Internet Corporation for Assigned Names and Numbers (ICANN) plan to allow the global populace to assemble an entire domain name like www.yourname.yourname as their free choice is a revolutionaryand timely decision. This now opens doors to cyber brands like my.ibm, hotel.dubai, it.jobs, play.poker, fly. gulf or go.dell. Applicants will submit a non-refundable fee of $100 000 to $500 000 for each name idea and the businesses are already jumping to get started.
This latest approach allows great ideas to catapult into overnight, global cyber brands of extraordinary proportions, yet the game must be played fairly and with proper registration while accommodating all the trademark issues. However, businesses will have to deploy smart and professional strategies with a commanding knowledge of global corporate nomenclature and cyber name identity ownership to get ahead. Names, like the ultimate flag carriers of the brand, will skate around the world and tap the right customers, using the latest online multimedia searching and cyber branding tools, and this rule of owning a perfect name with a perfect suffix will propel a brand to new stratosphere overnight.
The name identity of a business will now be the only measure on how a name works in a micro, multinational formation in a maze of countries and cultures. Economic powers are defined by their cyber presence and simultaneous accessibilities in targeted countries. Here, big cumbersome visuals are replaced by fluid URLs, thus creating a new, name economy accessible only through online name
identities. There is a powerful new approach to restart branding under a brand new approach.
The New Name Economy
E-commerce is now a fully matured mammoth. What was just a simple information page on the Internet is now, in the majority of cases, a powerful web portal come real money making gatekeeper to the entire organisation.
At this very second, organisational names are skating at bullet speed on this digitally formatted, flat, new earth, without borders, passports or time zones. No delays, no barriers, no major costs, just access. Across the street or across the continent, it is basically the same format.
Today, it’s all about an organisation’s name and its high visibility on global e-commerce, instant accessibility on the net, quick search-ability on the Web, distinct memorability of names by an overly strained populace, easy type-ability by tired fingers, and pleasant vocalisation of such names and web experiences by the customers all over the world.
It is all about a real alpha structure of a name and its direct functionality on search engines rather than a logo design. Good names have a direct impact on corporate persona and positively affect customers, members, media, and influence public opinions at large.
The Next Big Boom
The answer lies buried among the world’s top 20 percent of business leaders who, for the most part, are on an aggressive march to lead the trends, dictate their superiority of global name acceptance and capture the crown of global mindshare. Only a very few are moving forward, but the rest are just screaming on deaf ears or are simply drowning in a copycat, me too frenzy with little to no chance of ever gaining a unique foothold in the top tier of global recognition. Even though they may have the best products and services, they simply do not have the unique device that will earn them their unique bite out of the globe. Somehow, the consumer base of the world conveniently forgets them. Their name identities are burdened with too much luggage, such as accidentally created monikers, lingering trademark conflicts, names and images projecting the wrong meanings and connotations with too many other strings attached. It’s like trying to use a trampoline to stay afloat; it just won’t happen.
This raises an even bigger question on why so many corporations, for so long, will be so wrong. The black and white proof of this hypocritical and illusionary fame has been sitting on Google for years. Most upcoming brand name identities have dozens of identical and thousands of similar names all over the world. This model would survive last century, possibly. However in today’s oversaturated market, the low visibility factor will wipe out all advertising and marketing attempts and power. Never mind about ever becoming a global icon.
This ownership of the name identity is not only an absolute prerequisite in order to gain entry into the final circle of fame and glory but also the most economical way to gain entry to the global mindshare. In this study 99,3 percent of businesses failed. The applied process was the most stringent test of the Five Star Standard of Naming, available on the Internet. Most earned one to two star status, where it can be mathematically proven that their marketing and advertising dollars are not only being wasted, but eventually the identity is destined to fade away.
The advertising industry seriously disagrees with these ranking approaches and puts extraordinary emphasis on its main logo-slogan driven trade, pushing image building campaigns as big winners, while refusing to accept the global trademark ownership as the final and ultimate test and the five star ranking. A large number of corporations also refuse to accept the validity of such Name ranking and deny that there is anything wrong with their names despite glaringly huge name confusions and serious language and trademark conflicts. The main problem is that no one wishes to have this subject openly discussed at the CEO level. However, the majority of new comers to the big game are now accepting this premise and have started to recognise the Five Star Standard.
This accumulation of five stars is what’s so common among the world’s most powerful brands; Sony, Panasonic, Microsoft, Rolex, Google, CNN, Disneyland and so on.
According to this latest study by ABC Namebank, entitled ‘The New-Name-Economy & 2010 Cyber Branding Strategies’ there are already some 18 700 companies in the world today that will apply under this new policy, either by choice or forced by competitive elements, they need to secure layers around their existing brand name identity. Based on their huge budgets the suggested fee of $100 000 to $500 000 is easily affordable. Already, most big companies are either spending millions pushing poorly crafted names or spending millions defending hit and run squatters.
According to this study, there is also a huge second layer of applicants, where some 1,1 million businesses representing the big commercial interests from all the countries of the world will enter this arena. These organisations basically have no choice but to fully embrace the new model as the performance of their current and existing name identities are already seriously questionable. There are also government and municipal bodies all over the world and thousands of trade associations who would like to form exclusive consortiums to create Cyber-Umbrella-Identities. The study further refers to the last layers of entrepreneurial players from all over the world who will enter this arena to quickly become the next eBay, Google YouTube or Dell, using the mix of multimedia forces and online visibility. The study confirms the role of the dotcom suffix as still being king, and will remain so until the new system is fully entrenched over the next five to 10 years.
All told, the new registration formula brings a serious high class tone to the process, the sophistication of creating, building and playing on this new name economy will be awesome. Business naming is a very tactical, black and white exercise and is not to be confused by typical logo driven agency projects.
The study offers configurations of various national consortium registration models, and corporate and public bidding routines. This has resulted in new revival methodologies for advertising agencies that will assist the rules of global nomenclature.
Global businesses and the public are gathering fast at the starting lines, getting Set, and ready to sprint. The shot has been fired.
Naseem Javed, author of Naming for Power, is recognised as a world authority on global name identities, corporate image, cyber branding and management of digital branding assets. He introduced the Laws of Corporate Naming in the 1980s and also founded.
www.abcnamebank.com – a consultancy established in Toronto and New York some thirty years ago. Naseem has personally created global name identities which, when combined, receive a turnover of $40 billion per annum. He consults and frequently lectures on these subjects.