In today’s market, cutting through the noise to establish a brand can take years. That’s why it’s vital to choose a company name that works beyond the here and now and charts a course for the future.
This can be a particular challenge for cannabis and CBD businesses because the cannabis market is relatively new. The industry is growing, the regulations are changing, and the demographics are rapidly shifting. What works right now may not work in a few years.
The NameStormers team knows that brainstorming CBD company names is no easy task, so we’re offering a few pointers to help you get a leg up.
Look to the Customers of the Future
The cannabis industry is currently striking the balance between trendiness and lingering stigmatization. Only 11 states and the District of Columbia have broadly legalized marijuana for recreational use, but a 2019 Pew Research poll shows that two out of three Americans support legalization.
Should the mainstreaming of cannabis continue, the industry is bound to look radically different over the course of this decade. Today’s consumers are still mavericks willing to shrug off the stigma, but tomorrow’s consumers will be more diverse and mainstream.
If you seek to appeal to the market today, you might choose a name that’s edgy, a little weird, or controversial — one that will help you stake out your territory in the short term. But what about the long term? What will your future customers look like? Will your name appeal to the medical patient seeking relief from seizures, the corporate employee looking to relax after a hectic day of work, or a veteran using it as an alternative to opioids for chronic pain relief?
If you’re hesitant to appeal to the mainstream market of the future, perhaps you’re worried about regulations, taxes, or the recent slew of vaping tragedies. Yes, these factors might impact the industry’s growth. But they certainly won’t result in the market looking the way it did before the broad support of legalization arose. In fact, it’s more likely that cannabis companies will want to appeal to the legal, highly regulated market even more than before to survive. In other words, appealing to a mainstream audience makes sense regardless of the industry’s precise trajectory.
The early adopters and tomorrow’s consumers are not the same, and bearing that in mind will increase your company’s potential for longevity.
Choose a Name That Supports Your Growth Strategy
Your forward-looking name should support a growth strategy for your business. If you believe that the industry is going to be fully mainstream in a handful of years, then you need a name, brand, and environment that destigmatize. Committing to cheeky slang and embracing the controversy might endear you to only a decreasing subset of customers. On the other hand, creating an environment that feels professional and transparent can make even the most skeptical customers feel comfortable.
In the midst of the “green rush,” there are so many slots for new businesses to find a place and pursue a unique approach. Just make sure the niche you fill makes the most of those opportunities. Don’t limit yourself by choosing a name that will struggle to mature with your company and with the market.
Trust the Naming Experts
It’s not hard to determine the objective of your name: appeal to the target of today and tomorrow and communicate the core purpose of your company. But actually creating a name that accomplishes this objective is another story.
We have three decades of experience naming brands, businesses, products, and services for a range of companies, from major corporations to small start-ups that want to make a splash. Our seven-step process involves extensive preliminary trademark screening that will allow you to carve out a niche in this trendy and growing industry with confidence. We charge a flat fee and don’t stop NameStorming until you’re excited to move forward with one of our names.
If coming up with CBD company names is proving more challenging than you expected, get in touch with us today. We make coming up with creative, catchy business names look easy.