BrandBucket to launch BrandNewName.com - Crowd-sourcing platform

[Abdillahi Abdillahi]

Received an email before few minutes and it stated the following.
"
We're very excited to announce the upcoming launch of our new partner Brand New Name.

Brought to you by the people behind BrandBucket, Brand New Name is a crowdsourcing platform focused entirely on the initial branding needs of a new bootstrapped business: a startup name, tagline and logo.

By engaging a global creative community, Brand New Name can help the bootstrapped startups of today become the brands of tomorrow.



How Does It Work?

1. Entrepreneurs ignite a contest outlining their logo design and/or name/tagline needs in a detailed brief.
2. The community of creative logo designers and naming gurus suggest concepts in hopes to wow them.
3. Entrepreneurs pick a winning concept and an award is paid to the winning creative.

An Exclusive Invitation
Brand New Name is launching soon, and they're looking for creative logo designers and naming gurus. Since they are promoting quality over quantity, all new applicants must pass a design test and portfolio review. However, active logo designers on BrandBucket can bypass those requirements and go straight to designing!

A creative within the Brand New Name platform can either be a logo designer, naming guru or both. As a logo designer you'll be able to join and participate in logo design contests with a cash prize of $150 per contest. That's a good chunk of change! "


Not sure if everyone got the invitation part as I am a designer there. This service is very similar to SquadHelp I think though it is not clear if creatives can list any names. I just signed up and I dont see any option at the control panel to do this. So I think, this service is basically intended to counter Squad Help and provide another alternative. I have plans to start something like this and even got a name, but BrandBucket beat me to it at the moment.

 

[kandyan]

They already have naming contest in BB, May be separating it to beat SH.. imo.

 

[Bob Hawkes]

The first thing that I thought of when I saw the name is that it is exactly the name of a new book about branding and naming that was published by Jeremy Miller in 2019. If he is not involved with BB (not that I know of but have not asked) it seems, perhaps, surprising and confusing to use identical names.

Seems surprising, and not, that it adopts so much of SH model. As other posters have noted, even though the model has considerable strengths and has been successful, also potential risks to the effort of those suggesting domain names.

More options are always good in the name business, so I welcome this, but agree those who take part need to be wary that their interests are sufficiently protected.

Those going to NamesCon should talk with the people at BB Booth and post any additional information to this thread.

Bob

 

[Abdillahi Abdillahi]

They already have naming contest in BB, May be separating it to beat SH.. imo.

You mean the name my company thing? That is not contest model and even the poster doesnt pay any money and only registered names on the platform are suggested, atleast this is how it was already. So it is different. This new model is basically based on SH since a lot of its features and styles are adapted by it.

 

[Abdillahi Abdillahi]

it doesn't say you are starting a domain contest it says it's a naming contest. Domains have nothing to do with it. I don't know this for a fact but I believe many names that will be submitted are names that are listed at BrandBucket. Very easy to give the customer a few hundred names for whatever particular niche from the many categories at BrandBucket. If someone has a health company then they go to the health category at BB and an algorithm automatically chooses 200 perfect names for the customer. They list the names without the domain and say we also have the matching dotcom. This is when they make the real money. I have no clue about how they are approaching it but if this is not the business model then it absolutely should be. It's an autopilot type business. They could say they have 1,000 naming experts when in reality it's just an algorithm spitting out hundreds of names automatically.

It is basically SH as I said so the naming is based most of the time providing a matching extension, mainly .COM. There is a link for premium domains for sale, and I expect the process to be the same as SH where you can suggest a premium name that will costs more than the $150 a CH will pay.

 

[kandyan]

You mean the name my company thing? That is not contest model and even the poster doesnt pay any money and only registered names on the platform are suggested, atleast this is how it was already. So it is different. This new model is basically based on SH since a lot of its features and styles are adapted by it.

May be I wasn't clear enough.. This was exactly what I was alluding to.

 

[jideofor]

With the kind of nonsense that goes on in BB, I wouldnt want to have anything to do with them.

 

[Ostrados]

SquadHelp has been around doing this a pretty long time. They have 48 open naming contests as of right now. The first contest ends in a few hours and the last one in a week. If they only made $25 per contest then that's only $1,200 over the course of one week. How in the world can that be profitable after expenses?

They dont rely on that only, they also have premium domains market with high commission (30% to 35%).

I think they have now 50k premium domains, so if they sell just 2% per year (should be more) at an average price of $1800 and 32% commission, then that translates to around $600,000 per year ($50,000 per month) which is not bad.

For me I think the value of these contests for SH is not the prize money itself, but in making the website a popular venue for entrepreneurs to find brand names, and ultimately increase premium domains sale.. I think BB are thinking in same direction.

 

[hookbox]

SH d


They dont rely on that only, they also have premium domains market with high commission (30% to 35%).

I think they have now 50k premium domains, so if they sell just 2% per year (should be more) at an average price of $1800 and 32% commission, then that translates to around $600,000 per year ($50,000 per month) which is not bad.

For me I think the value of these contests for SH is not the prize money itself, but in making the website a popular venue for entrepreneurs to find brand names, and ultimately increase premium domains sale.. I think BB are thinking in same direction.

Agree 100%. I just mentioned it because SquadHelp only up until recently relied on only naming and didn't offer domain sales.

 

[Abdillahi Abdillahi]

SH d


They dont rely on that only, they also have premium domains market with high commission (30% to 35%).

I think they have now 50k premium domains, so if they sell just 2% per year (should be more) at an average price of $1800 and 32% commission, then that translates to around $600,000 per year ($50,000 per month) which is not bad.

For me I think the value of these contests for SH is not the prize money itself, but in making the website a popular venue for entrepreneurs to find brand names, and ultimately increase premium domains sale.. I think BB are thinking in same direction.

Agree 100%. I just mentioned it because SquadHelp only up until recently relied on only naming and didn't offer domain sales.

But most of SH's customers buy domains that are unregistered, and those who buy premium names buy with long installments. So there are no big spending customers there.

 

[Ostrados]

those who buy premium names buy with long installments. So there are no big spending customers there.

Where did you get that info from? if that was your own experience then you can't generalize.

 

[Abdillahi Abdillahi]

Where did you get that info from? if that was your own experience then you can't generalize.

Go to the SH page and see. When many premium domains are submitted to contests, most receive low rating just because of the price. Most look for unregistered names, it is not just my experience and many others share and see that.

 

[Ostrados]

Go to the SH page and see. When many premium domains are submitted to contests, most receive low rating just because of the price. Most look for unregistered names, it is not just my experience and many others share and see that.

I meant how did you know that buyers only buy in installments and that there are no big spenders? I saw some big sales on their featured sales list, some over $70k and I remember there was a sale over $100k.

 

[Abdillahi Abdillahi]

I meant how did you know buyers only buy in installments and that there are no big spenders? I saw some big sales on their featured sales list, some over $70k and I remember was over $100k.

I was expecting you would quote those sales. How many? 2, 3? One word English names? No surprise there actually. I see sellers here posting they sold a name for 6 , 12 , months installments etc, when in fact it most of the time costs less thank 2K or just prices. Other sales happen of course, outright sales in the same prices, but I have seen a lot of installments. So this tells you the buyers of SH and their preferences.

 

[Ostrados]

I was expecting you would quote those sales. How many? 2, 3? One word English names? No surprise there actually. I see sellers here posting they sold a name for 6 , 12 , months installments etc, when in fact it most of the time costs less thank 2K or just prices. Other sales happen of course, outright sales in the same prices, but I have seen a lot of installments. So this tells you the buyers of SH and their preferences.

You can disable installments.. if the buyer really wants the name he will buy in cash, as you said $2k price is affordable and I dont think installments will affect the buyer decision to buy or not, if it is $100k price then installments will definitely help big time.

 

[Abdillahi Abdillahi]

Yes it is affordable, however, it goes to show what the buyers want to offer. Looking at their recent sales, you can see the names which got sold with installments and which where sold outright.

You can disable installments.. if the buyer really wants the name he will buy in cash, as you said $2k price is affordable and I dont think installments will affect the buyer decision to buy or not, if it is $100k price then installments will definitely help big time.

 

[hookbox]

@Abdullah Abdullah where does SquadHelp show their sales? Thanks

 

[Abdillahi Abdillahi]

@Abdullah Abdullah where does SquadHelp show their sales? Thanks

Once you login , you see the recent sales. Also, the reseller marketplace sales shown seperately

 

[BrandEntrance.com]

Some of the designers at Squadhelp are really great. Underpaid, but great.

 

[eyedomainous]

Not a fan of the name, either. Then again, I think 'Squad Help' is ass-backwards, and not much better the other way around.

Back in 2013, I set-up a site and pitched the ideal of a domain, logo and video service for startups,
called Startupurl.com -- got no traction. Not even a pitch reply from a Startup Domain Fest.

Glad to see the market blossoming, though these models are not for me. But you can't close a Squad Help account once opened. So I'm chained to the squad... like a slave chain gang they can work to profit from its 'member base'. Of course that violates the law, and the dignity of a 'domainer' -which is sadly ironic.

 

[frank-germany]

https://graphosproduct.com/creating...l&utm_source=twitter&hss_channel=tw-104007034

Andreas: Now, we do it all the time, but everyone in marketing has said, “Someone needs to write a book about this.” Jeremy Miller has written a brand new book called “Brand New Name: A Proven, Step-by-Step Process to Create an Unforgettable Brand Name.” The book codifies the brand naming process and guides you on ways to think about a name. There are abstract names, concrete names, acronyms, and more. Jeremy Miller’s approach to naming a brand has a lot in common with how we think about and develop and execute naming strategies for our own clients at Graphos Product. So it was a pleasure to just drop the list of questions, and talk shop about a really critical first step for a new business or product.