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Snakeman
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To the OP, Jacqui Pryor has done a perfect job of summing up the situation.
As an add-on I’d look carefully at your long term prospects using a “same brand name” even if it is for a different product, for reasons given below.
Fact is most people search for new business and existing businesses online and I have seen lots flounder when two different businesses with same brand name end up fighting for top spot on google for their name.
If the other company decides to move here and sell and their SEO is better than yours, you may have people not able to find you because their brand has the top spots on google and fact is most people are too stupid to look beyond the top link on the page!
In my business space a company set up around 2006 and called themselves “animal tracks”.
They couldn’t get the EMD (exact match words domain) (animal tracks com au) for their business as it was taken and the other business in another state (NT vs Vic) and another line of business was already well served by SEO and Google and came up for all searches for the term “animal tracks”.
The business in my space never got found on Google for searches for their brand name and has since stopped trading, which is why I am happy to mention the example.
Other than their bad choice of brand name, there was nothing else that gave them any business disadvantage in our space.
Now there were no trademarks involved, but the result was obvious – in modern internet – two businesses with the same name, cannot share the same space – there is only one top spot on google for the brand name (and as has been made clear by others here already, if you have it trademarked, you should be able to claim it – see Ryan air versus E-dreams as a recent case example … some rulings in their favour – others ongoing).
In business you don’t want to make it hard for yourself by giving yourself an inherent disadvantage – so be double sure before choosing a brand name.