How to find the most common name in an Excel spreadsheet?

How do you find the most common name or string in a range in an Excel spreadsheet? The following array formula will return the most frequently used entry in a range, where Rng is the range containing the data:
 
=INDEX(Rng,MATCH(MAX(COUNTIF(Rng,Rng)),COUNTIF(Rng,Rng),0))