What's In A Name? The Six Essential Elements You Need To Know
Author: Susan Friedmann
Last Updated: 6/3/2009 9:24:55 PM
Summary
Selecting a name for your new business is not easy. A name does more than identify your company. It tells customers who you are, what you do, and more than a little about how you do it. Your name differentiates you from your peers, peaks customer interest, and invites further investigation -- if you do it right.
Article
Selecting a name for your new business is not easy. A name does
more than identify your company. It tells customers who you are,
what you do, and more than a little about how you do it. Your name
differentiates you from your peers, peaks customer interest, and
invites further investigation -- if you do it right.
I didn't do it right. At least, not at first. All
entrepreneurs make mistakes, and I made one of my first ones right
off the bat. Thrilled with the fledgling business I was starting,
this precious enterprise so near and dear to my heart, I christened
my company Diadem Communications. Diadem means crown-- a fitting
name for what I felt was a crowning achievement.
What does Diadem say to you? Does it evoke thoughts of me coming
into your company, training your sales team to be the best booth
staff ever, ensuring that every single trade show you attend turns
out to be amazingly successful?
Does it make me sound so good that you just can't wait to hire
me? No. It doesn't say that to me either. And even worse, it
didn't say that to any of my potential customers. Going by name
alone, no one would be able to determine the least bit of
information about me, my company, or the services we offer. The
name said nothing, and it did nothing for me.
The name had to go. More importantly, it had to be replaced by
something effective. How do you come up with an effective name?
Consider these six elements:
An Effective Name:
1. Tells Who You Are: Your name should reflect your identity.
This is an essential aspect of branding. You'll be promoting this
name, getting it in front of as many eyes as possible as often as
possible. How do you want the public to think of you?
For some, that means integrating your personal name into the
name of your business. This is very common in some professions:
legal, medical, and accounting leap to mind.
Others prefer a more descriptive name. One successful small
baker runs her business under the name "The Cookie Lady" because
that's how her first customers identified her. It's doubtful that
most of the customers even know her first name (It's Pat) but
everybody in her market knows "The Cookie Lady".
2. Tells What You Do: It's incredible how many company names
give little, if any indication of what type of work the
organization actually does. Take the following examples:
Smith and Sons
Hulbert Brothers
Only One
Can you tell me what any of these companies does? Of course you
can't. They're relying on customers already knowing who they are (a
tricky proposition for new businesses!) or by having their name
found in 'context', such as a yellow pages or on-line business
directory.
3. Tells How You Do It: Words are very powerful. By carefully
selecting what words you use in your name, you can convey a great
deal about your company's image. Consider the names of three
different massage and bodywork centers:
Champlain Valley Therapeutic Massage
Clouds Above Massage
Speedy Spa
All three companies are providing the same service: massage
therapy. Yet the first appears to favor a more medical approach,
the second, a dreamy, luxury approach, and the third focuses on
fast service.
4. Differentiates You From Your Peers: Your company name is the
first opportunity to tell customers how you differ from the
competition. This can be done by emphasizing what makes you unique,
pinpointing what aspect of your products and services can't be
found anywhere else -- or that you do better than anyone
else.
Consider the massage therapy example we looked at in number
three. Each organization clearly has a different focus and approach
to their customer base. They're attracting different types of
clients, who are seeking fundamentally different approaches. All of
which is conveyed in less than five words.
5. Peaks Customer Interest: Creating customer interest is an art
and a science. Think carefully about your target audience. What
qualities of your services are of the greatest import to your
customers? What kind of words are likely to appeal to
them?
Emphasize the important qualities in your name. For example,
busy homeowners are drawn to the inherent promise of speed offered
by "Bob's Instant Plumbing" while a reader in search of a good
mystery will gravitate toward "Crime Pays Books".
Word choice is also important. Two yarn shops can both
specialize in specialty fibers, but the one who labels themselves
"All Hemp All the Time" will draw in a decidedly different crowd
than the one named "Natural Beauty: Organic Yarns".
6. Invites Further Investigation: Customers are funny creatures.
What one group finds to be funny and engaging turns another group
off. You want your name to be inviting and approachable -- as those
qualities are perceived by your target audience.
The best example of this may be seen in the individual investor
segment of the financial services industry. Charles Schwab has
spent years cultivating a classic, formal image -- but now that the
consumer base is changing from 'old people with money' to 'everyone
with a 401K', Charles Schwab has launched the "Talk to Chuck"
campaign in an effort to be more approachable.
Make sure your name doesn't intimidate customers away! Some
industries are more formal than others, but adopt pretension at
your peril.
After following a series of simple step-by-step instructions to
match my corporate identity with my service offering, I came up
with the quintessential name: The Trade Show Coach. This name
instantly tells customers what I do - assist companies with trade
shows - and a little of the manner in which I do it - coach, rather
than dictate, direct, guide, or organize.
See the difference? So did the buying public, some of who
quickly became my best customers. The same thing can happen for you
-- if you pick the right name.
Author Bio: Written by Susan A. Friedmann,CSP, The
Tradeshow Coach, Lake Placid, NY, author: "Meeting & Event
Planning for Dummies," working with companies to improve their
meeting and event success through coaching, consulting and
training. For a free copy of "10 Common Mistakes Exhibitors
Make", e-mail: article4@thetradeshowcoach.com; website: www.thetradeshowcoach.com
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Content
Published on Midlands Business News, Business News for
the Midlands: 3/6/09