HOW TO NAME YOUR BUSINESS (10 objectives)
A simple 8 step business branding process for your start-up
JULIET:
“What’s in a name? That which we call a rose
By any other name would smell as sweet.”
From Shakespeare’s Romeo and Juliet, 1594
When it comes to choosing a name for your business, Juliet could not have been more wrong. But what would you expect from a girl who offed herself over a teenage boy? If the rose was called the “funeral flower,” it would still smell the same, but how many people would buy a dozen of the long-stemmed variety to celebrate an anniversary? Not me!
“What is in a company name? Income or expense.”
Edwin Jones, 2010
Your company name will affect your bottom line.
What’s in a company name? If you choose wisely, it is an asset that pays dividends from day one. If you choose poorly, it is a continual expense.
How can this be? When you start a new venture or rebrand an existing one, the most powerful advertising tool you have is your name. Unlike a slogan or tagline, your employees, customers and prospects are forced to remember it and repeat it often. In some extreme cases, it is the only advertising message that will penetrate your market.
Just like any other marketing message, if your name is effective, it can help you land new customers and gain market share. On the flipside, if your business name has to be explained and does not convey what you do, you could find yourself having to explain your name and gain market share through costly brand awareness campaigns.
Exceptions to the rule.
Of course, if you have a multimillion dollar marketing budget like Apple, Google, Verizon, Yahoo, or Hulu the following rules don’t apply. You can name your company “Bellybutton Lint” and still accomplish your goals, but count the cost and keep in mind that Apple got its start as Apple Computer.
Company naming objectives for the rest of us.
- Communicate what makes you better than the competition (differentiate)
- Convey a customer benefit
- Explicitly state what your company does
- Timeless—avoid trendy names or current technological advancements
- Memorable
- Intuitive—you don’t have to think about what it means
- Shorter is better
- Easy to pronounce
- Relevant across all markets, including international
- Website URL matches company name (URL availability)
It’s unlikely you can accomplish all 10, but get as close as you can. I would consider your effort wildly successful, if you accomplished 1, 2, or 3 and 4 through 10.
Business branding process.
Too often, the process is not defined and naming decisions are made in haste based on emotional attachment, spur-of-the-moment ideas or a gut feeling. On the other hand, don’t allow the process to become too mechanical—devoid of creativity and emotion.
Example branding process:
- Go through a branding exercise:
a. Explicitly state the business you’re in.
b. Identify how you are different from the competition (points of differentiation).
c. Name specific benefits (not features) your customers enjoy when they do business with you or buy your product or service. - Establish your name selection criteria and document it (see objectives above).
- Determine who will make the final decision and who has veto power.
- Open the process up to everyone.
- Require all names to be submitted in writing and in advance of every name-storming session.
- As each name is presented, have the decision-makers score the name based on your predetermined criteria.
- Narrow your selection and publish the list to everyone involved along with the criteria score.
- Repeat steps 5 through 7 at least 3 times, and don’t rush the process.
This is a subject that is hard to do justice to in a few hundred words. Look for related posts in the near future.
Edwin Jones
About the author
Edwin Jones is the founder of HIT Brands, Inc., a strategic marketing firm providing marketing planning, branding and positioning, social media marketing, advertising, graphic design, Web development services and trade show display solutions.
Light a fire under that idea. Launch a new product, start a business, or dominate a new market.
“The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything” by Guy Kawasaki. (Amazon user rating: 4+ stars)
I bought Guy’s book in 2004, and immediately jumped in and began marking it up, underlining and highlighting passages all the way through. It’s a great book that doesn’t waste your time with a lot of needless philosophical side trips and filler stories. I recently pulled it off the shelf again and began reading the passages I highlighted almost six years ago. Reminded of its many gems of practical content, I quickly found myself writing this review. This is the first article for the new HIT Brands blog, and it’s fitting to kick it off by reviewing and endorsing The Art of the Start.
I was recently approached by a fellow entrepreneur and current client to help him start a new business. He has a really sweet idea with plenty of potential in an untapped market. He was pretty excited and I was, too. Like most entrepreneurs, I get very enthusiastic during the initial phases of a new venture. But if I’m not careful I can quickly lose my objectivity and that’s the reason I went looking for my well-worn copy of The Art of the Start. This has become a pattern for me, actually. Several times over the years I’ve referred back to the book, not because I’ve forgotten the concepts inside but rather as a way to anchor my emotions with solid analytical thought.
Who should read this book?
First, I’m not sure the book quite lives up to its subtitle. “…Anyone Starting Anything” is probably too broad a target. Even though “anyone” could get something useful from the book, the best fit is for individuals starting a new business or launching a new product. It’s also a must-read for first-time entrepreneurs or anyone who believes they may need outside funding to launch or sustain their new venture.
A sampling of topics covered:
- The top five things you must accomplish
- Positioning–answering the question, what do you do
- The art of pitching—early and often
- When to write a business plan, how to write it and how to make it stand out
- Bootstrapping and raising capital
- Partnering for the right reasons
- Building a brand
In short, if you have a great idea for a product, service or company—or if you’ve already started your venture and need some course adjustments to get headed back in the right direction—you should read this book. I’ll wager that, like me, you’ll find it spends more time on your desk than on your shelf.
Have you read it? Has it helped you? Give us your thoughts in the comments section.
Client: SMU-IN-PLANO
SMU-IN-PLANO is a satellite campus of Southern Methodist University, located in the Legacy Business Park in Plano, Texas. SMU has been a HIT Brands client since 2004, and we have worked with several departments including The Guildhall at SMU, and the Center for Dispute Resolution and Conflict Management.
Current and previous projects: Web design, SEO, online advertising, print advertising, billboards, mural advertising, brochures, pamphlets, pocket folders, photo shoots, banners, invitations, and posters.
Client: Eclipse Photography Institute
Prior and current projects: Discovery-driven business model planning, marketing planning and strategy, identity / logo design, marketing message, initial web site design, web copy, key partner introductions, collateral development, online advertising, social media marketing, and affiliate program development.
About Eclipse Photography Institute
Intense exposure at shutter speed™
- Pro-level training for serious photographer
- Taught by notable working professionals
- Interactive instructor feedback
- On-demand high-def video
Eclipse Photography Institute provides virtual classroom training that exceeds the quality, depth and level of instruction you would receive at most traditional institutions — all while allowing you to take classes at your convenience, from anywhere on “planet broadband,” and at an affordable price.
Client: EDC Communications International
EDC Communications International provides speaker development, facilitation skills training, and leadership communication skills training services. EDC has been a HIT Brands customer since 2006. Projects have included several brochures, pocket folders, product sheets and a CD project. Currently we are working with EDC to redesign their web site and to develop a new social media marketing campaign.
EDC Communications International, LLC
525 Wanaque Ave Suite 201
Pompton Lakes, NJ 07442
973-616-5606
www.thinkedc.com
Client: Raw Perception Web Site
Client: Raw Perception, Inc.
Project: Web site design and development
Launch date: Oct 2009
Other projects: Social media marketing, business cards, and a web site for Jose Rossy
URL: www.rawperception.com
