What's in a Name? The Six Essential Elements You Need to
Know
by Susan Friedmann
Published on this site: May 6th, 2006 - See
more articles from this month
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:
- 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".
- 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.
- 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.
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.
- 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.
- 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".
- 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.
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: [email protected] ;
website: http://www.thetradeshowcoach.com
|
