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.
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: http://www.thetradeshowcoach.com
