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Naming Your Business – Five Rules To Long-Term Success
Who’s in the name? A bit like starting a business. From the cute to the silly, the serious to the inane, business names can be silly to classy. Perhaps because of the hunger for creative opportunities, some entrepreneurs seem to have a market fix on how they can stray from what may be the most important part of a business: the business name.
It never ceases to amaze me how people come up with names for their business. Many entrepreneurs come to me after working with their lawyers and accountants to set up the business, perhaps going the extra mile to incorporate and sometimes do it themselves to create their logo before realizing that it takes more skill to create a brand than a random attempt at creating artwork. I have the incredible opportunity to participate in one of these three dedicated professionals, some of whom must have slept in advertising to work with the sometimes difficult name that they agreed to create a logo or symbol that meets the need for attention. , the definitive and useful picture of professionals for all time.
Many people who start small businesses fail to realize that in the highly competitive local business environment a name must quickly define what the business stands for. This creates two problems: The name does not describe what the business offers; or, even if it does, it often uses too many words, or the wrong combination of words, to do so. And to make things worse, this is usually after a false start and spending generously trying to promote this new business, adopting multiple marketing options and using poor marketing tools, which makes it more difficult for me. starting from ground zero.
Case in point: I recently met with a new organization that said it needed a marketing plan. Upon further investigation, I learned that they have been advertising in their local newspaper for real estate services almost every day without getting any results. When searching for their products through Google, I did not find any mention of their group within the first ten pages of results. When I looked up the name of the gentleman who spoke to me, I found his name on the website about the officers of the organization. Entering the back door, I found a link to their website which I saw reminded me of the inadequate advertisements that used to appear in the paper I read every day but like everyone else, I dismissed them as useless. Of course, with a poorly designed business name, a poorly designed logo, a non-existent marketing message and a busy, unprofessional environment, it is sad and surprising that a non-profit organization that provides essential services to the elderly has wasted their limited resources trying to do everything themselves to save money. And none of the members of the in-house sales team could see any problem with this effort, so close to the forest that they couldn’t see the trees.
Now, leaving aside that the do-it-yourself option is not the cheapest, the management surprisingly accepted my suggestion that, despite my expected resistance, they might consider changing the business name early this time. organizational history. At the same time, I also said that along with the marketing plan and the change of name, the new professional brand will clearly follow in addition to the list of products that can be used for continuous improvement. As soon as their contract is signed and the project is booked, I will do this, as they are now anxious to continue to recognize and appreciate their failed attempt at self-promotion.
According to my long career, I can assure you that this is especially common when sales are done by “committee,” which sadly describes many of my clients: law firms, medical and dental practices, non-profit organizations. , pharmaceutical companies, etc. And it doesn’t matter if the business is big or small, or if it is managed by one expert or a group of directors. Often times, business leaders do not have the vision or self-confidence to make business decisions on their own, so they share the opinions of everyone around them, regardless of their ability to judge the issue. This means that my advice comes from a variety of sources such as clients’ children, clients’ wives, secretaries, summer workers, client buyers, anonymous email reviews from websites, and various other “experts”, all of whom emphasize their opinions. so I am well trained in how to do my job properly.
Of course, I’m not a pig head so I can’t see the benefit of such an input. On the contrary, I am happy to know how this diverse environment works so that I can evaluate each method as it is designed to meet each requirement. Whether someone knows that this marketing method is impossible to achieve, it is impossible, because no one will try to answer any marketing. The old saying, “You can’t please all the people all the time” may work, but you can’t say someone is trying.
Among the clients I have who believe that there is only one way to sell their products effectively, that way be their own way, without needing advanced training in business marketing, psychology, style or performance. ways of communicating, but for nothing but the pure, untainted, selfish self. I say, hey, more power to them! It is their money they are spending and they have the right to believe what they want to believe. In addition, marketing as part of art, part of science and part of opportunity has many guarantees as we are in competition or in the stock market. So who am I to argue with what my clients believe?
Well, because of the history, I make my opinion which is backed by 35 years of working in marketing that includes a good job in marketing my products and many successful business clients. If my opinion differs from that of one arrogant client, for example, it is enough that I have advised him about it regardless of his desire to refuse to remove it and continue with his method even if I think. He has obviously reached this stage of his illustrious career through his sailing skills and extraordinary intelligence so I respect him and am not disappointed in any way by his belief in himself, above all.
However, this puts a huge task on my shoulders: Selling his business using a name that consists of six long words, some of which are esoteric and related to the industry. This means that the logo, including the logo, must also be composed of six words with 42 characters. Add to the importance of the tagline, the whole package must be large enough to read in small documents such as checks, on business cards, and in sections of the The small yellow pages offer online and print.
Compare these with business names using one word abbreviations: eBay®, Google™, Yahoo!®, Microsoft®, Apple®, etc. It is true that some of these names do not describe what the business offers. But these are all very successful businesses. How did they do this? By investing enough money to build their brand so that the business name doesn’t need meaning, it becomes its own word and meaning. This is the power of successful marketing.
You can say that those businesses had the opportunity to market their products online but today, we all have the same opportunity. Especially with the help of brands such as Twitter, Facebook, LinkedIn, and YouTube, all four of them are excellent examples of concise, powerful businesses that clearly explain their actions. raison d’étre. Most of the businesses that approach my company for help with marketing are small businesses, sometimes with limited resources. Such businesses often do not realize the amount of time, money and repeated efforts required to build a brand.
One of our competitors in the metro-New York market recently started airing ads to promote their business and invite people to respond from the same market that we sell to. While I can’t name this business for legal reasons, suffice it to say that it’s the 3rd most common insult phrase given to the market they’re trying to attract. And, minutes ago, I was scolded by a telemarketer who responded to my polite words that his offer to sell my business did not interest me at this time: “Well… go down with the rest!”
Have I missed something? It’s a mockery of the new marketing strategy juju? In both cases, injecting disagreement, or worse, personal aggression into polite business practices, in my opinion, does nothing but send a rude, insulting and humiliating message to the subject you are trying to love.
Raised by a mother who was 40 years my senior, I often heard old American slurs, and several of them find me now: “You win more bees with honey than vinegar” and “If you can’t tell.” well, don’t say anything! In business terms, both of these words are powerful guidelines for good business ethics and by extension, long-term business success. Although you may feel that this is a milquetoast method, the muscle is an honest and heartfelt delivery.
How does this relate to naming your business? In a few steps I am listing as a rough plan to follow:
1. A business name can be your biggest marketing tool if it describes what you are offering but it is very different from people.
2. Keep it short and sweet, but above all, memorable.
3. Emphasize the positives, and emphasize the importance of the target market.
4. Don’t cut yourself too low if you need to work in the future.
5. Remember, you may need to protect your business name by registering a trademark, incorporating, or registering a dba (registry of your business name otherwise known as “doing business”), thus consulting a lawyer to do the legalization. a search may be necessary, which may require a list of possibilities rather than selecting a single name.
Considering all of the above, it is very important that you realize that whatever you choose to name your business, it will be one element in a long list of important factors that work together to make your business successful. you want. That is the last point.
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