Tips for naming your business
May 13, 2010
Is there a science to creating a great business name? Wordlab’s Business Name Generator randomly combines words into more than seven million possible outcomes, but then you may end up with a business called Frizzle or Green Meatspace Works. I suppose PigHappy could be ideal depending on your business model, but considering that a business name should usually describe what you actually do, the name generator probably isn’t your best approach.
There are methods to creating a great business name. A certain amount of creativity is also needed to arrive at something truly memorable. It’s good to sit down and capture every idea, because you never know what you may be able to build from or what will inspire you. You can look through books and go online for ideas. But keep in mind your brand and the person that is buying your product or service. What type of image do you want to project? Are you trying to convey trust, adventure, comfort, experience, convenience or other qualities? What will resonate most with your customers? Keeping that in mind, here are some good guidelines to follow when creating a name that will stick. While you’re name likely won’t reflect all of these criteria, I find these are useful to stay true to brand.
1) It’s easy to remember, easy to spell and easy to pronounce. Crate & Barrel and Target are much more memorable and easier to spell on a Google search than Ligne Roset Boutique.
2) It doesn’t require an explanation of its meaning. The pharmaceutical companies may prefer vagueness, but names like Syrgis and Sirtris could also be the latest Toyota car model. Sometimes if you get too clever, people just don’t get it and give up.
3) It describes your business. Lush could be a cosmetics boutique or a wine bar. Would you know that AimClear was an SEO Internet marketing firm? Your name will appear on signage, online and in advertising, so it’s a good idea to use that valuable space to remind people what it is that you sell.
4) It describes the benefit. What does the consumer get out of this relationship? Comfort Inn. Bliss MedSpa. Or my all-time favorite, ToyJoy.
5) It describes your unique difference in the marketplace. What is the spark that will be noticed by your customers? Look at your competition and determine your top three strengths that set you apart. Perhaps it’s service, cost, prestige, trust, skill, quality or a unique experience. Can you translate these into your name? Meridian Plastic Surgery Center conveys reaching one’s pinnacle in health and vigor, an excellent quality when looking for a surgeon.
6) It isn’t limited it by geography. Think big! If your business expands, you won’t want a name that limits you to a certain area or that implies you only serve a certain region. Also, if you’re planning to expand in a multilingual area, make sure your name translates well into other languages and doesn’t have any negative connotations.
What’s in it for me?
March 3, 2010
Given the choice, would you rather buy a new air conditioning unit with a high SEER rating or one that saved you 15-25% on your utility bills each month? Actually you don’t have to choose. You’ll get both with the higher SEER rating, but you’re probably more likely to opt for this model if you know it will save you money each month.
While some consumers are willing to pay a premium for green products because they place a priority on good health or leaving a small ecological footprint, the majority of green buyers are still motivated mainly by saving money. Green spending is on the rise and is quickly becoming mainstream, despite the economy. According to the Shelton Group’s Eco Pulse 2009 Report, 60% of American consumers say they are seeking out green products. But they are also confused about what is green. And who can blame them, when everywhere you turn you see the words “organic,” “eco-friendly” and “energy efficient” slapped onto products from fluorescents to fluoride.
That’s just the start. Your all-natural, custom koozies are also competing with “recyclable,” “renewable” and “locally grown” alternatives. But while people may realize that it’s important to reduce their energy consumption and be kinder to the environment, this isn’t the driving force behind most green purchasing decisions. It still usually comes down to what’s in it for me. And that is cost and personal health.
This is evident, too, in types of green purchases. According to the Eco Pulse Report, the #1 product category that people are searching for in greener products is home cleaning at 75%. This is followed by food & beverage at 65%, personal care at 55%, appliances at 47%, home improvement at 46% and automobiles at 32%. Knowing that mainstream consumers are interested in saving money, creating a healthier lifestyle and value convenience over the environment, it would be wise to market these products not simply as “eco-friendly” but as economical and healthy. These are the benefits that answer the question…’What’s in it for me?’ Of course, if you’re targeting the more engaged, green-minded individuals it’s worth addressing the additional environmental benefits that will appeal to them as well. But know your market, and know the benefits that will drive them to you. It’s all about them.
Creating Real Value for Consumers
February 8, 2010
Standing in front of the continuous rows of peanut butter in the grocery story last week, I compared cost and quality for the best value. Much thought goes into that purchasing decision, but my idea of value most likely means something completely different to the person on aisle 10. Obviously, I want to spend as little as possible, but I also know that you get what you pay for and I’m willing to pay a bit extra for organic, nutty goodness that I consider healthier than the sugary, preservative-infused brands.
We all seem to be more value-conscious these days. But as advertisers we can’t just stick the word “value” onto our products and promotions. We need to define what that value actually is for the consumer. Is it more bubbles for the same price? Quality workmanship that you can rely on for years of stability? More time to be able to spend doing what you love? Knowing the true benefits of your product requires knowing your consumers and what they deem as value. For some it may be price, but others may make purchasing decisions based on convenience, comfort, prestige, compassion or simply brand recognition and the consistent expectation it brings with it. No matter how cheap the Jiffy brand becomes, it will never be the best value in my eyes because of the additives it contains. But then, I’m not their market. The brand I choose can charge more and still deliver a great value if the quality is high. A healthier snack — now with more nuts! That’s great value.
What to expect in 2010.
December 30, 2009
My email has been brimming over the past few weeks with recaps of the past year and insight into 2010. Salon magazine captures the best viral videos of the decade, reminding me that you can do more on a treadmill than just sweat off those extra holiday pounds. The New Yorker’s quiz on the year’s bizarre political events reminded me of a few incidents worth forgetting. And according to a Marist poll, the most annoying word or phrase of 2009 was not “tweeted,” or “octomom” but “whatever.”
The past year also saw social media come into its own. Facebook grew from 100 million users in August 2008 to 350 million just one year later. Its fastest growing demographic was the 40+ crowd. Although Twitter’s growth has slowed somewhat, it is still growing by seven million new users each month.
Certainly not all status updates are newsworthy, but as information and ideas flow across the web it has altered the way we spend our time over a cup of coffee each day. Search has evolved alongside the rise of social media, with real-time Twitter newsfeeds now flowing into search results on Google and Bing. Facebook fan page updates are soon to follow on both search providers as well. Google’s introduction of their Social Search option reflects a growing appreciation of the influence of social networks. Referrals and online customer reviews make an enormous impact on purchasing decisions. For businesses, these real-time newsfeeds offer a real opportunity to respond with timely, useful content that can be picked up and shared across the Internet. This is nothing new, really. It’s just the technology that’s changed and given our words and opinions greater traction.
I purchased my first iPhone this past year and, apparently, I’m not an early adopter. The iPhone has already sold more than 57 million units worldwide, the fastest uptake in the history of technology. As smartphones become faster and less expensive, they will continue to change the marketing landscape. According to the Mobile Marketing Association, the total U.S. dollars spent on mobile marketing will grow from $1.7 billion this year to $2.16 billion in 2010. While smartphones are still a small niche, mobile is giving advertisers unique ways to reach their audience, with geo-targeting and an open platform to develop branded applications. Who doesn’t love their handy level or restaurant reviews?
With so many options for reaching out and touching someone, the art will be integrating digital media with traditional media. Consumers are blurring the boundaries of their media consumption patterns, accessing the web over their mobile devices, viewing TV online, and reading newspapers and magazine in both print and digital formats. With good planning and consistency of message, you can maximize your marketing efforts across every medium for the greatest outcomes in 2010.
Don’t be afraid to ask for what you want.
December 15, 2009
Just do it. Have it your way. Obey your thirst. Not only are these great advertising slogans because they reinforce their brands, but they direct the consumer to take action. Building your brand and your value is a critical part of every marketing strategy, especially for new companies trying to create awareness of their products and services. But when building an overall brand, there are other messages we can include to direct customers and help them take action.
Ultimately, your goal is to generate sales or modify behavior, so be sure to include a specific call to action in your marketing materials — tell your customers what you want them to do. Help them take that next step. Call now. Click-it or ticket. Go online and register today!
Don’t forget the free gift. You’ll increase your response rate by offering an incentive, such as a free gift, an upgrade or a chance to win. Keep in mind your audience so you’re offering something of real value for their response. Be sure to include a deadline as well, or advise of a price increase in the coming weeks as added incentive.
Take names, among other things. Whether they visit you online or in person, capture as much information as possible without alienating your visitors so you can continue the conversation. You can stay top of mind in far less expensive and more personalized ways once they have made the initial contact and shared some background information with you. This is also extrememly useful for tracking your best referral sources, a benefit for future ad planning.
Be obvious. If your call to action encourages shoppers to visit your webpage, be sure to include the URL (preferably a special landing page for easier tracking). It sounds obvious, but often the contact information is hidden and becomes a hurdle for your customers. Make it clear and easy to respond with a visible website, a toll-free number or a map that accompanies your address.
The best marketing draws on the strength of your brand, so be sure to remain consistent in all of your messages and stay true to the identity and expectations your brand creates. Nike wants you to just do it and feel like a winner….I imagine their direct marketing does as well.
We all come in different shapes.
October 13, 2009
The eWomenNetwork in Austin held their monthly luncheon last week. What a sharp group of women from so many diverse backgrounds. While I enjoyed the chance to head out of my office and make some new connections, I was most looking forward to hearing from the master of networking, Carol Thompson of The Thompson Group. A legend in the Austin business community, she’s delightful in her delivery and gets down to what you need to know. Among her advice for stimulating your career in today’s economy was to know yourself. In the context of shapes, are you a square, a circle, possibly a triangle or more of a squiggly line? It’s important because much of being successful depends on being true to yourself. Draw on your best qualities and talents, and you’re more likely to shine. You’re also more likely to have fun.
When you’re able to connect with your strengths, then building your brand becomes that much easier. Your brand is your reputation and sets you apart from others. This is where powerful marketing begins. I can’t stretch myself and offer up design services, but I can deliver ad copy that is compelling and on target for my client’s audience. This is my brand promise and my value. Know your shape. Define your brand. Then let’s go to market.
