Alan Brew shares advice on how to choose a business name
RiechesBaird / FuelNet / Ken Beaulieu / 03/02/2009
MAKE IT RESONATE: HOW TO CHOOSE THE RIGHT NAME FOR YOUR BUSINESS
IRVINE, California - March 2, 2009 - Many growing businesses choose a name that sounds great but lacks the strategy to support a solid brand within the marketplace. Choosing the wrong name can negatively affect not only a brand-building strategy, but current and future business as well, contends Alan Brew, senior vice president at RiechesBaird (riechesbaird.com), a b-to-b brand development company. But a marketable name is more than just a catchy word or phrase. Brew says to start the process of naming your business by answering these questions:
- Who are you? Whether you’re starting up or spinning off, identifying the culture of your organization will help you develop a name that is relevant to your distinct personality and stage in the business cycle. It’s equally important, especially in today’s economy, to review any connotations your brand might have to outsiders. For example, if your company name suggests overindulgence, it may keep customers away. Think about your name from a customer’s perspective.
- What do you do? The approach to naming or renaming a company is highly strategic, built on a fundamental understanding of the industry. Companies must avoid the pitfalls of “generica” — names that leave little or no room for brand recognition within a given industry. A name like Best Buy, for example, gives a good idea of what customers can expect. Companies must also watch for translation and pronunciation quirks that can cause problems in international marketplaces.
- How do you do it? A name is the embodiment of an entire organization, its brand identity. Think about the things that set the company apart from the rest of the industry. Is it eco-friendly? Do you use high-quality materials? The name 1-800-FLOWERS, for example, makes clear that it’s an order-by-phone florist. If the company is unique, express that in the name and in your brand strategy.
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