What are the other things an effective business name has to do?
An Effective Business Name:
4. Differentiates you from your peers.
Your business 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 business name essential number three. Each organization clearly has a different focus and approach to its 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 new business 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 that labels itself “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 business 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 new business 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 business 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 business name.
Susan A. Friedmann, CSP, The Tradeshow Coach, works with companies to improve their meeting and event success through coaching, consulting and training. She is the author of "Meeting & Event Planning for Dummies”. Email for a free copy of “10 Common Mistakes Exhibitors Make”.
