Why you NEED a GREAT name
Look in Forbes Magazine or The Harvard Business Review and you’ll see that GREAT companies, with GREAT NAMES dominate the landscape and earn MILLIONS of dollars.
Is that a coincidence? Of course not!!
The likes of Nike, Sony, Coca-Cola, Apple have hit a winning formula:
MYTH: The business NAME does not matter, quality products and service will make my business a success.
While this was true in years gone by, the rules have changed. With the advent of the internet the most important marketing decision you can make is what to name your business, service or product.
Customers are exposed to millions of brands through search engines, and there are no colors, styles or logos to guide them. Your prospect is presented with a list of names – and they choose the one they know, trust or simply like the best…
So, your name had better be great!
Do you really think that Starbucks sources, roasts, grinds and serves its coffee beans in such a special way that the product itself accounts for over 7,500 extra coffee shops in the US alone?
I don’t think so!
Now, I’m not saying that name solely is responsible for Starbucks success, but just consider how the other coffee chain names make you feel…
For most people a great coffee is a treat in their day, but do the names “Tim Horton’s” or the “Coffee Beanery” conjure up an escape from the mundane? Or evoke any emotion in you? Any desire? Not for me…. I’m sure their coffee is great, but you have got to admit – “Starbucks” is a name with attraction and panache.
MYTH: Any name will do for now, I’ll get a better name
once the cash flow starts.
Stop right there! We are no longer talking about new signage on the high street. In this global online economy we conduct business without borders. The number one commodity you have is trust – don’t throw that most precious asset away by changing your name!
Get your name right from the start, or regret it forever.
There are a million definitions of “brand”, but this simple one rings true to me “the brand is the soul”. And that soul is out there for everyone to look into. It is no wonder then, that when your company tries to change brand it encounters resistance from loyal consumers – who after soul-searching decided to associate with your original brand…
They would love to challenge Nike for the top spot, but are hamstrung by a truly awful name!
I’m pretty sure that even they know their name choice was rash – as their current branding is split between 3 distinct personalities “Creative Recreation”, “CR” and “cr8rec”. Sometimes all three variations are used in the same online page!
No matter how strong the “Astute Leadership” side of their formula is, we will take some persuading to buy into “Creative Recreation’s” dysfunctional soul!
If only they could turn back the clock and work a little harder on that name…