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Congratulations, It’s A Baby Trade Name
By MacDalton Berns, Marketing Advisor |
As an entrepreneur, you always had your dream business in mind. Regardless of the industry or niche, something possessed you to branch out and start on your own. As your dream came to fruition, this newborn business needed a name, and so began one of the most exciting journeys for a young company.
Some business owners view naming a business like naming a baby. They realize it’s an important step and don’t want to be made fun of in this playground of a marketplace. I’ve never named a child as I don’t have any of my own yet, but my wife and I have discussed names as most couples do. Since starting Absolute Marketing Group 30 months ago, I have been a part of more than 20 new business trade name projects, so when we do decide to start a family, I’ll be prepared.
There are three main reasons to name a business.
1. Launching a new business
2. Merging two businesses
3. Re-positioning an existing business
No matter what the reason that you are naming a business, I recommend having a business plan in place before naming your business – if possible. The reason for this is to understand your market and how your competitors use their trade name to position themselves. Also, if you focus your efforts on creating a profitable business model, not dreaming about the name on t-shirts to pass out to all your friends, you are in better position for pure business success.
Here are five typical ways people name their businesses:
1. Marketability - it has a ring or provides imagery; it could be an invented word
2. Professional Standard - Name, Name and Associates.
3. AAAAAA Awnings - first in the phonebook
4. Sound like another recognized brand - without breaking the law
5. Website domain is available - pattycakebakersman.com = Patty’s Cake Bakery
At the end of the day, your mission is to increase market share. A name is the first opportunity you have to tell your customers who you are or who you have become. Remember, just like a child, this name will be with you for a very long time. When brainstorming name ideas, here are a few attributes to keep in mind.
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Method Acting, “As if” Marketing
By Jason Jacobson
Sorry Hollwood, I know you’ve had a rough year with the loss of Heath Ledger, Isaac Hayes, Bernie Mac and most recently, Paul Newman. But seriously, let’s end method acting. Bite the bullet and quit. I apologize to any readers who enjoy literary techniques as I have to refrain from metaphors that could cause harm for the remainder of this blog. Cool Hand Luke himself and Ledger were known for being method actors, and my apologies if it’s too soon to write this rant. Still, I’ve lost all my patience for method acting. Every time I hear someone talk about the method in an interview or at a coffee shop, I feel the need to ingest a healthy dose of jalepenos and napalm.
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