If you listened to the news, you’d be tempted to shutter your business, buy lots of canned goods, hunker down in your basement and wait for spring ‘09 (at a minimum.) That’s because our minds’ focus colors and determines our perceptions. And with the media saturated with disturbing events, it’s no wonder we often feel paralyzed as business owners, and adopt a “wait and see” attitude. Or we do the opposite and go in ten directions at once to try and get by. Both responses can prove counterproductive.
How about if we approached this time as an opportunity?
“An opportunity?” you ask. Yes, a wonderful opportunity, and let me explain just how it’s so. Recall the last time things were good for your business (you may have to go back a ways in your mind, but they are there, and it’s relative to now) Were you problem free then? Or were there important things you just couldn’t get to because there was no time, too much going on, too many deadlines, staff shortages, huge client demands and constant fires to put out? For most of us in business, we have a whole list of important items on our company agenda, and often the most vital ones are pushed to the bottom of that list due to the tyranny of the urgent.
So if business isn’t bustling right now, if the economy is slower than usual, then perhaps it’s time to do some of these important tasks. Here are a few suggestions…
• Get clear on who you are as a company and what your true benefit is to your end customer.
When we are super busy, it’s easy to think we are just that good, that smart, and that we know ourselves and our customers. But it’s the soft times that reveal if we’re truly providing a benefit to our customer or if we are just selling the product/service du jour. In a downturn, certain products may suffer, but the core need behind them remains. Restaurants may experience a decline, but people still eat. Real estate may slump but people still need a place to live. Computer sales may slow down but people still need information and access. Find out end benefit you really provide, beyond your products and services, and find a new way to deliver that benefit. In my business for example, the need for naming a new company might not be as strong right now, but the need for clarity and direction with branding issues remains critical. So by re-shifting to consultation I can meet my clients at their point of need. The key is that needs don’t go away, they just shift the form and method in which they are delivered. If you know the attribute you provide, you can shift as well. BestBuy can continue to change its products and services, yet still provide the “best buy.” So what is it that you are really providing your customers? Chances are you can provide that same benefit but in new, more appropriate ways.
• Use this time to communicate to your customers
Rather than idle your time away fretting, invest it in meaningful and engaging conversations with your customer base. Keep your company blog updated (or start one if you haven’t had the time before!) Send out a good newsletter with information that your customers will find helpful. Conduct a survey to find out what they need right now. Look for ways to strengthen your relationships and serve your clientele. They may respond today or tomorrow, but they will remember that you were there in both good times and bad, and you will come out stronger for it. Stronger and more credible.
• Look for new opportunities to present themselves
Often in fear mode, businesses become so risk adverse they miss opportunities. But if you know your core strengths, your key benefits, and your company’s mission, you will find new ways to connect and grow your business. In ten years the majority of us will be saying “Why didn’t I buy when stocks were so low?” We forget that fear keeps us gridlocked. Right now there are people and companies that you can team up with, partner with, innovate with, and grow with, but the recognition of these opportunities comes with a clear mind and a solid understanding of your company’s core values. Is there a key partnership you could develop right now that would benefit both you and the other party? Are there merger, acquistion or selling opportunties? With much change comes much opportunity. Be open to receiving it.
It’s tempting now to either sit tight in quiet panic or slash prices in desperation. But as business owners, we have the opportunity to observe, get clear, and benefit from changes in the market. But the key word here is clarity. You’ll be hearing more from me on this subject because I believe in it so strongly. I may not have the answers for your business, but I know that you do. And if I can help you get clear, I know you will make the right choices–not ones based in fear and reaction, but enlightened decisions that will energize both you and your company. And that’s not just smart idea, it’s brilliant.
The good folks at LaunchWizards.com recently interviewed us on effective naming strategies for start up businesses. In it, we cover the numerous naming and branding pitfalls that companies face when creating a new identity. (The most common one of these is the literal/descriptive business name.) Nancy Kieffer, one of the Launch Wizard partners, did an excellent job in dissecting the interview into step-by-step, actionable strategies. If you are in need of overall guidance for your business start up, be sure to stop by LaunchWizards and drop them an email. They can assist with many of the ancillary services which we don’t provide. From their blog…
”We cover many aspects of a new business launch and discuss issues like incorporation, website design, commercial real estate, trademarks, suppliers, marketing, finance, databases, and many other topics.”
While our focus remains specific to company naming, identity and brand messaging, Nancy and her crew can provide a broader array of turn key solutions for those needing some small business magic!
Every day I get asked about naming, as in “what does it cost for a new company name?” I’ve found that the answer depends on what the phrase “company name” means to the questioner. By “new company name,” do you simply mean a set of vowels and consonants with a matching domain name? Or do you mean a name that compliments, enhances and extends the core message and value proposition of the company?
But which one does a better job at conveying a position, an attribute, a compelling reason to ask for more information? Which one is more timeless and less subject to change?
Let’s be clear–names alone do not make great brands. But lousy names can cloud a company’s true purpose and mission. Great company names do the opposite. They create clarity and stimulate conversations. They are intriguing, compelling and inviting. You want to know more when you hear a great company name.
We had a start up medical orthotics company that needed a new company name. They were three guys with a passion to fight for their clients, to stand up to the insurance companies and to not let the big guys in the medical industry bully them around. We named them TKO Surgical. The boxing reference set the stage for an entire conversation about “being in your corner,” “going to the mat for each client,” and “not backing down,” when patients were denied the right medical equipment. There was no way they were ever going to be defeated–that’s how confident they were in their convictions. And that’s what the name conveys. TKO Surgical is not just a moniker… it’s a mission statement. It conveys the very sense of who these guys are and what they can do. The name is a knock out, a power punch, an upper cut that you can’t ignore. It creates a marketing platform that provides additional language and metaphors to develop.
So yes, we can simply “create a name.” Or better yet, we can craft a compelling message, with a name as the start of that story. That type of naming makes for a memorable experience. It creates higher recall and a higher call to action.
Maybe it’s just me but I like bright ideas and brilliant names. I like company names that illuminate. But then again, we’re just wired that way.
Jamie Herzlich wrote a piece in today’s Newday about “Getting the right domain name for your company’s web site.” In it she outlines various strategies that experts advocate for getting that elusive domain. I noticed a number of naming consultants advocated the use of generic or geographic descriptions in place of the company name. In fact, one of my clients even registered ILoveCrabs.com as their main site vs. HarbourHouseCrabs.com. While I empathize with the challenge of finding an exact matching web site name, I would think twice about going too far from your company’s name online. In essence you are now creating two brands (your company name and your online name) and you lose the synergy that comes with having a unified identity. And that singular identity adds credibility. What do you think about Nissan when you have to type in NissanUSA.com? That’s why a number of our names are what we call “positive connotation” names. They are ones where you take two existing words, (ideally ones that resonate with your brand’s core message,) and then combine them in a unique way. That can produce names that, while new, are still recognizable and obtainable as domain names. An example of some of these that we’ve done are…
In each of these cases, the client doesn’t have to take the time to explain, or spell out, a separate web site address–it’s the same as the company name. It’s not always possible to do this, but it is advisable. That why it’s important, when naming a new business, to look ahead and anticipate what branding strategies will best suit your needs. Not every company needs an exact matching .com domain name, but it’s becoming increasingly important as more commerce, lead flow and sales generation moves online.
The one constant in business is change. Nearly every product, service or solution gets replaced by something newer, better, and “different-er” than before. Take mobile texting for example. All three of my teenagers live on it, spelling out each cryptic message in a matter of nanoseconds. They prefer it to email, or worse yet, utilizing verbal communication technology (formerly known as “making a phone call.”) But they are the new norm, the reality of the marketplace. They are adopting to new ways of connecting, new methods of networking. They are not doing it “wrong,” or inefficiently. They are simply doing it differently. And that’s what constitutes change.
A speaker at a business meeting I attended a few years back, shared that 40% of the average business’s revenue stream would be coming from an entirely new source in five years. That was an amazing statistic to me. Yet most businesses are operating based on old models and old ways of doing business.
So the question I have for you this month is exactly that… “What is your new revenue stream?” What is it that you can build, develop, create or extend, that would keep your company and your products relevant to the market? For clues, look at what you already do well, and ask yourself if there’s a better way to deliver those same benefits. Encyclopedias did not go out of fashion because information was no longer needed. They became obsolete because of the way they delivered the information. The same holds true for everything from cassette tapes to typewriters. Those who hold tightly to the current way they deliver products and services, will most likely miss the innovations that emerge in how they are delivered. We will always need energy in order to move from point A to point B, but will it necessarily be in the form of gasoline? Or will it shift to wind and solar? Or garbage, grain, water and manure?
If you’re wondering what this has to do with branding, quite simply, it has everything to do with it! Your brand is the core benefit, your key promise, one that you consistently deliver to your customer. The good news is that they still want that benefit, but the method in which they want it is subject to change. Are you aware of that shift? If so, how are you responding? How can you extend your current brand so that it remains the consistent provider of your core benefit?
These are the important questions that can lead to substantial company growth in the long haul. Adapt and you will continue to thrive. The world needs your services or your wouldn’t have a current business — just look for new ways to provide these services. Viewing change in this light is often less threatening, and more rewarding, than living in constant resistance to what is evolving around us. So discover new ways to expand and serve your customers’ needs by extending your brand’s promise. You’ll find it’s often a change for the better.
