Archive for January, 2009

The Best (And Worst) Company Names of All Time

January 5, 2009

Inc.com today announced their list of the top ten best and worst company names of all time, based on feedback of top naming experts nationwide. Tungsten Branding’s recommendations comprised two of the top ten names (Amazon and JetBlue) as well as three of the ten worst names (Books-A-Million, Ruth’s Chris Steak House, CompUSA.) Naming is always a subjective art, so read over the list and weigh in with your thoughts and opinions. Poor company names are not just the ones that sound bad, they are the ones that confuse potential customers, box in a company, and limit its growth and opportunities. A special thanks to Inc. magazine Senior Reporter Ryan McCarthy for this insightful showcase of naming do’s and don’ts. For even more insight, read our post “Is Your Company Identity Killing You?”

Is Your Company Identity Killing You?

January 4, 2009

Central to the business of naming and branding is the core issue of identity. And never has this issue been more relevant than in the past several months. Most of the time we give our identity, both corporately and personally, very little thought. We offer a product or service, people buy it, and we move on.

But what happens when people quit buying? What happens when the products, goods and services we are tethered to begin to falter? What happens to our sense of self worth and value when our claim to fame begins to fade away?

For some it means a slow death. For others it’s more immediate.

Ben Stein shared today on CBS Sunday Morning that a friend of his committed suicide over the loss of value in his stock portfolio. Another had a stroke. That’s how deeply the sense of identity gets tied to externals. For most people the consequences are less immediate but still significant… loss of sleep, anxiety, high blood pressure, depression. All of this angst because we are identified with something, a thought, an idea, a notion, a concept, an identity. And companies are simply extensions of people. They suffer the same killer stress as people when they lose their sense of “self.” Here are some examples…

• Suddenly the “number one” news channel is not number one and bleeding viewers to the internet and other media outlets.

• The number one volume luxury home builder becomes an oxymoron.

• The hot shot financial planner who’s never had a losing year, loses 30% of his client’s money.

When these things happen, they expose the underpinnings, the very foundation of our identity. As they say in some recovery meetings, “the pain killer becomes the pain maker.” The very things we use to boost our image now degrades and threatens it.

What to do?

The first step back to sanity is the realization that you are none of these things you thought you were. They were and always will be simply concepts. They have as much weight as you give them. And you are the one giving them the weight… no one else. So what if you are not number one? So one if you were wrong, imperfect, underperformed, misjudged, took the “wrong” path, etc. Maybe your value never was in any of these concepts. Maybe it’s time to re-evaluate your standard of measure. Perhaps it’s not so much about what you do as it is about how you do it. Why? One simple reason.

You can control your intentions, but you can’t control outcomes.

That’s why companies (and people) who associate themselves with attributes, do better than companies that identity themselves by their products. Apple has all but died on several occasions, only to re-emerge as a dominant force in a new category. That’s because they are rooted in innovation, and innovation doesn’t go out of demand. They didn’t stubbornly hold on to the idea that they were a computer company and ram their heads against the wall. Minnesota Mining and Manufacturing (3M) makes millions on Post-It Notes and Scotchguard. Wal-Mart doesn’t focus on their products, they focus on their pricing. Innovation, ingenuity, affordability… these are more enduring and timeless qualities.

So let’s revisit our three corporate examples companies in the throws of despair.

• The number one news channel could realize their real value was in connecting people with local information, and find new ways to do just that. (WTSP in Tampa, Florida did just that and went from a TV news channel to 10Connects, a multi-media company)

• The number one volume luxury home builder could forget about the volume claim and focus on one or two super high end projects.

• The expert financial planner could shift the focus from past performance to highly customized service.

The above companies can always deliver on “connecting,” “quality,” and “customization.” In fact, they can even expand those attributes into new products, services and revenue.

What is your company identity based on? Is it enduring and timeless? Is it open and flexible? Is it helping you during this time or hurting you? If you don’t take the time to examine these issues, you might start feeling the effects of a truly killer reputation.

Nine Resolutions To Build Your Brand and Your Business

January 1, 2009

After the wild ride that was ’08, many business owners are asking themselves just where to invest their time, energy and money in the new year. From dealing with hundreds of business owners each year, here are a few suggestions…

1. Listen More.

For many businesses and industries, this past year was more than a bump in the road — it represented a fundamental shift in the way their goods and services were bought and sold. Your customers are looking for the same things you are, ways to operate more effectively and efficiently. When was the last time you called your best client and asked what he or she needed most? How about a survey on your web site which asks the visitor what imformation and products were most helpful and which were least? The one constant in business is change, so make yourself a student of change. Be there for your customers and they will be there for you.

2.  Focus.

In good times, lots of things work. We may have ventured into a number of areas, products, services and offerings simply because they added to the bottom line. Now is the time to revisit your company’s brand image and ask “What do we really stand for?” If you can’t sum it up easily, then you’ve become scattered and diffused. And customers will sense that. A good test is to ask yourself what one word do you really “own?” For instance is it price, quality, service, selection, etc. If you had to pick one word, what would it be, and how do all your products line up with that word. If something doesn’t fit, it may be time to focus and streamline so you can truly stand out.

3. Keep in touch.

Most of us fall into the trap of the 80/20 principal, where 80% of our income comes from 20% of our clients. But we don’t spend 80% of our time serving them. Instead we respond to emergencies and complaints and the “squeaky wheels.” This year, make it a point to spend time with the clients who love your services. It will remind you of what you are good at doing. And it may help you let go of other accounts that are hard to please, drain your energy and provide little profit. Take a moment to write a love letter to your best account and tell them exactly how much they mean to you and how much you value their business. You’ll be amaze at what happens.

4. Blog, blog, blog.

If you haven’t started a blog, do it. This is one of the most effective and affordable ways to market. It only “costs” you your time and by doing so, you give the world a taste of your expertise. Don’t be afraid you’re giving away the store — those who really want your talents will want you all the more. Those who just needed some helpful information will appreciate and perhaps refer you to others. Google also loves blogs. Since starting the Tungsten blog, I now receive more traffic to the blog site than my main Tungsten Branding site, which has been supported years of articles, press releases, and paid advertising. Blogging is great karma so share the love.

5. Look for alliances.

Go to your competitors (yes… competitors) and vendors and create referral sources. Chances are that very few companies really do exactly where you do. After all, you probably tell potential customers all the time how you are different from all the companies in your industry, so you really are not in direct competition. I have gone to a number of companies in the naming and branding business and asked them if they would send clients my way that weren’t a fit for them. And I reciprocate with clients that are outside our scope. If you really know yourself, your company, and your niche, you will be fearless when it comes to asking for business, because you’ll know your real customers and you won’t fear “losing business.”

6. Build a platform.

You know a lot about your business or you wouldn’t be in it. So in addition to blogging, write expert articles and submit them to the various article directories for distribution. Make it known on your web site that you are available to be interviewed on your subject of expertise. Query editors of major publications with ideas for stories for their audience. One article I wrote for Entrepreneur.com has produced a steady lead flow for a number of years. It also led to other reporters seeking out quotes, such as TV Guide, Inc.com, and others. This takes time, but it’s one of the best long term investments and it cost little to nothing except your time.

7. Innovate.

If you solicit your clients’ feedback, it can spawn all sorts of new ideas that can better serve them. Often in down economies the emphasis shifts to purely internal cost containment. But in times of accelerated change, opportunity abounds. Find a way to make your customer’s life easier and you’ll likely find a new revenue stream.

8. Be Present.

Rather than “surviving” trying times, why not take this as an opportunity to reflect on your life and your business and make needed changes. Most of the time we live in a reactive mode, simply responding to external stimulus. If you’ve been through more than a few business cycles, you’ll remember that “boom” times come with their own baggage… not enough good employees, increased wage demands, struggles to meet deadlines, etc. If you are not at peak capacity, then use this time to invest in yourself and your company. Lay out a more meaningful, rewarding and congruent path for your firm. Make a decision not to be all things to all people and focus on what you do best, and work for clients that energize and inspire you. Treat this time as the gift it is.

9.  Nurture the Bright Spots

Somewhere in your business, things are going well. These things are often overshadowed by the dark clouds of media reporting and declines in other areas of your business. But take stock of what is working. You might find some clues to what’s emerging as new solutions and revenue streams. Acknowledging the good also keeps your frame of mind in check, and allows space for opportunity. Of all the assets you own, your own attitude is perhaps the most valuable of them all. Guard it well and you’ll build a better brand and a brighter future.