Archive for February, 2010

Do you want to create a company name or build a brand?

When confronted with naming a company, most business owners fall into one of two groups…

• Those trying to solve a naming problem

• Those trying to convey their company image

The first group views company naming as a set of hurdles (i.e. clearing trademarks, obtaining a matching domain name, finding a name that’s short, finding a name that can’t be mispronounced, finding a name that begins high in the alphabet, etc.) In other words, it’s more about a fix than a process. It also tends to be short term focused.

The second group is less concerned (initially) about the name. They are more concerned about capturing the essence of their company, and then translating that message through a viable brand name. This group typically takes a long range approach, looking at a variety of concerns, and how to prioritize them.

The first group focuses on the solution, the second group focuses on the process.

This also explains the wide range of pricing when it comes to name development. For someone simply wanting a handle for their business, it seem ludicrous to pay tens of thousands for something anyone with a dictionary can (supposedly) do. This type of customer might be better served by simply shopping some of the domain name market places, such as BuyDomains.com, Afternic.com or Sedo.com. They can look up potential names by category and search available choices.

The second group is not so much in search of a name as they are a brand. More than just a moniker, they want the name to mean something. They want it to convey an emotion, capture a position or create further intrigue. In other words, the name serves as the beginning of the conversation, an introduction which segues effortlessly into a deeper discussion of the company’s products and services.

This often requires first digging deeper into the company’s core strengths and finding it’s “pivot point,” or that common thread that runs throughout the organization. It might be service excellence, superior quality, dependability, innovation, etc. Ideally it should be based on the company’s attributes vs. its products (which tend to come and go over time.)

Creating a company name can get a business owner out of a temporary bind, but leave him or her with little or no story to build upon. It often creates a “huh?” response (or no response at all.) Building a company brand can provide a firm with not only a compelling name, but also a future platform that will accommodate continued growth and expansion. It creates interest and often leads to a “tell me more!” response.

So before sending out requests for company naming proposals, first determine if your objective is simply a short term workable name or a long term build-able brand. The first is functional, while the second is foundational.

Strategic Branding: Has Apple Found Its New “Pivot Point?”

In my branding presentations, I frequently discuss the importance of knowing your company’s “pivot point,” the common thread that runs through all your products and service offerings. Without that knowledge, companies tend to behave as commodities, and eventually get priced that way.

In the big picture, Apple has succeeded in walking to the beat of a different drummer. They have never really behaved as a “computer company,” although until just a year ago, that was their official name… Apple Computer.

At the iPad unveiling this past week, Steve Job reported that Apple was now “the world’s largest mobile device company.” Could he have just articulated their new pivot point?

Let’s look…

Are most of their products mobile?

Considering the number of laptops, iPods and iPhones they sell (in contrast to the big towers) then it would be safe to say yes.

Are they a “device company?”

That certainly takes them out of the limiting sphere of computer manufacturer.

Are they the largest?

Well, perhaps, (though Nokia might have an issue with that statement.)

My best shot at Apple’s pivot point would be to call them a “digital lifestyle provider.” That would expand them beyond the functionality and equipment positioning and allow them to incorporate music, video and e-reader services.

In pressing times, it’s more important than ever to differentiate your company, and its products and services. So before making your next move, have you thought about your pivot point? In Apple’s case, they might have just found their “core” strength…