Let’s say for instance, you have a company called Express Loans, and you find out that there is another company with a similar name. You might try changing it to Sonic Loans, Jet Loans, Cheetah Loans, or Mach One Loans, but the real question should be, “What do we do best?” Perhaps you excel at customer service or finding low rates or customizing loan packages to fit a particular need. Creating a similar company name would not provide the long-term benefit of branding your business to reflect your true expertise. Instead you would continue to attract customers looking for quick loans at the last possible minute. That creates an incongruent message between your public image and your core strengths.

To find your niche, think about your best customers — the ones that just love you and refer you to everyone they know. Why do they choose your business over your competition? What is it about doing business with them that you enjoy? Dig deeper and discover the “pivot point” around which your goods and services revolve. It could be any number of attributes, such as innovation, responsiveness, attention to detail, dependability, reputation, value, experience, etc. Focus on the ones you do best and prioritize them. By first identifying what makes your business “tick,” you can then look for company names that not only meet your short term goals, but also ones that position your business for long term growth. Volvo has done an excellent job of owing the niche of safety. Walmart owns the notion of low prices. If your clients, or potential clients, were asked to sum you up in one word, what would it be? Would they even be able to do so? If so, is it the niche you want to be known for? It doesn’t make sense to call your company “Advanced” if you don’t use the latest technologies. Or “Superior” if you are not the best in class. Think it through until you get that “Ah-ha!” moment, your reason for being, your true pivot point. Then, and only then, begin to build your company brand name, supporting tag line and brand message.

Branding a new business can be a daunting challenge, but don’t allow short-term deadlines create long-term consequences. Map out the space you want to own in your industry. Be clear and specific in your mind so that when it comes to naming your firm, you choose from company names that promote your real strengths, build your brand message and ensure your continued success.

Why is that?

Because it makes the assumption that you know exactly what you want. In reality, most aspiring business owners have only a vague notion of what they want in a brand name. These notions are unarticulated, not written down anywhere, and it’s in no certain order. If you were to ask, it would sound like a free flow of consciousness …

• Something creative
• Fits with my industry
• Has a matching .com available
• Describes what we do
• Sets us apart
• Not too long
• Start high in the alphabet
• Sounds cool when you say it
• Says what it is

In reality, these are both branding criteria and branding considerations. Must-haves and want-to-haves. And they are all mixed in together. It’s like trying to hit a moving target. One company name idea might accomplish two of the things you want it to do but then miss on three other counts. Another business name might sound cool but is a dead end in regards to building the brand message. The issue comes down to itemizing your wants and needs into two lists, and then prioritizing them in order of importance.

1. Branding Criteria

These are the things that are vital to your brand. Ask yourself, “if my new business name could only communicate one thing, what would it be?” Make this your top priority. Then go on from there in rank order of what’s next in terms of importance. Here are some good examples…

• Must convey our core strength of (fill in the blank)
• Must be memorable and engaging
• Must provide a platform to tell our story
• Must have a matching, or closely matching, .com domain name

2. Branding Considerations

These are things that find themselves on the list of criteria that don’t really belong there. For instance, having alliteration in the words (i.e. Coca Cola, Pay Pal, Best Buy) or having a name that rhymes or having the name start high in the alphabet. These are linguistic pluses, nice perks and possible tie-breakers if all things are equal, but they shouldn’t drive the process unless it’s determined that they are truly vital to the outcome.

Once you have both your branding criteria and branding considerations, then make sure you prioritize them. You may not get all your wants and needs, so determine which ones are most important. Our company name of Tungsten Branding is a metaphor for brilliance, clarity and insight associated with the light bulb. It works on the level of conveying our core attributes and providing a story to tell. It doesn’t do well in terms of spelling (Tungsten, Tungston, Tungstin, ect.) But we were willing to live with that. Because we are not a high volume, mass merchant business, the occasional misspell was not a big issue — clients find us if they type anything close. For our purposes, it was more important to demonstrate what qualities we bring to the table when naming a new business or developing a brand identity. The point is, don’t let a minor issue rule out a potentially strong naming candidate. If a potential company name accomplishes 85% of what you want it to do, and the remaining 15% is something not all that vital, (i.e. can’t get the matching 1-800 number with the name) then you have a viable candidate.

Bottom line? If you are struggling with a business naming decision, it might be time to itemize, prioritize and then capitalize on a company name that’s the bright choice for you.

MISSSEY

Missey is one of a few organizations in this country that work with and on the behalf of commercially sexually exploited minors.

Los Alamitos Youth Center, Inc.

Los Alamitos Youth Center is an award winning organization that serves children ages 3 to 18. The amount of lives touched each year is tremendous. The Youth Center has been a vital part of this community and helped a lot of families through difficult times by providing free after school programs and a learning center to encourage teens to pursue a higher education.

Lotus Outreach

Lotus is an organization dedicated to ensuring the education, health and safety of vulnerable women and children in the developing world. Funded in 1993, Lotus Outreach is a small yet effective agile charitable organization with a broad range of initiatives in Asia.

Center for Career and Educational Pursuits, Inc.

Center for Career and Educational Pursuits is a new start-up nonprofit that will work with students and their families to achieve their career and educational goals. Center for Career and Educational Pursuits helps students apply for college, find financial aid and scholarships, research majors, minors, careers, understand and take part in experiential educational opportunities.

Each of these organizations are deserving of support. You can help determine which one will receive the added benefit of a well defined, branding makeover that will further enhance their message and allow them to shine!

Why do most business owners avoid branding their companies? In short, because it’s hard work. It takes time, attention and honesty to “drill down” and determine a company’s core strengths. And it takes courage to devote a company’s future on owning a niche market. Instead, most owners will think they are playing it safe by trying to be all things to all people. But in the end, that strategy fails precisely because there is no central focus. Consumers can’t remember what they can’t recall. So if you say you are known for price, quality, service, selection, reputation, honesty and being family owned and operated, that’s just too much for anyone to remember. Even major corporations will only attempt to own one niche of a market, such as Wal-mart’s focus on price, Volvo’s focus on safety and Apple’s focus on innovation.

If you want to successfully brand your company, you have to be willing to make choices and commit to promoting your key strength. In reality, you are giving up nothing, and actually gaining recognition for excelling at something. Rolls-Royce is not missing the market by not having a cheap version of their car. In fact, their image would suffer, even it they gained a few more sales. Their brand is based on prestige — that is their focal point. A good way to measure if your company really has a brand image at all is to ask this simple question, “What one word defines our company?” If you can’t come up with one, chances are you are scattered in too many directions.

To build your company into a brand name, start by defining your core strength. Then ask if your company brand name reflects and supports that attribute. If not, consider rebranding to better communicate your message. Then look at your tag line (you do have a tag line, right?) and determine whether your tag line further supports and clarifies this brand message. Then do the same thing with your company logo. If you want to be known for being cutting edge, does your logo look tired and outdated? If so, revise it and define a standard set of logo colors that will appear wherever your company brand name is marketed, on brochures, web pages, collateral materials. Be consistent in everything you do, and have your company name, tag line, logo, and design speak with a unified voice.

Once you have aligned your brand name, brand message, and corporate image, you will find that you start to gain more attention and recognition in your field. Customers will recall you more easily and know what it is you stand for. You may “lose” some potential customers, but these will be the ones that would never had been a good fit in the first place. If you become known for quality, these are the ones who would have complained about your prices. So by aligning correctly, you will attract a better matching clientele – customers that love your business and refer you to similar wonderful customers.

Making tough decisions is never easy, and defining your company’s main purpose, its reason for being, is one of the most crucial tasks you will face as a business owner. But by doing so, you will be able to transcend the role of a commodity seller of goods and services. You will begin to represent something meaningful to your client base. It may be service extraordinaire, unmatched quality, knowledge and expertise, or innovative leadership. By focusing on what you do best, you will become “branded” in the minds of your customers, command greater dollars for your services, and gain a loyal and dedicated following. That’s much better than being all things to all people. And instead of being just another seller of products and services, you will have a company that has made a name for itself!

Times have changed.

According to media statistics gathered on econsultancy.com…

• It took radio 38 years to reach 50 million listeners.
•TV took 13 years to reach 50 million users.
• The internet took four years to reach 50 million people.
• In less than nine months, Facebook added 100 million users.
• Social networks and blogs are the 4th most popular online activities, surpassing personal email.

What does that mean for the average business owner? First and foremost, it signals a “sea change” in the way customers consume media, search for information and buy their products. And if you, as a business, are not joining in these conversations, then you are being bypassed. Think about the last time you flipped through the yellow pages in search of a service? Or waited all week for the Sunday paper to find a sale. So with such a monumental shift in consumer buying habits, what’s a company to do? Start with these 4 basic steps to ease the transition from old media to new.

1. Invest in your web site like you would a brick and mortar store.

Some companies have grown a substantial part of their revenue online, but fund it with a fraction of the money they spend on their physical stores or offices. Make sure your web presence matches the look, feel and experience that your customers would receive if met in person. Greet them, guide them, and make it easy to buy. Make it a goal to develop a cohesive company web strategy.

2. Fill it with quality content that matches your brand message.

Your brand is your unique niche in the market. Does your web site copy speak to your specific audience? Do you know the search terms that your customers are using to find your products and services? Are you making use of the latest SEO (Search Engine Optimization) strategies to target and attract your best customers? Or are you harnessing the power of blogging to reinforce your brand message and build relevant, search-friendly content?

3. Spread the word by engaging your current customers.

The very best source of “new business” is your current customer base. Keep them engaged and involved with relevant, helpful news, tips, information and resources. This means communicating with them consistently and effectively. Social media marketing, i.e. Facebook, Twitter, YouTube, etc. provides the perfect channel to both share and listen to your customer base. It can serve a valuable role for providing leads, customer feedback, and R&D. (Your customers will tell you what they want!) In addition, a regular “opt-in” newsletter allows your most ardent fans to hear from you more often.

4. Track your results to better understand, and respond to, your client’s needs.

With the right tools, you can quickly identify what’s working best, and make adjustments to capitalize on emerging trends. Unlike traditional media, which is often hard to measure, internet based marketing provides in-depth information that can quickly determine its effectiveness. No more guesswork involved.

With more customers researching, shopping, and buying online, it’s imperative for businesses to extend their brand message beyond the confines of traditional marketing. The growth of social media has spurred the need to meet customers where they are at now, not where they used to be. This means participating in authentic and meaningful conversations that reinforce your relevance and importance in your customers’ lives.

To find out more about social media marketing solutions that we provide for our own clients, view www.TungstenWired.com for more details.

• Name development

• Tag line creation

• Matching, or closely matching, domain name

• Corporate logo design

This type of package is normally valued at $7500 to $20,000, depending on the size and scope of the project. So if you are involved with a non-profit that is looking for a new brand identity, just fill out this contact form, explaining why this organization needs our help. From that list we’ll select the top five and put them up for a vote.

What is the basis for an “evergreen” brand name? First and foremost, it must be built around positive connotation words that have stood the test of time. Here are just a few…

Star

Life

First

True

One

Blue

Bright

Sun

What these words have in common is their ability to instill a new company name with positive associations immediately. Rather than waiting years for an invented or coined name to gain meaning, these types of names convey attributes right from the start. Here are a few good examples…

OnStar

TruGreen

Sundance

Blu-Ray

Bright House

DreamWorks

Lifetouch

Notice these names do not directly describe the company’s products or services. Instead they provide a sense of how they do it. DreamWorks does it with imagination. OnStar does it by leading and guiding. BrightHouse does it through intelligence. Lifetouch does it with personal service.

Companies built on a “how” name, (evergreen) vs. a “what” name (literal) tend to weather changes in their industry much better. The services they offer can change, but their manner of delivery can remain constant. They continue to grow year in and year out.

An example of an evergreen name we developed is TeamLogic IT. The name infers working together to solve problems in a systematic manner… and that’s exactly what this IT service franchise delivers. If they were called Network Technicians, it would provide little clue as to how they do business. Teamwork and logic are positive attributes that will stay “green” and positive for the foreseeable future.

Every company naming project presents its own unique set of challenges. This is just one strategy among many. But if you are in need of a new company brand name, you might consider what comes naturally — and think green!

First off, the name is unexpected. It gives the listener reason to pause and ask for more. There is an element of intrigue in metaphorical names. Kayak? What type of company is that? And here’s where it gets good… the follow up answer fits the name — an on line travel booking site that can move you along, help things flow, streamline your travel plans, get you on your way, keep things afloat, stay above water, etc. etc. This type of naming strategy provides more than a mere moniker, it provides an entire marketing lexicon to build upon.

The same holds true for great brand names such as Amazon, an endless source of diverse products, and Monster, a huge job site with large numbers of listings. Jaguar highlights the luxury car’s speed, responsiveness and agility. And when I open my hand, there sits a Blackberry, (which says a mouthful.) John Deere, a legacy name, plays off the animal vs. the surname (“Nothing runs like a Deere.”) In our own case, Tungsten highlights our commitment to branding brilliance.

David Ogilvy, the father of modern advertising, said that the best ideas have “legs,” or continual staying power. Metaphors can provide that type of long haul brand endurance. Looking at the definition of metaphor explains why…

Metaphor: “A figure of speech that expresses an idea through the image of another object. Metaphors suggest the essence of the first object by identifying it with certain qualities of the second object.”

Imagine having your generic, or incoherent, acronym-ladened company name distilled to one simple word — a word that expressed an entire idea. Kayak, the travel site, works much better than Expedia, which has to be explained (express? expedite? pedestrian? encyclopedia?) or worse yet, heavily advertised.

If you are considering naming a company, then take a look at metaphors. If you can pick a good one, you just might have “the Midas touch!”

So who’s at the wheel at Toyota with their current tag line “Moving Forward?”

That oversight seems to be another indicator that the company is in reactive mode. Their ads seem to be at once apologetic, then defensive. Some talk about company heritage, while others feature customers touting their unwavering loyalty. On the same day Toyota officials challenged reports that its fail safe systems could be overridden,  another Prius made headlines for speeding out of control. So is the company apologetic? Proud? Humbled? Defensive? Resolved? Toyota seems to be a bit all over the place, and understandably so, given the whirlwind of media coverage. But it’s important for the brand that they deliver a consistent company message — perhaps something more customer centric than company centric.

With no definitive answers in sight, “Moving Forward” seems oddly out of step. Perhaps it’s time to put that tag line in “park.”