Quite often an organization will want to change its name.

There are several valid reasons for changing your company’s name.

1) A name change might be sought because the company has outgrown their old name, that is the name has become irrelevant (Radio Shack).

2) The company’s reputation might have been sullied to the point no salvation (Enron).

3) Perhaps the name itself has taken on an undesired life of its own (Aids).

4) Legal conflicts with Trademark holders that dictate changing the name.

5) Mergers and acquisitions where confusing or conflicting situations arise either in the marketplace or internally.

6) A “nickname” based upon the original name becomes so dominant the company is practically forced to officially adopt the nickname (IBM, FedEx).

There are probably other reasons, but these six predominate.

The management mind-set is different in each of these situations.

But let’s just concentrate on the first situation: an outmoded name. In 1), management is perhaps reluctant if not conflicted about making a change. They see equity in the name. They don’t want to confuse customers. This may also apply to managements in the 4) and 5) situations, but probably not to the same extent.

Changing a name - but not very much

By not being open to a name that might signify new directions, new markets, new opportunities, they limit the potential of a new name that’s more relevant to the company’s vision and mission. So Radio Shack becomes The Shack.

Here in Colorado there was a “home for wayward boys” called Colorado Boys Ranch. As it evolved, it catered to a nationwide clientele of boys and girls, and became much more “high-tech” than a ranch. To “transition”, they used the initials CBR coupled with a generic phrase that was much too abstract to mean anything. Now, except for long-time donors who still call it Colorado Boys Ranch, there is no identity for this fine organization.

By attempting to hold on to old equity and placate stakeholders, yet reflect what the organization has become, managements inhibit and restrict creativity and the chance of adopting a name with gusto.

You can’t have it both ways.

Post from: Business Naming Basics

Renaming? Go All the Way!

If you’re doing business on the web – generating leads, selling product or establishing an “authority” image – then you know the importance of generating relevant traffic.

And you know that search engines are a major source of relevant traffic. But unless you already own a well-known, top-of-mind company name, people don’t search for business names using Google, Yahoo or Bing. They use generic keywords to find the product or service they are researching or purchasing.

And the way you get recognized in a search engine is to be on their first page of results when people search for the keyword(s) that best describe their need or desire. Getting on the first page requires that you optimize your site by making it relevant using a host of search engine optimization (SEO) techniques.

Name as SEO component

A major characteristic of a web site for SEO is the domain name of the site. Thus, if your site’s domain name contains the keyword your prospects are using to find businesses relevant to yours, it stands to reason your position in the search engines will be higher than if your domain name does not include the searched keyword.

But keywords are usually descriptive and generic. And business names should not be descriptive and generic. Business names should be unique and memorable; at least businesses that aren’t exclusively web-based. So there’s the predicament: how do I have a relevant, searchable domain name and a unique, compelling business name?

Naming hierarchies answer the call

We are aware of the many companies that have multiple businesses and/or products. Each of those entities has a distinct name, and some of those brands will have products – line extensions – under them. Then many products will have branded characteristics or features as well. Within these companies a naming architecture, or hierarchy, has been established which brand managers adhere to when it’s time to name a new product, corporate division or, yes, a web site.

The answer to the dilemma of the domain vs business name is to treat the domain name as an association to the business brand. The domain name should be created with the major keyword as part of the name. The business has a more “people-appealing” name that differentiates and delivers a suggestion of the brand’s promise.

Real live example

You are reading a blog post at Business Naming Basics. I chose this name after doing my keyword research and found, not the most used keyword, but one I felt I could raise to the top of the Google rankings (first page). The site name and its contents are relevant to the search term.

But my business name is Signature Strategies. The company does create names for companies, and it also helps smaller businesses with brand strategy and management; graphic standards and trade dress; name, logo and tagline creation, and brand audits and positioning research. So naming is a subset of the business.

And because I derive much of my business from Internet contacts, I wanted a domain name that would attract relevant visitors to my web-site. Signature Strategies would not be that traffic-generator for the service of naming. Now I also have a Signature Strategies web site – www.signaturestrategies.com – where I also blog, but that site is not expected to get a lot of search engine traffic. Most of its visitors are folks who have read an article I’ve posted on the web, backlinks from other branding sites and my social networking activities.

Know what you’re naming and why

That’s the real message here. Before naming your business, or your web-site, or your product, or your new subsidiary, take the time to create a naming brief, one that gives you direction based on long-range goals and missions. This goes for anything you name in the future. It’s also a good idea to establish your brand architecture structure early on because if you don’t, in all likelihood you’ll have to backtrack – rename or rebrand parts of your business that tend to confuse customers and prospects.

So it’s best to begin with a brand platform (the structure that contains the brand hierarchy). You can find help in constructing the platform at Signature Strategies web-site. Then create a naming brief for each aspect of your business that needs a name, following the brand hierarchy you’ve already established.

Yes, there’s more to business naming than a brainstorming session and trademark search.

Post from: Business Naming Basics

Is One Business Name Enough?

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If you’ve followed my blog postings concerning business naming, you’ll know I emphasize going for quantity first.

By getting as many word combinations and approaches to naming as you can – not stopping until you have at least a couple of hundred name candidates – you’ll enjoy two advantages. The first, at least a dozen or so candidates that will work as your company name. The second, and probably most important, are the directions that some of the candidates will lead you. They become catalysts for fresh naming ideas that are relevant but novel, the very characteristics I look for in a business name.

One method of creating that long list of candidates involves building a “mind map” of synonyms and associated words. You begin with a characteristic you’d like your name to possess. In the example below, it’s a “sexy name”.

Then think of the obvious words that convey sexy: romance, passion, spicy, etc. Make each one a branch from the sexy name root. Then for each of these sub-branches, list their synonyms. Just take them directly from a good thesaurus like Roget’s 21st Century Thesaurus. (I particularly like this one because of the cross references to concepts, i.e. associated words which I can also add.)

You might also add some sub-branches for animals, flowers, colors, scents, etc. that you think convey sexy.

Now begin combining words from one branch with words from a second branch, then a third, etc. It won’t take but 10 to 20 minutes until you have a large list of candidates, each that might be a name or a path to one.

Post from: Business Naming Basics

Business Naming with Mind Maps

Business names that were created prior to the Internet becoming as pervasive as it is now sometimes struggle with their name because their original name is just too long to be used as a domain name.

I believe that’s why we’ve seem many of these traditional marketers using abbreviated names – nick names or a string of initials – in their promotions recently. Otherwize, I don’t see why they’d mess with their name’s equity.

Most recently observed company to take this course of action: American Family Insurance.

Now first of all, even 15 years ago that name was a mouthful. But over time, and especially with the on-going use of the American Family Insurance jingle, the name has become well-known and well-appreciated. But they adopted a short domain name – AmFam – and have begun using that name as well as the long name in their advertising.

I think that just leads to confusion and dilutes the brand.

Even in the environment of texting and twittering I believe the longer, well-known and well-respected American Family Insurance name stands for something they are in danger of losing if they become known as AmFam. That loss is their heritage and their image of a responsible and well-respected insurance company. I personally look for stability and traditional values from my financial services, especially in light of the recent AIG and banking disasters. WaMo didn’t do much for Washington Mutual, did it?

Let me know if your agree or not with my admittedly reactionary response to this nick name approach to being “up-to-date”. Leave your comment below.

Post from: Business Naming Basics

Business Naming Shortcuts: the Right “Thing to Do”?

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There is something intimidating about naming your business

We know that “all the good names are gone”. And not just domain names, either. It’s frustrating to have your very own “private” name unavailable because someone has registered it before you.

And then you can’t get that name out of your head – it occupies the entire “creative space”. Other names just don’t have the flair of your favorite. You suddenly feel like you’ll never be able to think of another powerful candidate.

Most entrepreneurs are impatient and action-oriented, so when they hit the wall, they’re liable to “settle” for a second-class name just so they can get on with the “important” matters of business-building.

Well, I believe the name is the most important element of a brand and should be treated as such. To develop a name that stands apart and truly represents the brand, I believe you should start the process with a particular mind set. If you do you’ll find the frustrations easier to take, and in the long run you’ll have a name that truly and powerfully represents the business.

Here are four major ideas that can help you adopt a “killer” name with the least amount of angst. When my clients adopt this attitude, I’ve found the process and the results can be satisfying and productive.

Number 1: Keep an open mind.

Quite often the best ideas come from the frustration of rejecting a hundred candidates or more. Also, don’t reject a candidate out of hand. The name may grow on you, or it may trigger additional ideas that lead to fruitful candidates.

Number 2: Create a very big list.

Attempt to create (or have created) a long, long list of candidates. And keep adding to it even after you think you’ve done enough. This stretches your creative energies as well as opens avenues you didn’t even know existed. Ideas spark more ideas. Use many sources of candidates and ideas, even ones that appear ridiculous on first thought. Don’t judge, just add ideas. There will be time later to evaluate

Number 3: Be prepared for disappointment.

Isolate the best five or ten name candidates that meet your criteria. For various reasons, three-quarters or more will not be available to you. So don’t get really married to a candidate until after it passes the tests for suitability and availability.

Number 4: Be patient but determined.

This just means to stick with it, and if necessary, get help. Use any resources available – family, associates, even professionals. Remember how important it is to get the name right.

So don’t let frustration lead you to a second-class name. Remember that your business success is firmly linked to your company name.

Post from: Business Naming Basics

Don’t Let Business Naming Frustrate You Into a Second-class Name

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Company naming should be separate from product naming.

Let me explain what I mean with a true story about one of my first naming assignments.

This entrepreneur had named his business, and simultaneously named his first software product with the same name. The business name and the product name were inseparable. This worked for him for about a year. Then he was ready to introduce his second product.

He realized something wasn’t right. If he wished his company to proclaim ownership and authorship of the new product, he had to, in the minds of his market members, insist that his first product owned the second. And even though both products were to be sold to the same segments, they performed two distinct functions. The second product was not an extension of the first.

A typical system to establish a naming hierarchy and protocal.

The answer was to rename the first product as well as naming the second. There was a requirement to show a family resemblance, so I suggested one be called TopChoice, and the other TopDrawer. We also established a naming system for future products as well as a consistent method of labeling new versions of older products.

In the trade it’s called developing a naming hierarchy, and it’s a function of name management and brand architecture – the positioning of products against other products in the product portfolio, as well as positioning them within their respective markets against competitive products.

The lesson is to consider as best you can what products and services you will be introducing over time and adopt a flexible naming hierarchy in the beginning so you won’t have to worry about false starts and confusion among your prospects and customers.

Post from: Business Naming Basics

Business Naming And Product Naming are Different Animals.

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