Showing posts with label choosing a name for a business. Show all posts
Showing posts with label choosing a name for a business. Show all posts

Monday, 1 December 2014

A Great Name Tells You More Than Just What The Company Does ...


When naming something, it is human nature to want to describe what you are naming. This is, of course, the most direct route to relevance.
Many historic and well-known companies have names that describe what they do or make. For example: International Business Machines, Minnesota Mining and Manufacturing and Kentucky Fried Chicken. While these descriptive names may have brought comfort to those who did the naming, the names were short lived. All three of the mentioned examples have now turned to acronyms: IBM, 3M and KFC.
Instead of considering names that simply describe the brand, find ways to creatively think about how a brand behaves. A relevant name can convey a brand’s engaging personality, express something interesting about the product or service, or it can be geared toward the intended audience and relate to cultural contexts.
Take, for example, Puma. It’s a name that symbolizes the idea of strength and speed. This helps connect the audience with these symbolic ideas rather than with a brand name that only evokes shoes.
Brands that only communicate functional benefits using descriptive names miss an opportunity to develop a stronger bond with customers. A strong, insightful name tells a story that metaphorically relates to the product or company.
To get past the desire for a descriptive name and step into a creative zone, here are some suggestions to get through the pain of relevance:
1. Consider names that are suggestive of what the brand does or its philosophy, instead of attempting to describe exactly what the brand will do.
2. Look at modern brand names and consider them first as words, and then as brand names. How does “Apple” describe computer hardware, music or cell phones? 
3. Add an appropriate descriptor after the brand name to make it feel more natural and comfortable in the early stages of using the name. For example, “Apple Computers.” Then, when the brand grows up, the descriptor can be dropped.
4. Say the name to people to get their reaction. Are they curious, offended, confused, intrigued? If they are left with a desire to know more, the brand name is on the right track. If they are bored, confused or offended, the name may require more thought.
When stepping into the creative zone, keep in mind that a great name does more than communicate what the thing is or even convey its personality. It sets the foundation for the customer relationship, establishes leadership and separates the business from the competition. Naming is both the art and science of knowing the origin and esoteric meanings of words, the emotional reactions to certain sounds and the visual expression of a name.
If, in the end, it’s still a struggle to find a brand name with a suggestive or even arbitrary name, remember that a brand changes over time and as it takes on new attributes, whatever name is chosen, it will eventually fit with how the brand evolves over time.


Wednesday, 29 October 2014

Moonpig Founder Nick Jenkins On Naming Your Business, Achieving Viral Growth And Plans For Expansion

As the founder of one of the UK’s leading personalised greetings card companies, Moonpig’s Nick Jenkins is well versed in the world of business and digital.
Having established Moonpig in July 2000; at the peak of the collapse of the dotcom bubble, Jenkins has successfully scaled the online platform to multi-million revenues and launched in both the US and Australia with further growth in the pipeline.
We caught up with the digital entrepreneur at Sir Richard Branson’s house for the Pitch to Rich 2014 competition, where he shared his advice on naming your business, his “admiration” for viral growth, and what’s next for Moonpig…

Naming your business

Jenkins outlined five key requirements that he felt were essential when choosing your business name but explained that, when it came to naming his own business, Moonpig wasn’t his ideal choice as it stemmed from a nickname at school.
Despite the nickname, the entrepreneur reflected that it ultimately “made a better brand than a nickname”:
“What I was looking for was a name that had to be as few syllables as possible, it had to be unique on Google, it had to be phonetic, easily represented by a graphic logo […] and it had to be available as a domain name. I spent four days searching for a word that was unique on Google […and that was available as a domain name] that I could use for this and I couldn’t find anything. I was throwing all sorts of things into it.
“I spent four days looking for something that would satisfy those criteria and I came up with a couple. One of which was my old nickname at school, Moonpig, it just so happened that it ticked all the boxes and it worked very well. It was sort of despite the nickname thing; I would rather not have used my nickname at school but it worked.”

Business inspiration and going viral

When it comes to business inspiration, Jenkins is spurred on by the activity of digital and social businesses that have ability to “grow virally” as he explains:
“I look at some of the social businesses like Facebook that have changed the way that we behave and have been able to grow virally very, very quickly. They’ve grown virally because they provide something that people really want and that’s the crucial thing. Viral growth happens because people want it.”
On his own experience of becoming somewhat of a viral sensation, Jenkins added:
“Moonpig, to some extent, was viral – I buy a card, I send it to you, you like it, you come online and you buy one. So a lot of our growth in the early years was viral. The businesses that I do admire are the ones that have grown spectacularly in the last five years – in particular the likes of Facebook, Twitter and so on. I’m in awe of those [businesses].”

Plans for expansion

Over the last 14 years, Moonpig has expanded its offering to include a range of flowers, custom mug designs, wall art and even t-shirts, but Jenkins believes that there is still the potential to capitalise upon other opportunities:
“We’re starting to make in-roads [internationally]; there are other countries that we’d like to do and [we’re also looking] at a range of gifts. We’ve realised that we’ve got a lot of people who love our cards but people are generally buying gifts as well. I think Moonpig is now the third largest online florist in the UK so we have a very big business there.
“I think probably over time the gifts will start to become as important a part of the business as cards.”