Do You Want a Good Company Name or a Great Company Brand?
Every day I get asked about naming, as in “what does it cost for a new company name?” I’ve found that the answer depends on what the phrase “company name” means to the questioner. By “new company name,” do you simply mean a set of vowels and consonants with a matching domain name? Or do you mean a name that compliments, enhances and extends the core message and value proposition of the company?
JBQ Electronics is a name. So is Best Buy.
But which one does a better job at conveying a position, an attribute, a compelling reason to ask for more information? Which one is more timeless and less subject to change? Let’s be clear–names alone do not make great brands. But lousy names can cloud a company’s true purpose and mission. Great company names do the opposite. They create clarity and stimulate conversations. They are intriguing, compelling and inviting. You want to know more when you hear a great company name.
We had a start up medical orthotics company that needed a new company name. They were three guys with a passion to fight for their clients, to stand up to the insurance companies and to not let the big guys in the medical industry bully them around. We named them TKO Surgical. The boxing reference set the stage for an entire conversation about “being in your corner,” “going to the mat for each client,” and “not backing down,” when patients were denied the right medical equipment. There was no way they were ever going to be defeated–that’s how confident they were in their convictions. And that’s what the name conveys. TKO Surgical is not just a moniker… it’s a mission statement. It conveys the very sense of who these guys are and what they can do. The name is a knock out, a power punch, an upper cut that you can’t ignore. It creates a marketing platform that provides additional language and metaphors to develop.
So yes, we can simply “create a name.” Or better yet, we can craft a compelling message, with a name as the start of that story. That type of naming makes for a memorable experience. It creates higher recall and a higher call to action. Maybe it’s just me but I like bright ideas and brilliant names. I like company names that illuminate. But then again, we’re just wired that way.
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