I Finally Get My Own Advice… It’s All About the End Benefit.
I have a confession to make. The things I teach are really the things I want to know. For years I’ve been advocating the importance of defining who you are as a company, not what you do. Most companies tend to identify themselves by their products and/or services, and in doing so, limit their potential.
A better approach is to define your company by an attribute, something that’s timeless and less subject to the changes and volatility of the marketplace. An example you ask? CompUSA defined themselves by both a product (computers) and a geographical indicator (USA). They went out of business this past year. Meanwhile another company, selling similar goods and services, continues to thrive. Their name?
Best Buy!
Everyone wants the best buy possible. But customers may or may not want a “computer.” How does this relate to me taking my own advice? Glad you asked! I was under the impression that I had already done this work… I had a name that was a metaphor, Tungsten, and I wasn’t limited in name to one product or service. But behind the name I limited myself to naming, tag line creation and corporate identity. All those things, when done well, create clarity.
So here’s the big “Ah-ha!” Why not just offer the end benefit directly? Why not just provide brand clarity?
For many companies, the name isn’t the problem, or at least the biggest part of the problem. In many cases, a brand lacks overall consistency. The name, while perhaps not the best, is not that bad. But the tag line goes in a completely different direction. Or there’s no tag line at all! The web site copy might be highlighting the company’s commitment to quality while also screaming low prices. In short, the brand image is cloudy, murky, confusing and dull. While a great name would certainly help, it might not fix the core issue. And that issue is the lack of clarity.
And that’s what Tungsten, the filament in the light bulb, the 1000 watts of brilliance, is wired to do!
How can this help you? We can do for you what we always do–create brand clarity! And we can provide this whether or not you need a new name. In essence, we provide a brand audit, a run through of your name, tag line, positioning statement, mission statement, web site and collateral materials and check for consistency of message. We’ll look to see just how you’ve positioned your company, and how you can “pivot” this positioning to reach a greater audience.
Apple made the pivot from a computer company to a digital lifestyle provider.
3M transitioned from Minnesota Manufacturing and Mining, into a company known for innovation.
So to recap…
Volvo is not about selling cars, it’s about providing safety.
Rolex is not about selling watches, it’s about providing prestige.
Tungsten is not just about naming, it’s about providing brand clarity, and naming is one way we do it.
Hopefully by sharing my “Ah-ha!” it will get you thinking about your “Ah-ha!” How clear are you about your company? Who are you really? Are you defining yourself by your products and services or by the real reason your best customers buy from you, and love you, and refer you? What is that reason? Is it being clearly communicated in your name, your logo, tag line, web site, by employees in their conversations, in your ads, etc.? In tough economic times, it’s easy to simply get busy and spread yourself thin. Rather than being reactive, take some time to get clear. By focusing on who you are at your best, your core benefit, you can attract like-minded customers who appreciate your clarity and your brilliance.
