Before Branding Your Company, Define Your Niche!
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Before Branding Your Company, Define Your Niche!
When branding a new company, the most pressing issues are not always the most important ones. There may be an upcoming trade show, a meeting with potential investors, or an impending trademark conflict.
By: Phillip Davis
When branding a new company, the most pressing issues are not always the most important ones. There may be an upcoming trade show, a meeting with potential investors, or an impending trademark conflict.
By: Phillip Davis
These urgent mandates can often obscure the overarching need to properly position your company in your industry. In a rush to brand your business, you may end up with a company name that you can use at a trade show, present to investors, and pass through trademark, but it may not reflect your value proposition, the very thing that makes your company unique and compelling.
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.
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.
Phil Davis is president and owner of Tungsten Branding, a naming firm specializing in brand creation, product naming, tag line development, corporate identity and comprehensive brand repositioning. Phil's client list includes PODS, TeamLogicIT and Coghead.com to name a few. His complete client list and company naming philosophy can be viewed at www.PureTungsten.com.
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