WHAT’S IN A NAME?
WHAT’S IN A NAME?
Thursday, 30 November 2006 10:30
What's in a name? How about the future of your business? Marketing your small business or independent professional practice is all about perception. So how do you want people to perceive you? asks Peter Montoya Marketing your small business or independent professional practice is all about perception.
So how do you want people to perceive you?Don’t Get VagueIf you’re like most people, you’ll be tempted to come up with a snazzy-sounding name that suggests a third-party identity, a huge set of office suites, multiple assistants and task-takers ... a name like "Valleywide Construction" or "Pinnacle Design Concepts" or "Tower Advisors, LLC." Watch out: this is a business-killing idea. These names are vague. They are not memorable. They are faceless. Indeed, these kinds of names are masks - adopted by business owners and independent professionals who are fearful, and even ashamed, of building business with a unique, personal identity.Instead, Get UniqueSo what should you name your practice or company? Just use your name.
The reason is simple: people ultimately refer their friends to other people, not some amorphous conglomerate. For example, if you tell your friend you want to sell your home, your friend doesn’t give you the phone number of the corporate headquarters of the real estate company; your friend gives you the number of a real estate professional in your neighborhood.If you distance yourself from your clients, they’re more likely to think of someone else when making that referral. Using your name to name your company may seem small-time, or unglamorous. But look at all the big companies built on Personal Brands: A.G. Edwards, Mary Kay, Raymond James, Donna Karan, etc.
They all use the names of their founders. Not a "Clarion Capital" in sight. People do business with people, and a company with a "real name" is reassuring in an age of giants and mergers.The Four Naming ScenariosYou now know to avoid pompous company names and use your own. But how do you use your name correctly? You’ll probably fall into one of these four situations: Sole practitioner. It’s easy: simply name your company after yourself, using your first and last name - and a descriptive suffix term if you really, really need it. (Example: "Robert Jensen Industrial Design.") Partnership. There are two kinds of partnerships: business partnerships and marketing partnerships. Business partners share all the business expenses of the office, but may not co-market. Marketing partners market themselves as a team to their prospects, sharing marketing costs but not necessarily business costs. You and your colleague must meet 3 requirements to be marketing partners: You must do all your marketing jointly You must commit to your joint marketing for at least 2 1/2 years Your clients must be able to see either of you almost interchangeably If you fit the requirements, then name your business or professional practice using both your last names.
Salesperson for a large company. If you work as a sales rep or field rep for a large corporation, you are still the most important product. Use your first and last name on your business cards and other materials - and try to have it featured prominently - so prospects know that service starts with you, not your firm. A growing independent firm. If you’re trying to build your own firm, and have a staff working for you, you should still use your first and last name as the company name. The critical issue is the recognition and trust attached to your name. Charles Schwab is a great example - his name has become a valued brand.
Naming your company may seem like a simple matter. For an independent professional, it actually is a simple matter - a matter of "Your Name Here." Don’t hide being a fancy label. Instead, celebrate your Personal Brand.
Published with permission from Peter Montoya Inc.
Peter Montoya is president of Peter Montoya Inc., the world’s only Personal Branding agency. For information on Personal Branding Magazine or his acclaimed book, The Personal Branding Phenomenon please visit www.petermontoya.com or call (866) 288-9300.
