Six Tips for Names That Stand Out

Six Tips for Names That Stand Out
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By DIANA RANSOM, SMSMALLBIZ.COM
Posted: 2009-06-19 12:01:08

Many casual wine drinkers know that Champagne comes from Chardonnay or Pinot Noir grapes and that Chianti hails from Italy's Tuscan countryside. But even the world's most educated sommeliers may have a tough time pinpointing the origins of Cheap Red Wine, Pancake and The California Wine Party. The vineyards and distributors responsible for these obscure brands are trying to change that by showcasing their attention-grabbing labels on store shelves.

At Click Wine Group, the Seattle-based owner and importer of such wines as Fat bastard, Clean Slate and 2 Up, easily pronounced names and consumer-friendly packaging are prized traits. "We start with the consumer and work backwards," says Peter Click, the company's founder. "This has been an intimidating product category for them... We make our brands very simple and easy to communicate," he says.

Click is among many vintners aiming to keep their brands clear and unpretentious, says Josh McFadden, a partner at Proof Wine Marketing, a wine-branding firm in San Luis Obispo, Calif., that has helped launch 20 new brands of wine in the last year. While it's important to produce quality wines that consumers can trust, coming up with an enticing product name has taken on a much more vital role in today's crowded marketplace, says McFadden. "It's all about standing out right now."

Just as the wine business makes the case for devising clever monikers, any company looking to reel in new customers or clients can benefit from a few brainstorming sessions before settling on a product or company name. Here are six tips for picking names that stand out:

Avoid odd-ball words
Kooky company or product names like Google and Amazon's Kindle can grab attention. However, most businesses that try this strategy end up picking zany, nonsensical names and spending substantial time and money explaining what the company or the product does, says Brenda Bence, founder of Brand Development Associates, a personal and corporate branding consultancy in Chicago. Instead, small businesses, which tend to have fewer resources than bigger firms, should stick to common concepts, she says. "This way, business owners can spend more time working for customers rather than working to explain things," says Bence.

Use business or product descriptors
Names should correspond to what a product or company does, says McFadden. For instance, after consulting with a winery owner who samples assorted vines from outside vineyards to create new wines, McFadden and his partner Elly Hartshorn suggested the wine maker adopt the name Field Recordings Winery. "We wanted to answer the question: Why would someone buy this wine?" says Hartshorn. "Someone would buy this wine because [the wine maker] is the insider. He has hand-selected vines and made connections that few others can mimic," she says.

Veer away from limiting language
Naming a company or a product after what it does will cut down on having to explain more later, but businesses should be wary of pinning themselves into too narrow a niche, says Bence. For instance, a company that caters mainly to other businesses, but not solely to them, is limiting itself by inserting "B2B," which stands for business-to-business, in its name, she says. "This is only a good idea if you're really, really sure that your company is going to focus solely on businesses," she says.

Mind your audience
To select a company or product name that resonates with specific consumers, cater to their values, says Hartshorn. To determine what those values are, home in on the small details of their subcultures, she says. "Making labels that hit [potential customers] subtly -- as though they were an inside joke -- can often capture people’s attention," she says.

Match price points
Your company or product name should also correlate to the price points you're aiming at, says Paige Arnof-Fenn, founder of Mavens & Moguls, a marketing consulting firm in Cambridge, Mass. Higher-priced items often bear more sophisticated names and packaging, while less-costly items tend to be more playful and lighthearted, she says.

Be memorable
"Even at higher price points, however, don't be afraid to be different," says McFadden. Naming products or companies so that no one gets offended is outdated, he says. Arnof-Fenn calls names that follow this practice "boring wall paper." She adds, "In this day and age, customers have to be able to remember it and spell it to break through the clutter."

When It's Time to Shutter Your Business

When It's Time to Shutter Your Business
By KAREN E. KLEIN, BUSINESSWEEK.COM
Posted: 2009-04-06 17:02:55
Filed Under: Small Business, Management

If your best offerings just haven't sold, the entrepreneurial excitement is gone, and you're not staring down problems, it might be time to move on.

"Six years ago I tried to start a fashion clothing company. I did all the things I was instructed to do and put in countless hours that led nowhere. Everyone I spoke to loved my idea and no one can understand why I haven't made any money. Can you give me any advice?" -- J.P., Los Angeles

Business lore is replete with stories of tenacious entrepreneurs who hit it big after years of trial and -- mostly -- error. But if your company is not making a profit, and doesn't seem likely to after six years, it is probably time to look for a new venture, says George Cloutier, a business turnaround expert with American Management Services in West Palm Beach, Fla.

"The capacity of small business owners to hang in and stick it out continuously amazes me, even after 25 years in this business," Cloutier says. "But when your financials are not working and you're losing money faster than you can bring it in, or find it from investors, that's a strong suggestion that your products are not being accepted."

What went wrong? It's impossible to tell without a professional evaluation of your business plan, product line, capitalization, sales efforts, and other details. But Cloutier says there are common mistakes that often doom startups: flawed business models, poor product introduction, undercapitalization (you need at least $100,000 to fund a new fashion line, he says) and bad timing. (See a previous interview with Cloutier for advice on setting up a business to profit from its inception.)

"Many entrepreneurs think that a nice Web site will make a business work. But especially in fashion, you have to be all over the industry, showing yourself, working directly with clients. Manufacturers' reps can't do the selling for you. And now that we're hitting the wall in the economy, and angel investors are not around anymore, the chances of turning this around are tough," he says.

Never Risk Losing Everything
The positive feedback you received about your idea is outweighed by the fact that customers are not buying, Cloutier says. "The positive feedback you need is products selling, especially in a do-or-die situation."

Robert Chell, an organizational psychologist who does small business consulting in Indian Wells, Calif., agrees: "In starting companies, friends often tell us what we want to hear, not what we need to hear. When we are heavily invested in an idea, we often distort what we hear or we do not effectively listen because we are too busy attempting to refute it," he says.

When should you think about quitting? Joe Kennedy, author of The Small Business Owner's Manual, says maybe it's time when you've already unleashed your best products and ideas into the market and they did not work out well. Other signs include not being excited or enthusiastic about your venture and losing touch with why your competitors are succeeding, or not.

"If you could lose everything if the business continues at the current rate," you should consider closing up shop. "Never put everything on the line," Kennedy says, particularly in a down economy when you suspect your company is too financially weak to survive.

Consider a Partner or an Advisory Board
If you're absolutely committed to your company and want to continue trying, evaluate your own strengths and weaknesses and consider hiring or partnering with someone who has the skills you lack, says Paul O'Reilly, a small business consultant with O'Reilly & Associates in Los Angeles.

"Since so many talented people have been laid off, there may be someone out there ready, willing, and able to invest their time and energy into your company. In other ways, these tough times may make finding anyone willing to take a risk a tough task," he says.

Get help creating a business plan, if you don't have one, through an entrepreneurship program at your local community college or university extension course. You might also consider creating a board of advisors, O'Reilly suggests, who could serve as a support system and sounding board. "Small businesses usually lack this kind of support and, thus, often feel isolated and unsure of whom they can ask for advice and feedback," he notes.

If you can increase your efforts toward achieving your goal, find a new goal, or find a new way to reach your goal, you're more likely to succeed eventually -- if you have a sound business model and desirable product line to begin with, Chell says. If you find yourself spinning your wheels with anxiety, leaning on defense mechanisms or rationalization, and using escapism rather than confronting your problems head on, it's probably time to move on.

Karen E. Klein is a Los Angeles-based writer who covers entrepreneurship and small-business issues.

Important Questions When Buying A Business

Looking to buy a business? If you are going to invest your time, money and effort, the most important consideration is: DO YOU LIKE THE BUSINESS? DOES IT HOLD YOUR INTEREST? DO YOU LIKE INTERACTING WITH THE CUSTOMERS? IS IT AN ENVIRONMENT WHICH YOU WOULD ENJOY SPENDING A GREAT PART OF EACH DAY? CAN YOU RELATE TO THE EMPLOYEES? DO YOU HAVE A VISION FOR GROWTH OF THE BUSINESS OR ITS RELATED INDUSTRY? In my opinion these questions trump all financial considerations as a "no" to any ONE should mean take a pass on that business.