Business names can play a role in your strategy. I bet you remember the Wile E. Coyote’s supplier, ACME. The name said EVERYTHING, because they sold everything. What a great strategy that would have been for a product placement. What would have been the result if the cartoon’s producer’s created a mail order ACME with a Home Depot strategy back in 1960?
So, brand names and strategy should be inseparable.
I came across the article Capitalizing on a Business Name which expressed some valuable tips. The article displayed five different branding strategies: Familial, logical, thematic, localized, and random. I will not reiterate the strategies, or definitions of each; You can read that for yourself. Instead, I suggest you expand to other areas than branding.
First: When thinking of your name, go to your tag-line. “Nike” the strategy doesn’t say very much until it is joined with “Just do it.”
Second: Focus on your audience on what they want. If you are just another novelty store, a lousy name and tagline would be Odds and Ends, Just another novelty store. The name and tag-line reduces you to a commodity. From a business strategy point of view, a commodity is a service, or product, that is distinguished from other similar services or goods by price only. In other words, the only thing you can do with a commodity is lower your price. You don’t want your business strategy to be there. It is no wonder that commodity comes from the same root as commode(should I say more.)
Third: After distinguishing yourself in name, tag-line, and product (or service), use the available web resources to get these out. Your strategy should be consistent, deliberate, and within your budget.
Fourth: Establish a growth strategy. For many, that is a death trap. So many entrepreneurs know how to produce their product or service, but not how to grow the company and manage the production. A lack of strategy, here, will cripple all of the work you did in steps one through three.
Fifth: Create benchmarks and metrics that track your strategy. Each step I mentioned above should be able to be measured in some way. Otherwise, your business name strategy, tag line strategy, production strategy, and growth strategy will be ideas that don’t speak to you.
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