Off the Cuff: What's In a Name? Part 1 of 4: Criteria for Selecting a Name or Renaming Your Company

March 03, 2010

In a recent column, "Off the Cuff: Enhancing Your Company's Image: Part 1 of 2," I mentioned using some of the downtime during the winter doldrums to look at enhancing your company’s identity. Included in it was a suggestion to review and, if necessary, rethink your company’s name. That must have struck a few nerves, as I got several e-mails and a few phone calls asking for more information. Though I responded personally to all the e-mails and enjoyed speaking with readers over the phone, I promised everyone who contacted me that I’d write a more in-depth look at the subject. This column is Part 1 (of a four-part series) of keeping that promise. 

Naming — or renaming — your company is a critical factor in positioning it for success. Finding the right name entails lots of considerations. Finding an effective name addresses and answers several questions: Does it tell who we are and what we do? Does it tell our story well? Does it tell the whole story? Is it memorable or catchy? Is it dated or does it limit us?

Of the more than 600 apparel graphics companies I’ve worked with in this industry, I’ve advised about half of them that continuing the practice of marketing under their existing names would've been counterproductive in the long run, as it would entail investing more time and money into an entity that would be locked even further into a name that had already outlived its usefulness. (As an matter of personal ethics, I’m unwilling to waste my time and clients’ money, so — in several cases — I’ve had to inform them that my continued service is contingent on effecting a company name change.)

Some clients strongly resist a name change and have understandable misgivings and jitters.  All of them, nonetheless, will come around and agree to a name change.

Here are some guidelines I use, and offer for your consideration, in weighing whether a company should change its name.  Ask yourself:

1. If the existing name is still adequate, can it be expected to serve as well in the future?
Included in this question are concerns about whether a company name has some deficiencies that limit or inhibit the company’s growth and improved positioning.

2. How much is the name really worth in terms of good will?
Will changing the name cost it any customers? Or will it serve to help attract many more? (Note that rarely, if ever, does a good company's name result in any loss of customers).

3. Is the name — or has the name become — tired, trite, dated, or has it simply lost or outgrown its groove?  

4. Are there special attributes in the name that are absolutely indispensable?
Some major issues here include names that have been in use for decades and have earned status as virtual community “institutions,” or have become thought of as “brands.”

5. Would the owners of the company really like to change the name, but don't know quite how to go about it, haven’t yet calculated potential downsides or risks, or aren't yet totally convinced of the substantial benefits?
Oftentimes, though, a catalytic comment — from an astute customer or vendor, a key employee or salesperson, or words in a book from a consultant — is what spurs management to take a closer look at a name change and, ultimately, take the plunge. Once a name has been selected, though — after what can be a frustrating exercise in a squishy medium that’s more art than science — management and staff usually become energized in the process and get to work quickly on implementing the new name.

Below are 10 categories of variables and tips to help you open your search for your company name, or to ponder when contemplating a name change. Keep this list handy in your brainstorming sessions.

1. Local Factors
The geography, culture, history, landmarks, flora and fauna, and climate of the primary trading area or targeted market or market niches  

2. Personal Factors
Your interests, special talents, family background or ethnicity, personal achievements, favorite pets, some important event in your life or a special period or experience and your passions

3. Matters of Convenience and Other Customer-Friendly and Professional Attributes
Speed, quality, service, status, performance

4. Market-Oriented Factors
Related to business, schools, organizations, government, events, athletics, leisure and recreation, industry

5. Positive, Uplifting, Aspirational, Inspirational, Innovative and Exciting Attributes
Superior, premier, peak, reputation, first, excellence, winning/winner, victory, triumph, forward, advance, professional, challenge and power are words that stimulate further thinking and lead to other routes in lots of different directions. Sometimes, a turn off the main road can result in wonderful surprises.

6. Fun Stuff
Magic, enchantment, wizardry, animals, literary characters, movies, goofy names and the like will get you headed in the right direction here.

7. Application-Related
Corporate identification, advertising, uniforms, awards and incentives, promotion-oriented, giftware, fund-raising, recruitment, spirit and pride

8. Garment Specialization
Infants and juveniles, children, seniors, plus sizes, maternity, outdoor, uniforms 

9. Invented, Crafted, Hybrid, and High Tech-Sounding Names
If you can develop a good one, it works — though finding and creating such names is a whole lot easier said than done.  Such names include nomenclature such as Microsoft, Verizon, HoopMaster, America Online, ShopWorks, Frigidaire (for “frigid air,” a name invented in 1916), Accuweather, Xerox, iPod, Zazzle, eHarmony, adidas (a contraction of the founder’s name, Adolph “Adi" Dassler), USAirways, MasterCard, and Cisco (from San Francisco) Systems.

10. One-Word Names Already in the Language
These are words or terms that have been around for many years, but are claimed by a business or product to brand or title something altogether different from the original meaning, though some might connote something good or positive in its new incarnation. Think of how they came about, intuitive or otherwise, and try to learn or understand how it is associated with the company. And if you don’t understand the associative properties or its derivatives, it really doesn’t matter because these names just plain sound cool or fun or perfect in some way. Realize that the name itself contributes to the brand becoming important, successful and capable of earning its own meaning, which often becomes massively more powerful that the original meaning. 

Genius world-class example, you ask? One word: Google! It's a brand, of course, but since in its founding in 1998, Google has earned the status of a verb in the English language.  Other good examples include Amazon, Bing, Apple, and Blackberry.

The list above could have more sections, from Latin and Greek root words, modern foreign languages, mythology, Bible stories or characters, nursery rhymes, legends, and on and on and on. I trust you get the idea. A name can be about you, your life, your neighborhood or your world, your dreams, your vision, what you do for fun, something that used to mean something but now means something else, is silly, contrived or means nothing at all — yet!  

Please remember, the goal of the list is just to help you get the naming process started. An old adage comes to mind about the process when you begin it: You might not know what you’re looking for, but you’ll know it when you find it.

In Part II, we’ll look at company name that have inherent limitations, evince little creativity or are weak in developing a distinctive, differentiated business name.

Mark L. Venit, MBA, is president of Apparel Graphics Institute Ltd., Ocean Pines, Md., which provides management and marketing consulting and proprietary research to apparel graphics companies throughout the Americas and Europe. He also is the chairman of ShopWorks Software LLC, a provider of industry-specific business software. Venit teaches pricing, strategic marketing, salesmanship and other business management topics at the Imprinted Sportswear Shows. You can contact him at markvenit@cs.com.

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