A Rose by Any Other Name May Not Sell as Well
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July 18, 2007 Want to know how powerful a name is? I have a client who is generating millions of dollars in revenue in very short order because, in part, of the power of names. The first order of business was renaming their organization. It had to be a name that reflected their vision and would be widely accepted and quickly embraced by the market. The change was made and the market receives this young company as if they have been around for 100 years! The next order of business was giving a powerful, fresh, descriptive name to the offer they bring to the market. It already had an industry name someone else, in another time and with a great lack of creativity, gave it. That name was so overused that just the mere mention of that name created immediate walls of resistance. This resistance was based on old ideas that didn't fit the way - the new way; they were presenting a very old offer. Then they had to rename other facets of the offer and now they are heralded as revolutionary in their industry - Industry leaders to be precise. And their revenues have jumped by millions in very short order. Want to know that name? I would love to tell you, but that would be spilling their secret. But they have been written up in respected industry trade journals and even made the cover. Not bad for a newly named organization with a new way of doing old things.  I just wanted you to think about the power of a good name.
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Comments (14) - Post a Comment
Michael, Have been reading your book Selling Amoung Wolves. The thoughts your title and content your post bring up in my mind LOTS to
mull over. The company I work under has a well respected name, and my tag line is really the only thing that seperates me from the thousands of others in my company. But, my name can leave a good or bad taste in a client's mind after having done business with me.
I have been a reader here for quite some time, thank you for sharing your insights and pouring out so much to so many.
Sue
Sue Owen at 7:42am EDT - July 18, 2007
Michael,
Just another example of differentiation in the marketplace and how it can set you apart. I have found that the business model used by my company does allow us to set ourselves apart in how we approach prospective clients and find very few who are not receptive to our products and services.
Scott at 7:49am EDT - July 18, 2007
Please don't leave me in the lurch...........what is the company's name??? Your readers would like to know.........Yes, there is power in a NAME! Thanks for all you do..............Read you faithfully each day and pass on all the wonderful inspiration.....Christine
Christine Bartholomew at 8:57am EDT - July 18, 2007
Michael - you are so correct. Modern company names today seem to confuse, rather than explain. When we launched our humanitarian medical charity; Global Flying Hospitals, (www.gfhospitals.org) we fine-tuned with the name to explain in short, crisp and precise detail what the charity was all about. We now find that when people look at a business card or brochure it \"grabs\" attention and prompts many many questions. Prior to relinquishing my author career to launch the charity, my last business book was; \"Uniqueness is a Red Striped Zebra\" ... all about breaking free from the herd with Differentiation. In a crowded marketplace, the \"name\" is the bright red front door to the business that grabs and attracts attention. So too are the names of the products, offers, service etc. You are, as always, hitting the bull's-eye of truth in business success! Bestest - Neill Newton - CEO - Global Flying Hospitals
Neill Newton - CEO - Global Flying Hospitals ( www.gfhospitals.org) at 11:52pm EDT - July 18, 2007
Christine...
Would love to disclose the name on this public forum but it would not be advantageous to my client. In a few years, I will be happy to explain. In fact, it will probably be the subject of a best selling book... (o-;
Blessings, Michael
Michael Pink at 2:53pm EDT - July 19, 2007
This is good and points to the issue of differentiation. What I've gleaned so far from this site and Michael's work is that at the end of the day, we are the difference. Who we are, our character, how we do business. There can be differences in product offerings (I lend money), however, if I'm honest with my customers, am clear in my communication and competent in what I do, THAT sets me apart from my competition - NOT my product. There are some great products out there, but because of poor customer service (read: people skills) on behalf of the company selling them, after a while people will not buy from them. Customer experience is huge in this day and age!
Dennis at 12:04pm EDT - September 24, 2007
I can relate to this as just recently I was looking for new domain names, and certain names just seemed to call out to me. Names can definitely have a psychological magnetism.
Jaqueline Urn at 11:55pm EDT - July 3, 2008
For those interested, there's a very good chapter on naming your business to increase sales in Harry Beckwith's \"Selling the Invisible.\" He does give examples of actual companies.
Bob Richards at 12:24pm EDT - July 11, 2008
This blog was fascinating. It's amazing how all it takes to differentiate yourself in the market place is not necessarily a good product (although that does help) but a catchy and meaningful name. Everyones' mind are filled with an endless amount of thoughts, so driving home all that your product has to offer probably isn't something people are going to try and remember, however, a name that really sticks can accomplish it instead.
-Haythem
Haythem Dawlett at 3:22pm EDT - August 11, 2008
In response to what Jacqueline said above regarding domain names. I completely agree however often fall into the trap of a domain name seeming to be a great selection at the time, only to find a few days/months later it maybe wasn't. I think this is mostly psychological however it does lead to hesitation which is never good in business.
Website Flpping Guy at 11:57am EST - November 15, 2008
There can be differences in product offerings (I lend money), however, if I’m honest with my customers, am clear in my communication and competent in what I do, THAT sets me apart from my competition - NOT my product.
Completely agree with you, Dennis.
Ziedi at 5:58am EST - December 2, 2008
My friend on Facebook shared this link with me and I'm not dissapointed at all that I came here.
How to Get Six Pack Fast at 12:52pm EDT - April 15, 2009
Hi Six Pack...
Hope you like the blog content in general. You might also like to get a free copy of this business book, Rainforest Strategy by going to www.FreeRainforestStrategy.com
Hope that helps you,
Michael
Michael Pink at 1:07pm EDT - April 15, 2009
Hello mate, I want to thank you for this nice blog.
Would you mind telling me some secrets for a succesful blog ?
Which could attract some visitors than it normally does.
Skinny Ties at 6:27am EDT - April 28, 2009