Julian Smith. Photo / Supplied
What's in a name? A business's name is a fundamental thing to get right. In some cases it seems to be done in an unthinking way but it is more complicated than many people think.
The company name must have meaning and be part of a clear vision for the business.
What should company owners think about when they name their business?
It is important for companies to consider their values and positioning when naming their businesses.
Creating a set of brand values is an important exercise that will lead company owners to possible names that reflect who they are and their desired customer perceptions. Positioning the company in relation to its competitors is equally important and that can lead to highly differentiated names or naming options that are auto-suggestive of the company's offer.
A good name should express what the company stands for.
A great name like Icebreaker suggests a connection to nature and what it's like to wear the garment. If for example a company is looking to trade on its history of delivery and the quality of its people, then the name should reflect this.
How is it some companies' names stick in your head and others just don't?
Brands also rely on other factors behind a name, so while picking a great name is important, it's more important to put meaning behind the name.
Great brands have a clear vision, create a unique story, express this through design and then engage a culture to carry the brand.
The name is really just at the apex of these four brand pillars.
Take a brand name like Apple. It conveys so many values behind the product and its marketing that we now associate with the name.
Have you seen companies use their names to good effect?
I think there are some great brand names that have been created in New Zealand.
Cloudy Bay is a great brand that delivers on its name.
In the sports category Icebreaker and Orca are two fantastic brand names that differentiate these companies.
YOOBEE is a great name for a brand that is looking to engage a community of creative people.
An interesting piece of information. The name Google was the result of a misspelling of the word googol (the number one followed by a hundred zeros).
It's an interesting auto-suggestive name that is even further enhanced as the name is really the only feature of the Google homepage.
Is it possible to rename your company and keep your customers with you?
It's important to pursue the appropriate strategy around changing a brand name.
Sometimes this means a transition from one brand name to another over time or it can mean a clean break from one name to a new name.
If managed well it's entirely possible to take your existing customers with you and acquire new customers.
I think successful rebranding and naming projects share a common trait - the brand name is reflective of a new vision or story that is delivered by the company and its people.
Some great renaming examples are: Performance Speedsuits to Orca, Herbal Selections to Earthwise (for sustainable hair and body products), Milburn Cement rebranding to Holcim and Wilderness Foods rebranding to ZiwiPeak for the pet food category.
These are all good examples of new names that have connected well with their audiences.
Julian Smith is a director and branfd strategist at consultancy firm BRR.
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