In the old days a business name wasn't considered so important. No overpaid creative geniuses were brought in to create a thrilling name like "General Motors."
But, I assure you that since then, GM has paid big money to consulting firms to create names for their brands and vehicles.
A Chicago-based consulting company called NameLab does nothing but come up with product and company names (www.namelab.com). A few of their more well known creations include: Olive Garden, Acura, CompUSA, LUXOR (LV casino), AutoZone.
So, what do they have to say about what makes a good name? They use all types of fancy language to describe their naming strategy. After sorting through it and adding a few thoughts of my own here are my "take-home" points:
1. Names derive much of their meaning from experiences with similar products or services. For example, if is started a website called schmoogle, you would doubtlessly begin forming associations with the search giant. Therefore, you'll want to ensure that similar sounding names/brands carry positive connotations. You'll also want to be careful with associating too closely with another brand, if they ruin their reputation, it could drag your brand down with it. I wouldn't recommend naming an accounting firm anything that starts with "EN" or ends in "RON".
2. Unlike advertising that describes attributes or adjectives of the product, the product name is much more definitive. The name is the "subject" of the sentence. It doesn't just tell us what the product does, it tells us what it is. Therefore, don't pick a name that "describes" your product or company. Instead, let your name be something that can stand on it's own merit. Be inventive, create a brand new word.
3. Function matters. NameLab analyzes a name for its "speech stream visibility", which is the probability that a word will be recognized in a normal spoken stream of English speech. Think "iPod" or "Google" or "Yahoo!" These names all contain distinctive sounds that make them POP in a normal conversation. The same is true for "Notational Visibility", which is the probability that a word will stand out from a typed text, such as a newspaper column. Again, think about the naming convention Apple has used in putting a small letter "i" in front of all their product names. They don't follow conventional capitalization rules. There's a reason it's written as iPod instead of Ipod. "iPod" is far more unusual, hence it's more noticeable and memorable.
Monday, April 7, 2008
Sunday, April 6, 2008
Mentors
Starting a business is tough. Many businesses can take 5 years to really get their footing. If you're going to commit several years of your life to building a business, you want to be sure that what you have is viable. Truth is, even if you have a viable model, there are going to be times when you won't believe that it is.
I learned a huge lesson this last week.
GET A MENTOR!
They say the number one reason businesses fail is undercapitalization. I disagree. If entrepreneurs sought qualified advice, they would know that they need more money to pull it off. The real reason for failure is that they think they don't need advice!
This week I contacted an acquaintance whom I didn't know so well. He goes to my church and he's friends with my wife's dad. I've spoken to him a few times and he knew that I was working on some "business related to real estate." All I knew about him was that he started a medical equipment business many years ago that has been very successful.
I wrote him an email. I expressed my frustration with the lack of qualified advice and just asked him if he'd be willing to sit down with me for a few minutes. I wanted to hear about his experiences with getting his business going and get some feedback on what I was doing with mine.
It was one of the most encouraging meetings of my life. He has been where I am. He worked hard and diligently on what seemed to be a worthwhile venture (like I'm doing), and he's now a very successful man with a 20-employee business. In our meeting he did a lot of listening and offered some great insights. He could also relate to the personal and family challenges that come along with making a commitment to starting a business.
We decided to stay in touch and we've been emailing since.
My only regret is that I didn't contact him sooner!
Entrepreneurs are by definition "do-it-your-selfers." However, I'm realizing, that this stubborn "I can do it all myself" attitude is often a hindrance to their own success.
Take the time to seek well-qualified advice. If you ask humbly and graciously many people who have been through it will be happy to help. It's well worth the effort.
I learned a huge lesson this last week.
GET A MENTOR!
They say the number one reason businesses fail is undercapitalization. I disagree. If entrepreneurs sought qualified advice, they would know that they need more money to pull it off. The real reason for failure is that they think they don't need advice!
This week I contacted an acquaintance whom I didn't know so well. He goes to my church and he's friends with my wife's dad. I've spoken to him a few times and he knew that I was working on some "business related to real estate." All I knew about him was that he started a medical equipment business many years ago that has been very successful.
I wrote him an email. I expressed my frustration with the lack of qualified advice and just asked him if he'd be willing to sit down with me for a few minutes. I wanted to hear about his experiences with getting his business going and get some feedback on what I was doing with mine.
It was one of the most encouraging meetings of my life. He has been where I am. He worked hard and diligently on what seemed to be a worthwhile venture (like I'm doing), and he's now a very successful man with a 20-employee business. In our meeting he did a lot of listening and offered some great insights. He could also relate to the personal and family challenges that come along with making a commitment to starting a business.
We decided to stay in touch and we've been emailing since.
My only regret is that I didn't contact him sooner!
Entrepreneurs are by definition "do-it-your-selfers." However, I'm realizing, that this stubborn "I can do it all myself" attitude is often a hindrance to their own success.
Take the time to seek well-qualified advice. If you ask humbly and graciously many people who have been through it will be happy to help. It's well worth the effort.
Monday, February 11, 2008
Make them see! Giving meaningful presentations.
Today will forever change how I approach giving a presentation.
This morning I had the most successful presentation of my life. It wasn't because it was a big audience or because I wowed them with my wit. It was a short, simple presentation about HouseFLIX to approximately 35 real estate agents at their office. No big deal. But, everybody followed along completely, they understood and connected with what I said, and Travis got a slew of new customers as a result.
I changed my normal presentation strategy in 2 ways. I hope I never forget them.
First, I stripped it down to the most simple message I could give and still be coherent. (My entire presentation took up 4 slides. There was 1 concept per slide.)
Second, was how I involved the audience, here's where I want to elaborate...
Presenting is about communication. It's not about what you say as the presenter, it's all about what the audience hears and understands.
It's possible to give a brilliant, eloquent and totally useless speech. People do it all the time. Those types of speeches may leave audience impressed with the presenter's intelligence. But, unless the audience understood his message and can still remember it 2 weeks later. HE FAILED.
Most presentations focus on facts. People simply go and rattle off a bunch of information and statistics. If presented well, it might be interesting at the time, but most people don't remember those stats 5 or 10 minutes later (Much less 5 or 10 days).
A better technique is to tell a story. Good stories create "knowledge gaps" where a few important pieces of information are missing and the audience stays focused to satisfy their curiosity. This improves recollection, but it's still not great.
The ultimate communication technique, even beyond story telling is when you can put your audience in the story. When you can get your audience to use their own imaginations to visualize a situation that you paint for them, it triggers all sorts of senses, emotions and responses in people's brains. Studies suggest that when people visualize a situation, their brain goes through nearly the same things it would if they actually experienced it! As you can imagine, this dramatically increases recollection.
I began the presentation with a slide of a young, wealthy, professional-looking couple staring at the audience with an intense, critical look on their faces. Then I painted a picture for the audience including names and occupations of the couple in the picture. I told them to imagine that they were in the middle of a listing presentation with this couple. Then "as the gentleman in the picture" I asked them a very difficult, probing question about how they would market their home on the Internet. I kept probing them and providing details to make sure they would feel the situation and the stress of being put on the spot. Then I offered an alternative answer and told them to imagine answering the question in that way. Once again, hoping they would feel the confidence of being able to provide such a positive, confident answer to the fictional character's tough question.
They were riveted. It was incredible. It was a situation they had all experienced. It played on fears that they could all relate to. Then it gave them the solution that resolved the situation. They were totally "there" in that situation.
We then reinforced the same message by having the picture of the same couple on the brochure that we handed them. Essentially, it was almost like an outline of the presentation. It was the best response we've ever received. The visualization technique seems to be really powerful.
This morning I had the most successful presentation of my life. It wasn't because it was a big audience or because I wowed them with my wit. It was a short, simple presentation about HouseFLIX to approximately 35 real estate agents at their office. No big deal. But, everybody followed along completely, they understood and connected with what I said, and Travis got a slew of new customers as a result.
I changed my normal presentation strategy in 2 ways. I hope I never forget them.
First, I stripped it down to the most simple message I could give and still be coherent. (My entire presentation took up 4 slides. There was 1 concept per slide.)
Second, was how I involved the audience, here's where I want to elaborate...
Presenting is about communication. It's not about what you say as the presenter, it's all about what the audience hears and understands.
It's possible to give a brilliant, eloquent and totally useless speech. People do it all the time. Those types of speeches may leave audience impressed with the presenter's intelligence. But, unless the audience understood his message and can still remember it 2 weeks later. HE FAILED.
Most presentations focus on facts. People simply go and rattle off a bunch of information and statistics. If presented well, it might be interesting at the time, but most people don't remember those stats 5 or 10 minutes later (Much less 5 or 10 days).
A better technique is to tell a story. Good stories create "knowledge gaps" where a few important pieces of information are missing and the audience stays focused to satisfy their curiosity. This improves recollection, but it's still not great.
The ultimate communication technique, even beyond story telling is when you can put your audience in the story. When you can get your audience to use their own imaginations to visualize a situation that you paint for them, it triggers all sorts of senses, emotions and responses in people's brains. Studies suggest that when people visualize a situation, their brain goes through nearly the same things it would if they actually experienced it! As you can imagine, this dramatically increases recollection.
I began the presentation with a slide of a young, wealthy, professional-looking couple staring at the audience with an intense, critical look on their faces. Then I painted a picture for the audience including names and occupations of the couple in the picture. I told them to imagine that they were in the middle of a listing presentation with this couple. Then "as the gentleman in the picture" I asked them a very difficult, probing question about how they would market their home on the Internet. I kept probing them and providing details to make sure they would feel the situation and the stress of being put on the spot. Then I offered an alternative answer and told them to imagine answering the question in that way. Once again, hoping they would feel the confidence of being able to provide such a positive, confident answer to the fictional character's tough question.
They were riveted. It was incredible. It was a situation they had all experienced. It played on fears that they could all relate to. Then it gave them the solution that resolved the situation. They were totally "there" in that situation.
We then reinforced the same message by having the picture of the same couple on the brochure that we handed them. Essentially, it was almost like an outline of the presentation. It was the best response we've ever received. The visualization technique seems to be really powerful.
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