Business Names Do Matter, Norm Brodsky

In the November 2005 issue of Inc. magazine, Norm Brodsky wrote: "Your company's name plays little, if any, role in determining your success."

I agree completely that a company with a bad or mediocre name can reach success. However, here are 10 reasons why coming up with a snappy, interesting and memorable name is worth the business owner's or organization's time and energy.

1. When you call or speak with strangers and mention the name of your company, and the name in...

Keywords:

naming,businessnames,success,inc. magazine,startups,entrepreneurship,marketing,sales,customers

Article Body:

In the November 2005 issue of Inc. magazine, Norm Brodsky wrote: "Your company's name plays little, if any, role in determining your success."

I agree completely that a company with a bad or mediocre name can reach success. However, here are 10 reasons why coming up with a snappy, interesting and memorable name is worth the business owner's or organization's time and energy.

1. When you call or speak with strangers and mention the name of your company, and the name in and of itself provokes delighted recognition, this can get the business relationship off on a positive footing.

2. A distinctive name can attract the kind of customers you want and keep away those you don't want. For instance, if you can't stand dealing with those who have no sense of humor, a punny name repels such folks. Au contraire, if you want people to know you're serious and weighty, a shrewdly chosen traditional name can impress people accordingly.

3. Cool company names can in and of themselves generate media coverage, either because there's something newsworthy in the name or because many journalists are more attracted to highlight companies with fun names than boring ones. Case in point: Rent-a-Wreck.

4. A distinctive name increases repeat business because it helps previous customers remember it when looking at a list of possibles in the Yellow Pages or elsewhere. For instance, House Husband would jump out of a list of competitors like A-1 Handyman, Acme Home Repair, etc.

5. A wisely chosen name is simple to spell and leads to one and only one possible URL. This enables more people who have heard about a company to find it online.

6. A well-chosen name can embody the #1 benefit you offer customers and make it possible to get across an appealing marketing message in less space.

7. A hastily chosen name can lead to legal troubles or bad PR, both adding needless expenses and needlessly alienating customers. Just ask my friend Andy, who had to change his business name not once but twice in three months because he hadn't done his homework on the name. And just ask the shoe company in the UK that named some new sneakers "Zyklon," which was the name of the gas the Nazis used to kill millions during World War Two.

8. If customers need to find you in the Yellow Pages, a name that's near the beginning of the alphabet makes it easier for them and may make it less crucial to have a huge, expensive display ad.

9. A boring name contains no sparks for getting started on persuasive descriptions of your company's products or services, while a creative name makes it easy to riff off it with inspired marketing copy.

10. The name affects how people who work for the business feel about it. A company name they love to say and that customers respond to positively makes for a more pleasant working environment than does a name that is confusing, hard to pronounce or has some negative connotations.

Does Sales Training Matter?

Of the 4,158 colleges and universities in the United States, only 35 offer sales curricula. Nevertheless, more than 50% of the 1.3 million college graduates in 2007 will become professional sellers on the first day of their employment. Yet, turnover rates, attrition and failure in-the-field for these young salespeople are astounding.

Keywords:

Sales Effectiveness

Article Body:

Of the 4,158 colleges and universities in the United States, only 35 offer sales curricula. Nevertheless, more than 50% of the 1.3 million college graduates in 2007 will become professional sellers on the first day of their employment. Yet, turnover rates, attrition and failure in-the-field for these young salespeople are astounding. The question is why?

Obviously, there is a dearth of effective sales training programs in the educational marketplace. Salespeople are simply not being properly equipped or prepared for their jobs. If—as Huthwaite contends—sales is a science, then it can be learned. But in order to be learned, it must first be properly taught.

Perhaps a far more compelling reason why sales training matters is illustrated in the chart below, which details the breakdown of factors impacting sales success.

Branding strategy, pricing, product positioning and the competitive landscape all contribute to producing sales results. While other issues exist, their cumulative effect is minimal and as such these are designated as “etc.” The largest slice of the pie—the piece that actually differentiates companies in a commoditized world—is sales skills. In an increasingly homogenized marketplace, the brass ring goes to sellers who differentiate themselves in the sales process—those who know that success has more to do with “how” you sell than “what” you sell.

Sales leaders and L&D specialists have little if any impact on branding, pricing and product strategies—and neither group can influence the market forces that define the competitive landscape. But they can and do have a direct and profound impact on the skills of their salespeople. Sales force effectiveness is entirely within their control. In an environment where product features and brand identity are no longer enough to “close the deal,” sales skills are the primary engine of differentiation, value creation and profit margin growth in the new millennium.

When it comes to donating a car, you’ll find that you’ll be able to make more of a profit than if you sold it. You will want to keep in mind that it doesn’t matter if it is a car, a boat, or an RV. You will still be able to make plenty more on donating it rather than selling it. You will be able to see more money come in when it comes to tax return time. You’ll be able to see the benefits of donations right away.