Be Different or be dead

December 7, 2018

4 proven steps to create the perfect name for your business

4 proven steps to create the perfect name for your business.

If you are in the process of starting a new business, there are many important things that will need to be considered. Things such as the product or service you’ll be selling, your target market, and your specific business structure (sole proprietorship, LLC, etc.) will all be very important.

But one aspect of starting a new business that people often overlook is their company name.

Though, at first, your name may seem to be a rather small detail, it may actually be what ends up either making or breaking your business. Furthermore, your name is one of the first ways that your business can establish a clear competitive advantage.

Fortunately, the perfect name for your business is something that is likely well within reach. In this post, we will discuss the most important things for you to think about when brainstorming business names and we will also discuss some of the most time-tested strategies you should consider using.

Choose a name that’s original

There is no doubt that in order to survive in the competitive world of business, you will need to demonstrate your relevance and separate yourself from the competition.
If you are someone who is considering entering an already crowded industry—which even tech startups are beginning to get quite crowded—then you will need to choose a name that will make a lasting impression.
As you begin the process of searching for original names, you should also define your strategy, your company values, and the specific image you are hoping to inspire.

More often than not, your name will be one of the first thing that prospective clients and investors know about your company.
You should assume that there are already a dozen companies offering a similar product at a similar price. So instead of conforming to the norm and latching onto a name that may have been useful twenty years ago, you should redefine the standard and come up with a name that challenges the norm.
Though taking chances can sometimes be uncomfortable, doing so is an essential part of becoming an entrepreneur.

... but also make sure the name is easy to remember

Many companies that hope to come up with an original name often end up creating new words. Tech companies such as Facebook, Microsoft, Android, and others have all chosen names that—prior to their initial establishment—would not be found in any English-speaking dictionary.
However, while all of these names are indeed unique, they are also relatively easy to remember.

Here are some of the essential things you should keep in mind when trying to create a memorable name:
    — try and limit the number of words and syllables that your name uses
    — even if you are using a made up word, choose a word that is easy to spell
    — try this simple test: give someone you know a list of ten words (one of which is the name you are considering) and then ten minutes later see which of those words they are able to remember

Though the “test” mentioned in this list is obviously non-binding, it can be a very useful checkmark throughout the brainstorming process. Usually, it makes sense to come up with a list of many possible names and then see which ones are actually able to stick.

Check to see which naming strategies are common in your industry

Despite the fact that you should strive to come up with an original name, it is still a good idea to understand the various naming strategies that are standard in your industry. Whether you end up adopting these strategies or turning them on their head, you should still be aware of how your industry works.
    — Naming a company after the founders or owners: this strategy is especially common for law firms, real estate firms, and other similar businesses.
    — Using puns, portmanteaus, and other plays on words: this strategy may be useful for businesses that focus more on creating a friendly image for their clients (rather than focusing on trying to lure capital investors).
    — Creating a word that is entirely unique: this is one of the most common strategies used by members of the tech industry and other industries attempting to be futuristic.
    — Trying to sound traditional: when it comes to creating new business names, century-old traditions are typically a bad idea. However, these names may sometimes work for the more “serious” industries such as banking, insurance, and medical care.

Another trend that has recently emerged is the use of single words—nouns, verbs, and adjectives—when coming up with business names. Whether or not this strategy will be appropriate will depend upon the nature of your business as well as your target audience.

Test the name with potential future clients

No matter what product or service you may be attempting to sell, what remains universally clear is that some people are simply much more likely to identify with your brand than others.
Once you have defined your target market — demographics, lifestyles, etc.—then you will be in a position to gather a focus group that can potentially test your name.

When running a focus group, there are a few things you should keep in mind. Not only should you make sure that your name is one that people actually like, but you should also make sure that the name is one that is able to effectively connect with your desired brand image.
Even though there is likely a name that you personally prefer, it is important to try to be objective and open to outside input.

Confirm that your business name is entirely usable

Lastly, once you have narrowed your list to a final name or two, you should check to make sure that your name is universally compatible. Typically, this will involve multiple different things:
    — making sure none of your competitors have the same name or even a very similar name
    — making sure that your name is compatible/non-offensive to other cultures (this is especially important for international businesses)
    — making sure that there is a suitable web domain available for your name

Thoroughly investigating the context of your name is very important. One of the last things you would want to do as a new business owner is have to rename your company right off the bat.

Conclusion

The naming process is one that is absolutely crucial and should not be willingly ignored. There are many different things that will need to be considered when coming up with a new name including your company values, originality, and whether or not your name is actively available.

By taking the time to find the ideal name for your business, you will be in a much better position to succeed and stand out from the crowd.

— Grant Polachek is the Director of Marketing at Inc 500 company Squadhelp.com, the worlds #1 naming platform, with nearly 20,000 customers from the smallest startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation. Get inspired by exploring these winning brand name ideas.

• Posted 12.7.18 at 04:41 am by Roy Osing
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October 22, 2018

Ideas come easy but can you really pull them off?

Source: Unsplash

Ideas come easy but can you really pull them off?

Take a time out some time and listen to what is said around you. It could be in a meeting at work, in a bistro having coffee with a friend or at a networking event with colleagues.

People talk about their intentions most of the time; what ideas they have to improve their, or their organization’s circumstances.
— “I want to be a marketing executive.”
— “I want to lose 30 pounds.”
— “We will create a product that solves the distracted driving problem in our roads.”
— “I want to travel the world.”
— “I will invent a product that will change the world.”
— “Our goal is to be #1 in the market for international pharmaceuticals.”

Ideas come easy

Ideas come easy; declaring what is intended (to make you happy, enhance your performance, build customer loyalty and achieve a rewarding career) is a straightforward task.

The far more difficult thing is to achieve what is intended (to BE happy, increase your performance by 50% and to be appointed to that VP position).

But despite the chasm between the idea and delivering the successful result,  the focus today is all about ideas; they are given the priority to the point that an entire indudtry has been established to aid people in coming up with tools to aid in the “ideation” process.

Various tools such as brainstorming, storyboarding and mind mapping are promulgated in a logic framework to generate outside-the-box thinking.

Rewards seem to go to the brilliance of the idea and forget the most important piece.

Can you pull it off?

The ability to pull it off is the counter balance to the intellectual worth of the idea — it is the offset to an awesome notion that can’t be implemented.

An amazing idea that (on paper) has the potential to “change the world” in some way but can’t be pulled off is an idea with ZERO worth (other than the discovery that the great idea has no practical application). Theoretical possibilities sponsored by the intellect contribute nothing of value until they are pulled off.

“Affordable housing” in Vancouver is a notion that most everyone can subscribe to, but until the idea is quickly followed up with a plan that is successfully implemented, it is vapourware. And that is exactly what is happening in every major city in the world: the affordable housing aspiration is saluted, but little progress has been achieved.

So is achieving affordable housing a good idea? Yes and no. If you evaluate it in terms of whether it would deliver substantial societal benefits, it’s not only a good idea it’s an incredible one.

But if you judge the idea on its practical merits, I would say it’s not only a bad idea, it’s a dismal failure. It’s no more than an altruistic notion of what a great thing it would be if it could be achieved. But until someone figures out how to pull it off it’s a pipe dream that every politician and social interest group applauds but goes no further.

We need to change the way we think about success and value; real success doesn’t come from ideas themselves but in actions that have produced demonstrated benefits. But in many circles it’s easier to utter rhetoric and be a student of it because it requires no commitment to DO anything.

The pull-it-off factor

We need to start thinking of worth and value of a idea as a function of whether you can pull the idea off or not. So, that amazing idea with a small pull-it-off-factor isn’t as amazing as the not-so-amazing (imperfect) idea that can be pulled off with real benefits streaming out sooner rather than later.

Pull-it-off should rule the decision on whether or not an idea is worthy of pursuit, not the inherent brilliance of the idea. Resources — time, money and energy — should be applied to ideas that have a path in front of them that leads to achievement, not the need to consume more resources as time goes on.

What can you do with a low pull-it-off idea?

Chuck it

Discard the idea and run with another one that has both significant paper benefits and one where you can see the light at the end of the tunnel. And incrementally improve the idea along the way as more practical insight is determined about how it will work and what can be done to make it better.

You have to know when to cut your losses and pursue something else that creates value. Throwing money at an impossible task is a waste of resources and is just plain stupid.

Chunk it

Break the idea into discrete pieces and focus on one that CAN be accomplished and create value. Look for a chunk that is a small piece of the bigger puzzle you are trying to solve. And maybe, just maybe getting the small piece done will, inch by inch, lead you to your grand plan.

A nano-inch worth of progress is far better than spinning your wheels on the big play.

Morph it

Change — squeeze, bend, twist — the original idea into something that be delivered. It may not possess all the attributes as the original idea, but may retain some characteristics that do create value and are directionally consistent with your ultimate end game.

Note to self: no value is created when an idea can’t be pulled off.

Society pursues Innovation because of our quest for added meaning and value to our lives — more exciting ways to communicate, lower cost and easier transportation, environmentally safe resource development projects, higher quality entertainment and safer driving tools that protect lives.

But we have arrived at a point where we need things done to improve our collective lives; we don’t need a continuing rhetoric of what could (in some theoretical sense) be achieved.

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

• Posted 10.22.18 at 03:43 am by Roy Osing
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September 24, 2018

Why being ‘the only one’ is the best competitive claim

Why being ‘the only one’ is the best competitive claim.

Perhaps you’ve got an incredible product portfolio built on an amazing technology platform and believe that the potential for revenue growth is staring you in the face.

The truth of the matter, however, is that if you can’t answer this question, your growth intentions will never be realized.

“Why should I do business with you and not your competition?” is the killer question faced by every organization.

In today’s noisy world with every organization shouting out why they should be chosen, the marketer needs to determine how to get their products, services and solutions noticed in the milieu. They need a competitive claim that is unique and stands apart from your competitors.

Unfortunately, however, competitive claims made by organizations today lack creativity, imagination and truth.

Copying pervades — I would give most organizations today a less than satisfactory rating in terms of how well they address this challenge.

The tendency of most is to go on a copying rampage where the priority is on replicating in some way what someone else is doing in terms of products, services, pricing, distribution and brand positioning. Other players are benchmarked on some capability and the copycat strategy unfolds.

Even a fast follower is a copycat; they just do it faster!

Copying doesn’t create uniqueness and differences; it proliferates sameness.

It dilutes any marginal differences among organizations that might exist and renders them all as look-alikes. And it lowers the bar for each competitor to achieve.

The usual clap trap — Most differentiation statements advocated by organizations and intended to convince us involve words like ‘best’, ‘number one’, ‘leader’, ‘fastest growing’, ‘most’ and ‘highest quality’ to assert their distinguishable characteristics vis-a-vis their competition.

These are common statements which add little to clarifying the clutter:
- We have the best sales team in the business;
- Our people strive to deliver the highest level of client service at all times;
- We offer the highest quality products;
- We have the most knowledgeable salespeople;
- We have been in business for over 30 years;
- We rank number one in client satisfaction;
- We are the preeminent sales organization in North America.

Unfortunately, these declarations add little understanding to help people select a company to do business with.

How exactly does having knowledgeable employees make an organization the right choice given a number of alternatives to choose from who will all claim the same thing? And who decided that an organization has the best customer service, and why should I believe them? 

And why should I be impressed with any organization that ‘strives’ to deliver great service — I won’t give anyone my business who claims their special sauce is that they try hard.

These statements are confusing and have little credibility with their audience. They are generally vague and aspirational without proven substance.

A credible competitive claim needs to be simple and specific in terms of how an organization is different from the competitive herd.
It needs to address a high priority customer need (claiming to be unique on something a customer doesn’t care about isn’t productive) and it needs to be true (failing to consistently deliver will drive a customer elsewhere).

Most competitive claims rely on overused clap-trap to position themselves against their competitors

In response to the need for clarity in competitive claims, I created what I call ‘The ONLY Statement’ as the practical way to do it.

‘We are the only ones that….’ is the claim that will cut through the clutter and make it clear why you should be chosen among your competitors.

“We provide the ONLY permanent solution that prevents biohazard contaminants (such as used syringes) and all other debris from entering manholes.”

What Jerry said

Jerry Garcia, former leader of the legendary rock band The Grateful Dead, nailed it: “You don’t want merely to be the best of the best. You want to be the only ones who do what you do.”

ONLY dispels the clap trap; here’s why:

Confidence — ONLY is bold; some might say arrogant. It’s audacious in the claim to be the one that owns a particular space and is prepared to show all to prove it.
This confident face of the organization, in and of itself, raises curiosity to find out what it’s all about. It’s not without its risks but well worth stepping out of your comfort area to say it.

Simplicity — ONLY is a simple expression which uses simple language. The low fog factor invites eyes to gaze on and process the thought articulated in it rather than struggle through what it means which is the case with the usual clap trap.

Clean form — ONLY relies on a binary view; the claim is either true or false. It exists or it doesn’t. It makes it very easy for the reader to assess both its relevance and its truth.

Emotional appeal — ONLY is built around what is relevant to the customer’s the organization has chosen to serve — what their target customer group cares about — therefore these specific people are warmed up to the competitive claim being made.

“We are the ONLY team that provides safety solutions anywhere, anytime that go beyond what customers ask to help build their business.”

This statement speaks volumes to those who could be in need on a moment’s notice and it reassures them that resources will be available to help them should the need arise.

Revealing shape — ONLY provides detail and clarity around what the solution does, to make it easy for the potential buyer to make an informed decision. It has the cutting edges and lines of specificity that attract followers.

“Unlike other distracted driving solutions that allow drivers to use their smartphone when driving, eBrake is the ONLY one that automatically locks a driver’s phone when motion is detected, but grants passengers unrestricted use.”

Proof — ONLY is easily measured by asking the frontline and customers whether the claim is true or not; the measurement process is simple.
In addition, the researcher can look up and compare other organizations and what they offer as a competitive claim and reach their own conclusions on ONLY’s efficacy.

Distinctiveness — ONLY is different. There is no other similar proven method of creating a claim of competitive advantage offered by strategy advisors in the consulting community.
It has a track record of success with many organizations I have had the pleasure of working with. No other advisor, consultant, academic or strategy pundit has a tool in their kitbag like ONLY but Roy — I am the ONLY one.

ONLY is a sound bite that punches above its weight. It’s small in frame and carries enormous impact.

Rules for ONLY — ONLY isn’t sexy through serendipity; it achieves sexiness by rigorously adhering to a set of rules to create it; here they are:

▪️ONLY must speak to the experiences and value you create for people not the products or services you want to push; it needs to be highly relevant and address the priorities that customers have expressed.

People want to buy things that help create memorable experiences for themselves or produce benefits that solve problems they have.

If an organization can craft their ONLY to address an overwhelming craving or desire their target customer has, a sustainable competitive advantage for the organization is within their grasp.

▪️Keep it brief. ONLY is a sound bite. It’s a nano-statement that shouldn’t require you to take a second breath. If it’s a narrative that consumes a page it’s not a viable claim and

▪️ONLY must talk to the specific customer group you are targeting and not the market in general. It’s really important that ONLY be as specific as possible which comes from addressing identifiable customers; market communication dilutes the claim which renders it incomprehensible and ineffective. Talk to customers rather than markets if you want your message to be acted on.

▪️Test your ONLY with customers and employees; it must be relevant — it satisfies a compelling want or desire customers have — and true — the organization delivers the capabilities promised by ONLY consistently day-in and day-out.

Claiming you are the ONLY one at something that your target customers don’t believe is deadly. They will tell everyone that you’re lying and that doesn’t turn out well.

▪️Consider your ONLY a draft. The reality is you won’t get it completely right the first time, so take your almost-there result and start working with it with your customer segments. Refine it as you go.
And stay alert for a response by a competitor who may suddenly come awake when they see your move.if this happens you may very well have to go back to the drawing board and make some changes.

“We are the ONLY First Aid Advocate that provides safety solutions anywhere, anytime.”

ONLY is a war-rallying-cry of sorts for your employees; it should get their juices flowing. It defines the hill you are claiming and dares the competition to climb it.
Your employees have to feel what it says and be able (with the help of the serving leader) to define exactly what it requires each and every one of them to do in order to deliver on it.

ONLY beats ‘best’; ONLY beats ‘#1’; ONLY beats ‘the leader in…’; ONLY is the clear winner if you want a sustainable competitive advantage.

‘The only one’ is the ONLY competitive claim that will provide a competitive advantage forever.

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

• Posted 9.24.18 at 03:23 am by Roy Osing
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September 17, 2018

How to use overkill to beat your competitors and win

Source: Pexels

How to use overkill to beat your competitors and win.

“More than what is needed. In gross excess of what is reasonably expected. An excess of something beyond what is required or suitable for a given purpose.” — Definition of overkill

The definition of overkill seems to answer the question of whether there is anything wrong with it. It implies that to solve a problem with a solution that is more than is required is wrong — is inappropriate.

Of course the definition is silent on what is excess and more to the point, who gets to decide on what the “reasonably expected” solution is.

Overkill takes a bad rap

It suggests that:
— going above and beyond what is required is wrong
— creating an enormous solution to a simple problem is wrong
— thinking in volume rather than increments is unproductive
— appropriate solutions do only what is required and no more
— to do anything in excess is essentially a squandering of resources; wasting time and money
— extremes are to be judged with suspicion
— being excessive as an individual is an undesirable trait; if you’re not spot on with what everyone expects, you’re weird and are to be avoided

Excess is awesome

Hogwash! I love the concept of excess. It makes sense. It should be respected. It has immense rewards to people and organizations.

Excess is the notion that organizations need to apply in order to stand apart from their competitors and gain long term competitiveness. And it’s a concept that should be employed by people wanting to enrich their careers and lives.

As consumers though, we face a business environment where excess isn’t employed but deficiency — by minimalist organizations — is.
We call our airline or financial institution and we wait in the call queue for 20-30 minutes for a service rep to take our call.

We relentlessly search the floor of our favourite retail store to find a clerk that can help us.
And we waste much of our precious time wandering around the voice answering system of the businesses we engage with trying to talk to the right person.

Technology isn’t the answer

Self serve technologies are being introduced to try and shift demand away from people intensive activities in an effort to solve this problem as well as to reduce operating costs.

But they won’t solve the entire problem. In fact many technology intensive companies offer sophisticated self serve applications to their customers but there still is a huge wait problem on their traditional people-based queues.

It seems that despite attempts to substitute higher cost people based processes with technology, consumers are slow to adapt and accept self serve. And the situation is exacerbated by the fact that it is virtually impossible to create self serve algorithms that define the variety of questions people have when they engage with an organization.

When rising consumer expectations for more and better treatment meet the organizational minimalist mentality, something has to give.

Smart organizations will accept that unless they get on the overkill train their performance and long term profitability is at risk. Consumers will naturally gravitate to those that provide MORE — not less — of what they want. They don’t care that a company may have a cost problem. They expect leadership to go figure it out!

As an aside, organizations that can’t deliver excess service and still have attractive margins are not giving their customers strong enough reasons to do business with them.

The minimalist attitude must go

These 5 actions will give your journey to move from minimalist to overkill a kick start:

1. Leadership — Recruit overkill leaders. Change starts with new decision makers; don’t expect a right angle turn to happen with the leadership team that sponsored a ‘do less’ culture.

Appoint new leaders in those areas where excess thinking is required; be guided by customer feedback. With this action it won’t take long to send the message that the winds of change are coming.

2. Customers — Gather customer feedback on your self serve applications. Are they being used? Do they meet customer expectations? This information is invaluable for setting priorities for operations areas where change is immediately required — must do’s — as opposed to action that can be taken later when resources permit.

3. Technology — Shift some technology spending to more people centric functions as a way to fund new initiatives. Ideally you want to avoid adding cost to fund excess activity; if you are able to shift expenses from one bucket to another it’s a zero sum game with no impact on operating profits.

4. Best in class — Benchmark overkill organizations to see how others apply excess thinking. Don’t merely copy the best organization; look for opportunities to go beyond them and establish some strategic advantage. Use your customer feedback as a guide.

5. Profitability — Be prepared to take a possible short term earnings hit. Going excess may require additional funds to make it happen even if you are successful in shifting budgets from technology to people. Consider this the ante that needs to be paid now for gains tomorrow.

Overkill isn’t a negative. People who claim it is are proclaimed advocates of tradition and the status quo. Why listen to them?

Overkill is a secret ingredient to securing loyal customers and long term competitive advantage.

Funny how a ‘kill’ concept can be a key to survival.

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

• Posted 9.17.18 at 02:18 am by Roy Osing
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