Episode #52 – How to Name Your Business, Competing Against a Well Known Company, a Free Resource for Creating Online Presentations, and a BIG Marketing Lesson from Entrepreneur Magazine
April 15, 2009Episode #52 – “Don’t Believe Everything You Think” 
Websites and resources mentioned in the show:
The Continuity Summit (details to join me in Stamford, CT May 15-17th.)
Grab Your FREE Isssue of Microwave Marketing (my best ever offer, a $77.00 value.)
Buzz Marketing (outstanding book by Mark Hughes)
Dean Hunt (he’s a master at creating buzz for online businesses – checkout his blog)
280 Slides (online presentation creator)
NiftyClicks (discover the very latest web tools and resources)
Get a Private Telephone Consultation with me (to Help YOUR Business)
Buy This Week’s T-Shirt(from National Media Services)
My, how time flies when you’re having fun. This is episode #52 which means the show has been running for a year already! Thanks for your support and encouragement along the way, and hopefully I’ve given you lots of things to think about to help improve your business. Of course, this is still early days and I’ve got a lot more to share with you in future episodes, especially when the show moves to the new www.GotBiz.tv network in May.
Well, I took the cameras out and about in my local area this week. Why? So I could show you first hand, how so many companies (the majority in fact) use meaningless names for their businesses. I’ll also prove to you why it’s so important to come up with an intelligent name for your business.
Vladimil submitted a question about how to compete against a well known, well established company in the same niche or field. I provided a suggestion that any business in the same situation can use, so look out for that marketing tip.
Then it’s on to the Nifty Click of the week. This time I feature a free online presentation creator called 280Slides.com – I really like what this company offers, and I encourage you to check it out.
Finally, the BIG marketing lesson is from Entrepreneur magazine’s SmallBiz books division. They’ve done something very smart that you can copy in your business. It relates to buyer psychology, and beyond the Entrepreneur example, I’ll give you a couple of other examples to prove the point about how effective this technique can be.
Enjoy!
Regards,
April 15th, 2009 at 5:17 am
Andrew,
Usually I really like your shows but I have to say I feel the trip around your area looking at business names was very flippant and really not much more than padding.
Most big businesses like McDonalds, Nike, Macys, Warner Bros, LG, etc. don’t specify what they do but you and I still buy from them.
Many of the logos you looked at were possibly niche companies with names that perhaps mean something in their target audiences, probably not you and I so they don’t really care what we think.
The rest of the show was great as always but I really feel that segment let the whole thing down a bit…
April 15th, 2009 at 5:29 am
How about McDonalds? How descriptive is that
April 15th, 2009 at 5:37 am
“Cash Copy” helped me build a million dollar business. Amazon should have it.
April 15th, 2009 at 5:47 am
Most of the businesses by me that have poorly explained signage do not sell to the public, I think the signs are mostly for delivery drivers. Companies like Nike and Mcdonald’s are in a different league than the companies in today’s show because they have nation wide add campaign for decades and you know what they are from they’re logo. Usually there is still a big picture of a shoe or a big mac on the billboard or a big mcdonald’s store with more signs in the windows below the name. Great show Andrew
April 15th, 2009 at 6:24 am
I agree with Steve (we are two different people!
) that the places you show in the video look like they are perhaps head offices or factories which aren’t contact points for customers anyway. Some of them may even be producers of very well known brands that you do buy and love with very descriptive brand names or tag lines…
April 15th, 2009 at 7:00 am
Hi Andrew,
I’m sure you figured it out that company #2 built office cubicals but they tried to get too cute with the name, thus making the name a head scratcher. How is the GotBiz.tv coming along? I’m looking forward to a nice dividend this year.
Glynn
April 15th, 2009 at 7:02 am
Congratulations for your show’s first year! I learned about your program through Ryan Lee, and he was right as he highly recommended you. The tips and the information is extremely valuable to business owners online, and offline. Today’s show helped me understand something that happens in my business all the time. I own a Curves franchise, and while they advertise on TV (sometimes) many women still come in asking “what is this place”? Now, I’ll have to create a big banner for the store front saying “Fitness for Women”…Thank you, Andrew. I appreciate the effective content that you share with us every week. Great show!
April 15th, 2009 at 7:24 am
I think you make the mistake of assuming that every business is marketing to every person (including Andrew Lock). Some businesses even target their ideal customer who may indeed know the meaning of the business name. The first name you lampooned was Fiero and as you are a (former?) Pom you may not know that Fiero could relate to an icon automobile the Pontiac Fiero. So you see that name could have a whole lot of significance to its target market – Pontiac Fiero enthusiasts.
Let’s look at number2 example. If Andrew Lock was a target customer (and clearly you are not) you would know that this is a highly intelligent and well selected name for their target market. If you were a target you would know that “Intelligent Enclosures is a leader in the design and manufacture of MiniEnvironment enclosure systems for the isolation of process equipment in ultra-clean, ultra-sensitive manufacturing operations and research settings. ” If and when you do get into mini manufacturing systems you would immediately relate to this name. Contrary to your state of sadness (poor Andrew) their attempt at a subheading is very successful for those who would be buying from them. “Isolation” has a relevance n their industry for cleanliness and dealing with nanotechnology.
Your third example is Wetco Inc. (need I go on or have you got my point of market segmentation and not trying to be all things to all people). I will anyway. Wetco Inc is actually a clever name which would be recognized by their target market “industrial, municipal water & wastewater accounts since 1990″. “Wet” as in water and “Co” for controls which is what they do.
Your point about namimg a company so that large amounts do not have to be spent on “image” advertising to achieve brand recognition is great but your examples are lousy (sorry, couln’t find a nicer but appropriate word).
I love your show but couldn’t let you get away with your flippant comments about some probably good companies.
April 15th, 2009 at 10:22 am
Congratulations on your first year!!!!
I have enjoyed the episodes and continue to get insights.
Keep up the great job.
April 15th, 2009 at 10:46 am
Respectfully, I think some of you are missing the point here.
I try and talk about PRINCIPLES on the show, and the principle in the naming section was to highlight the importance of choosing a company name. There’s no question in my mind that choosing a meaningless name without any further explanation can lead to a loss of sales. How difficult is it to clarify a business name by including a tagline?
Yes, I know that McDonalds, Nike, Macy’s etc don’t say what they do but most of them have High Street stores where it’s obvious what they do just by looking through the window! And they are all brands that spend many millions on advertising to EXPLAIN what they do. Most businesses don’t have that luxury of throwing money at the problem.
As if to prove the point, we happen to need office cubicles, so how ironic it is that there’s a company opposite our studio building that offers that very line of products! Yet I would never have known unless Glynn had told me!
I think too many businesses dismiss local customers. Look, even if I had no need for office partitions, it’s entirely possible that a friend of mine might ask me if I know of anyone, and if I drive pass ‘Acme Office Partitions’ every day then I’d be sure to let my friend know about that local company. But if I drive past ‘Acme International Trading’ every day obviously I would not have even an incline that they’re in the business of office partitions.
So again, I’m trying to share a PRINCIPLE here that in GENERAL, the name (and tagline) you select for your business is very important. There are ALWAYS exceptions to every rule (some businesses have reasons why they don’t want to be known locally, like maybe an animal research lab etc), but in my opinion MOST businesses should at least have some explanatory tagline that explains what they do, or cites a USP. If not, they’re unquestionably losing business.
Regards
Andrew
April 15th, 2009 at 11:14 am
Congrats Andrew. I have been watching your shows for the past month and I have been learning so much. Thank you.
Will check on 280slides program. Thanks for the info.
April 15th, 2009 at 2:30 pm
Hi Andrew, do you have any marketing tips for washing machines or refrigerators? I don’t have a microwave so I don’t need your free issue of Microwave Marketing. Of course I’m only kidding and I understand you’re advocating the PRINCIPLES of naming a business. Perhaps it is more important that retail businesses name their companies more appropriately. For companies that don’t directly deal with the public then I guess the name is not as important. Also, I do like your Renegade Marketing campaign because it instantly indicates unconventional methods to me, but I’m not sure what others like Microwave Marketing or your 3H System for Ebay does. Regards, Bob. Also, Salt Lake looks like a beautiful city to live in.
April 15th, 2009 at 4:36 pm
Andrew,
Congratulations on your first year, and many more.
I think mysterious business names are universal. Maybe the owners are going for something that sounds impressive and important.
In our town is a business named Consolidated Services. What’s up with that anyway? After some research, I found out they offer remodeling, painting, carpentry and other home improvement types of services.
Since lots of people could benefit from their help, maybe a more self-explanatory name would be in order.
Congrats again, and all the best in the future!
Jerry
April 15th, 2009 at 7:39 pm
Since everything is marketing and marketing is everything, you may want to fix your website at http://www.startyourowntvshow.com/
You will notice that you have this “For less than $500 you’ll have everything you need to create and start profiting from your show.” towards the top of your website.
But further down the website, you are selling your goods for $997. I assume it is a simple mistake since you recently increased your price, but I would assume that anyone visiting your website would be confused and perhaps even have thoughts of a “scam”.
Love the show!
April 15th, 2009 at 8:24 pm
Jerry,
Your example is excellent, probably better than my examples! That ridiculous business name is costing that company a lot of money in lost work!
Paul,
Well spotted, thanks old chap. If only I could be as perfect as I like everyone else to be
Website is fixed now.
Again, thanks for the heads up.
Regards
Andrew
April 15th, 2009 at 8:32 pm
Congrats to Steven Jones and Joe Davidson who just booked tickets to join me at the Stamford Seminar, May 15-17.
I appreciate you guys supporting this show by purchasing tickets (you’ll also benefit yourselves greatly by attending of course!)
Regards
Andrew
April 16th, 2009 at 7:05 am
Hi Andrew,
Your site is the best on-line marketing show I’ve ever seen. I eagerly await your e-mails each week for the next episode. It’s part of my weekly routine. I love it. Thanks for sharing.
Now, how do you think I felt when I logged on tonight (AUS) only to find that the video is not working !! Arr.. can you please fix it
Cheers.
April 16th, 2009 at 8:36 am
Hi Andrew,
Love your show and look forward to it every week. Heck its better than some of the weekly TV series on now. Anyway for some reason I’m not able to watch episode 52 and I didn’t get my notice from your autoresponder that it was there. Thanks I look forward to another great year from your show.
April 16th, 2009 at 9:03 am
NooOOOOoooo! Episode #52 isn’t working for me, either, Andrew. Thanks!
April 16th, 2009 at 12:01 pm
Should be working now, sorry about that.
Andrew
April 16th, 2009 at 12:07 pm
Thanks Kon,
I appreciate your kind words.
Andrew
April 16th, 2009 at 2:23 pm
WOO HOO! Thanks for fixing the video, Andrew! Good episode, although most of it was not terribly relevant for an established business.
I did find the segment on marketing to match the needs of the customer useful. I’m gearing up to do just that in our next newsletter, and planning on excellent results.
Also, I think your shirt has an incredible amount of truth to it. People hear the most ridiculous things and then can’t get the notions out of their head. Anyway, thanks again for the great content and congratulations on the show’s anniversary. I absolutely love the show and I’m incredibly thankful for what you offer us.
Dr. Scott
http://www.hilltopwellness.com
April 16th, 2009 at 2:51 pm
Your TV show is like Oxygen as far as I am concerned, I could not survive without it.
I must also add regarding your http://www.startyourowntvshow.com/
I don’t know about the $997 price, as a proud owner I would have paid ten times that amount for it.
But I would have to save the difference on the equipment and get just a flip cam.
I thank you most sincerley for your technical expertise
Regards
Mark Bowden
April 16th, 2009 at 3:40 pm
Hey Andrew
After we sign up for The FREE issue of Microwave Marketing, will we be charge every 30 days if we decide to keep it? Or we need to subscribe again from a different site?
Thanks
Jay
April 16th, 2009 at 3:46 pm
Jay,
There is no obligation with this offer. Take advantage of the free offer, and you won’t be charged anything in the future. Sp it’s simply a free sample.
My hope and belief of course is that you will love the practical content, put it to use, make money, and choose to become a regular subscriber.
When you request the free issue, it will include a form to apply for a subscription to Microwave Marketing (with a special offer for taking action within the next 2 weeks).
I hope that clarifies it for you.
Regards
Andrew
April 16th, 2009 at 6:31 pm
By the way, dean hunt is awesome. He also runs a fabulous forum over at http://www.BuzzProfit.com
It’s really, really helpful. I’m a member- hope to see some help my business folks there soon!
April 17th, 2009 at 1:23 pm
I LOVED the first segment of your show this time. As I drive around town with my children, seems I’m always pointing out signs and asking, “What’s wrong with that sign?” Of course, by now, they all know the correct answer!
One of my “favorite” such signs simply says “Wachovia.” What is THAT all about?
Of course, in all fairness, “AWeber” has managed to combine a lucrative business with a nondescriptive name.
Anyway, congrats on one year of fine shows!
Linda
April 19th, 2009 at 1:24 am
Hi Andrew.
It’s been 1 year already? Congratulations on your success! Looking forward to the year to come!
April 20th, 2009 at 7:03 pm
A friend recommended your site to me. Glad he did, as it looks very worthwhile. Looking forward to learning lots here. Lance
April 22nd, 2009 at 4:54 pm
In case you didn’t get the email message, there’s no show this week (April 22nd). I’m rewarding myself for a year of shows!
See ya’ next week!
Andrew
April 24th, 2009 at 5:17 am
Don’t want to repeat what the others have said, but I do think you proved that you were not on the target market for some of those companies. What Intellegent Enclosures probably sold was obvious to me. What “Kodak” sold would be meaningless without other information; but importantly they wouldn’t be stuck if they wanted to branch out. The discount carpets guy will have to change his business name if he wants to sell furniture. Actually a good example of getting stuck with a bad descriptive business name in the UK would be Carphone Warehouse – actually something I’d tell a client to avoid.
Much as in the same way helpmybusiness appeals to me, small business owner and I suspect is ignored by large corporations. (Not to say they couldn’t learn…)
May 3rd, 2009 at 7:14 pm
Hi, interesting post. I have been wondering about this topic,so thanks for writing. I will certainly be coming back to your blog.
May 5th, 2009 at 9:11 pm
Hi, good post. I have been wondering about this issue,so thanks for blogging. I’ll certainly be subscribing to your site. Keep up the good work