My belief in business has always been that people don’t just “buy” what it is, or “buy” what it does. Rather, people “buy” what it does for them.
Whether your business offers a service or a product, the image that your brand portrays, determines the credibility – and value – of your offer.
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Do people really buy $300 Nike runners because they are shoes, or they have cushioning support? Or do people buy $300 Nike runners because of the image that Nike holds in their mind?
My favourite ever quote is “image is the value that drives demand”. And image – or the way your business is perceived – is the iconic mental presentation that your brand will conjure in your customer’s minds.
Your business name – being the basis of your “brand” – has to therefore be able to define your business. Here are some questions to consider:
- Does your business name (your brand) have a meaning to only you, and also to your target customer?
- Sometimes we think it is cute to use a combination of our kid’s names to come up with our business name – but who does it really have meaning for?
- What picture does your business name (your brand) conjure up in your customers mind?
- Does the name sound new or old, does it sound modern or old school, does it sound expensive or economical, does it sound exclusive or inclusive?
- Is your business name in synergy with what you actually do?
- The brand ‘Nike’ is the Greek Goddess of victory. SmartCompany.com instantly gives an understanding of its purpose.
- What image can you build around your business name?
- This can be pictures, colours, people, music, styles, fonts, size, word association – all components of the brand.
- What ownership can you build around your business name?
- Can you trademark the name in the right categories? Can you do it globally? Can you get a .com, or at worst, a .com.au? Can you associate an icon? If it is true, that image is the value that creates demand, then start thinking about the image that you want your business name – your brand – to hold in your customer’s mind, and use that as a basis for building every part of your brand from the ground up.
People don’t just buy what it is – or what it does – people buy what it does for them. What image does your brand conjure up in your customer’s minds?