7 considerations when deciding on a brand using your name
7 Considerations When Deciding On Whether Or Not To Use Your Name As Your Brand
Read on to find some helpful considerations when you are branding your products and/or services and if your name could be a great brand name.
- Do you plan to stay in the business, or build the good will and then sell it off as an asset?
Eg partners in Law and Accounting firms. Make sure you have a get out clause. Many businesses abbreviate the sir names of the partners and market that once the brand is established. And others continue on with the established name of one of the founding partners to trade off the good will and reputation of that brand.
2. Does your name lend itself in any way to the product or services that you are selling?
One good example is Tom Waterhouse – he is from a family that is iconic in the horse racing industry, so extending that into betting was a good fit. And with the strength of the name, the brand is well placed to withstand the latest controversy, and may in fact even benefit from it.
3. Does the name lend itself to product/service line extensions?
Hall of Fame Marketing is a good example for the first three criteria of this blog. With the name Sandy Hall, using part of my name for branding made sense. The term ‘Hall of Fame’ has very positive connotations. To be officially nominated into the Hall of Fame of a variety of industries, the expectation is that you are good at what you do. Hall of Fame also leads itself into a range of business services, so that last year (after 12 years in business) I set up Hall of Fame Business Solutions which is the umbrella company for Hall of Fame Marketing Solutions, Hall of Fame Recruitment Solutions and Hall of Fame Event Management Solutions, see http://halloffamebusinesssolutions.com.au
4. How good is the personal reputation of the person who will be the namesake of the brand in your town and industry? How will this impact on developing and running a successful business?
5. How good is the online reputation of the person who will be the namesake of the brand in the country where they plan to operate? If they were a bit wild in their younger days and are now a serious player, but have a history of non-professional stories, photos, posts, etc on line, best to not use their name. A quick google search of the name will give a fair idea. There may also be someone else with the same name that doesn’t have a favourable online presence.
6. If you are going to trade internationally, how well would the name hold up in these markets? Is there a similar name being used in the same or similar (or even any) industries? What does the name mean when translated in other countries?
7. When you do decide on a name, before finalising and registering it, do consider the URL that you plan to use, you may find it is already taken, and ideally your URL will reflect your brand name in its simplest form.
Nearly every brand should by now utilise the internet to advance the brand presence. Social networks and social media can mean enormous advantages for individuals who would otherwise get lost in the foray. But these new technological means to get more attention and expand business are not without their risks. There’s a permanency about information on the web which is intimidating as much as it’s encouraging. Make a good impression and that web presence can perform wonders for any brand. Allow the wrong information to make it onto the Internet and the results can be devastating.
The solution is to both proactively protect the brand’s online reputation and to find the right resources to combat a negative offensive if one occurs. Activity on line cannot be controlled, but it can be monitored and managed to contain potential damage and gain maximum advantage.
So what’s in a name? Everything. Once you have that, you then need to look at colours and symbols that will represent your brand, which ideally is then trademarked to protect the investment in the brand.Hall of Fame Marketing Bendigo Services and tagged Branding for Successful Marketing, Facebook Marketing Bendigo, Marketing Yourself