How Choosing The Right Name For Your Business Helps You Increase Your Profits!

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Ever heard of the Minnesota Manufacturing and Mining company? What about the 3M company? If you’re thinking, that’s the same company, you’re correct. The point here being, when your potential target market, can’t really tell what you do, because of the name you’ve chosen.That one strategic move, definitely won’t help increase your profits.

NASA, we have a problem. Granted, in the case of the 3M company, they changed their first name, to the latter. Only because they were rapidly expanding beyond their initial Minnesota roots and their original capabilities.

How Choosing The Right Name For Your Business Helps You Increase Your Profits!

But they’re also a rather large corporate entity, with extremely deep pockets. Meaning, they can also afford to spend a ton of  traditional advertising money, making sure they get the word out, both on and offline, about what they do and who they target. Which brings us full circle.

Entrepreneur, do not try and name your small business and or service, as if you’re an extremely large corporate giant! If you are in fact not there in real capabilities yet!

How Choosing The Right Name For Your Business Will Definitely Help Increase Your Profits!

There are at least two ways choosing the right (descriptive) name for your business,definitely helps increase your profits, first you avoid ambiguity and second you you avoid being obscure.

Because remember, depending on what specific message you wish to communicate to your target audience, the right name should also reinforce the key elements of your business, products or services.

And how they benefit your target audience.For ex: descriptive names (hopefully) conveys what your business, product or service does.

The advantage if you will. Where as a more broad less descriptive name is generally too broad, generic and abstract to be effective. Especially if you’re a cash strapped, small business owner and or service provider.

Often times, small business owners and or service providers  will combine specific geographic locations, with generic descriptions. For ex: they’ll mistakenly call themselves Chicago data and retrieval.

And to the unsuspecting, that name while partially descriptive, conveys that your service only (or primarily) retrieves data for the Chicago area. When that’s probably not the case.

But your name implies that it does. Some online marketers, use some catchy name that unfortunately, has little or no keyword traffic! So what good does that do? Or their domain name is a dot net, instead of the much preferred dot com.

So the bottom line in all of this is this; ladies & gentlemen, if you’re serious about doing precisely what it takes to increase your profits.

Then be careful how and what you name your business,product or service! Because the wrong (misguided) name can and will mislead your specific target market. And that in and of itself, will definitely cost you money. Don’t you agree?

Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!

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