Alberta Venture Magazine
March 2010
by Colleen Biondi

Shakespeare was dead wrong, according to Catherine Proulx, managing director and founder of Twist Marketing in Calgary. A rose by any other name may not smell as sweet. In fact, when it comes to your company name, a good choice can make the difference between thriving and tanking in a competitive marketplace. But how do you pick just the right name?

Know Your Needs

Take time with the process, recommends Proulx. Ensure your name is aligned with your overall business strategy. For example, do you want more walk-in business? Consider a name that looks good on outdoor signage. Do you want more business via the Internet? Consider putting a descriptor in your company name and URL (Two-Tone Widgets, www.twotonewidgets.com) so people will find it readily when googling “widgets.” Brainstorm names, test them with employees, create a short list (using criteria like emotional response, practicality, memorability) and then test externally. Listen to the feedback of stakeholders. You want buy-in; these people will be the company’s best champions once the naming process is over.

Make a Connection

Avoid often unsuccessful approaches like pulling a name out of a hat or being too cute or suggestive. Crave is a great case example, says Proulx. “It is a brilliant name for a cupcake company. It is creative, direct, elicits an emotional connection and is easy to remember.” On the flip side, Great Plains Software was an enterprise resource planning company, but the name had no relation to the software and no great connotation (the Great Plains reference came from the company’s origins in Fargo, North Dakota). “It didn’t help them in the competitive market,” explains Proulx. The company was eventually bought out by a competitor.

Work the Web

Use web tools like www.namethis.com, which offers focus groups for testing company monikers, advises Debi Andrus, assistant professor of marketing at the University of Calgary’s Haskayne School of Business. Research competitor names; if your name is too similar, you won’t stand out and you might even be sued. “The cost of rebranding and litigation for trademark infringement is so high that you want to be sure you can legally own that name and it is going to serve you for a long time,” she adds. But your name alone will not launch your business into the stratosphere, says Andrus. “It is important, but not as important as delivering what you intend to deliver, that is, quality products and service.”

To read the article on the Alberta Venture website, click here.