Fast, Cheap And Sloppy –
Does That Sound Like A Good Business Strategy?
Recently, Eqvarium was contacted by a person who’s about to start up the Swedish operations in a Finnish company that will expand in the rest of the Nordic region. They have a Finnish name that doesn’t work in Sweden, Norway or Denmark.
The CEO said they wanted a working name that same week. The website was ready for launch and the PR machinery was already spinning, so the name had to be set.
Internally, there was a name that was submitted and approved for registration, but the Swedish CEO didn’t like it. The board couldn’t come to an agreement and the clock was ticking.
They wondered if there might be a good, “secured” name to buy from the naming agency?
Obviously, they had overlooked a few essential things as far as naming goes:
- A name is a business strategy decision and needs to be handled as such
The name should work long term and be able to support the business as well as the offer. A thought through plan, creative height, proper evaluations and solid process support are needed to enable the management to take / support the name decision.
- The name is the only element you can’t refresh during your brand’s lifecycle
Make sure you’re proud of the name and that it can do a good job for the company and / or the product.
- Sloppy equals costly
Clients often think naming sounds expensive. But the truth is that hiring a professional is much cheaper than an amateur in the long run. Making the wrong decisions is expensive. Renaming is expensive. Delaying processes because one can’t come to a decision is expensive. Letting trademark lawyers evaluate bad quality names is expensive. To do right from the start, however, is a really good investment.
What is it worth working in a process that ensures quality and minimizes business risks? What is it worth to have the right people in a group that together secure a name that helps to support the business forward and contribute to increased profitability? Probably more than 100 – 150 000 SEK.
Is it worth a compromise?