Don’t Make These 8 Mistakes When Naming Your Company

Ten to one you’ve seen some really terrible company names like Phartronics Engineering. When starting your own business, it’s important to take into consideration how it will sound, how it will look and whether or not it opens the door for a joke or two.

Entrepreneur magazine outlined eight great tips for avoiding unfortunate company names and choosing the right one for your business.

Mistake #1: Design by Committee

Getting everyone’s input and opinion might seem like a good thing, but the more information you have, the less likely you are to settle on one idea. Entrepreneur says that a lot of small business owners involve their family and friends in the process and risk alienating the ones whose ideas aren’t chosen. Others choose by consensus—often resulting in a bland name. Instead, try to only involve the key decision-makers (the fewer the better) who are acting in the best interest of the business.

Mistake #2: Mashing Together Two Words

We’ve all seen them. Names like QualiServe and TranquiSpa combine an adjective and noun to create a nonsensical, made-up name that, let’s be honest, isn’t great. Each word on its own is alright—tranquil and spa, for example—but together, they aren’t an appetizing mixture. They’re not creative and they sound forced. You’d be better off creating something completely new.

Mistake #3: Using Plain Words

Companies like General Motors and General Electric are only good because they were the first of their kind. Unless you have a wildly novel idea, you’ll want something more creative and flashy. (And chances are, if you have a wildly novel idea, you won’t want anything bland anyway!) Take the time to come up with something creative that reflects your business.

Mistake #4: Using a Map to Name Your Company

A lot of companies use their location to help create a company name. Though this might seem like a good idea at first, it could actually hinder your business as it grows. Ever heard of Minnesota Manufacturing and Mining? We hadn’t, either—at least, not by that name. To avoid limiting the company’s growth, its name was changed to 3M, and it’s now known for its innovation.

Mistake #5: Turning Your Business Name into a Cliche

It’s okay to use metaphors in your business name, but try to avoid overused words like “peak” and “summit.” Instead, Entrepreneur recommends using words that describe your business in a creative way. They give the example of a data storage company called Iron Mountain, which conveys strength and security.

Mistake #6: Choosing an Obscure Name

In Mistake #3, we recommended avoiding plain words. But you also don’t want anything too confusing. Business names that are obscure, difficult to spell or pronounce, or complex won’t resonate with customers. Make sure your company name is memorable, but also easy to understand.

Mistake #7: Creating an Awkwardly Constructed Name

Saying “kwality” instead of “quality” is nonsensical. Resist the urge to replace a Q with a K, or an F with a Ph. They’re only more confusing for customers and make it more difficult for them to find you online.

Mistake #8: Refusing to Change a Bad Name

It’s okay to admit when you’re wrong, and it’s okay to change an ineffective company name to something better. A bad name won’t just go away and your business’ problems won’t just disappear. You might have to put in the work to make a change so that your business can flourish.

The bottom line is: Put some serious thought into your business name. You want something unique and memorable that reflects your business goals and conveys your message. Start brainstorming—you might have a stroke of genius.

SSActivewear psychology of pricing

Unlock the Psychology of Pricing

Why do so many prices end in .99 cents? Why does it seem like most businesses that offer levels offer 3 options? As a business owner, you know that these pricing trends are no accident. They are a marketing strategy that uses the psychology of pricing to help entice people to buy.

What is the psychology of pricing? According to Wikipedia, it is “a pricing and marketing strategy based on the theory that certain prices have a psychological impact.” In simple terms, this means it’s a pricing strategy that encourages the customer’s brain to think they are getting a deal or a great price. 

Examples of Psychological Pricing

Left-Digit Effect

Let’s use .99 cents as an example. Doesn’t it seem silly to price something at $5.99 instead of $6? What are you really gaining with a one-cent difference? We can tell you that one-cent difference has nothing to do with increasing margins and everything to do with the customer’s perception of the product. 

Continue reading “Unlock the Psychology of Pricing”

4 Tips to Get Ahead of Tax Season for Small Business Owners

As a small business owner, you know that every penny counts come tax season. To complicate things further, you’re dealing with changes to tax laws yearly. Although these tax reforms may only impact small businesses minimally, it’s important to be aware of any new tax law reforms and how, or if, they apply to your business. 

For a small business, maximizing deductions and lowering your tax bill can be the difference between a profitable year and another year of scraping by. So, understanding where you can take additional deductions can save you major dollars and headaches. It’s imperative to speak with a tax professional for specific tax knowledge, but in the meantime, these tax season tips can help you get a head start. 

Continue reading “4 Tips to Get Ahead of Tax Season for Small Business Owners”

The 5 Best Role-Playing Scenarios for Sales Team Success

Just as athletes train to perform at their best during practices, so should your sales team. This is where sales role-playing comes in — it’s a crucial and valuable tool with a high learning rate. To help ensure your team’s success, we rounded up five of the best sales role-playing scenarios that provide a low-stakes opportunity to identify strengths and weaknesses among your sales reps. 

5 Effective Sales Role-Playing Scenarios 

1. Active Listening Improv

According to a recent study by HubSpot, 69% of buyers say a sales representative listening to their needs is the best way to make the sales experience positive. In order to tailor a specific sales approach to a prospective client, active listening — not just hearing — is key. 

This exercise will require at least two people and can also be done with a group. Here’s how it works:

Continue reading “The 5 Best Role-Playing Scenarios for Sales Team Success”

How Do You Say ‘Success’ in Italian, Luca Benini?

Slam Jam: It’s the name behind some of the most notable streetwear collaborations and brands in the industry. So much of what the company does is under the radar, working closely with industry powerhouses, such as Stüssy and Carhartt WIP. But, that’s exactly how Slam Jam’s founder — Luca Benini — likes it. Among many things, the Italian native is known for pioneering streetwear culture in Europe. 

As Slam Jam celebrates 30 years of success, we’re taking a look at one of the most iconic influences in streetwear, the legendary man behind it all and our takeaways for sustaining a successful business based on Benini’s achievements.

Slam Jam and Luca Benini: Celebrating 30 Years of Success 

When Benini was growing up he had two specific dreams: to be a DJ and to sell clothing. In the end, he found a way to do both. 

The Birth and Evolution of Slam Jam

Back in the ‘80s, Benini’s main business became DJing, which fueled his passion for clothing. He quit school to work as a shop assistant, where he would print flyers of his gigs on tees — an early intersection of culture and fashion. 

Continue reading “How Do You Say ‘Success’ in Italian, Luca Benini?”

5 Keys to Transform Your Business into a Lifestyle Brand

In today’s digital era, anyone can have an idea and start a business. Only a few, however, can truly become lifestyle brands with a devoted customer base. Great lifestyle brands have personality, influence behavior and create a strong connection with their audience. 

Here are five keys that will transform your business into one of the greats by building customer retention, brand loyalty and overall profit growth.

1. Understand Your Audience 

Integral to all facets of a business, you need to thoroughly understand your audience. The best way to do this is by creating buyer personas—or semi-fictional characters who represent your optimal consumers based on detailed market research. 

The most important things to include when developing these personas are:

Continue reading “5 Keys to Transform Your Business into a Lifestyle Brand”

5 Innovative Pop-Up Shop Ideas Your Brand Can Emulate

Have you noticed how pop-up shops have literally been “popping” up everywhere? According to research by Storefront, a marketplace for short-term retail spaces, the temporary retail (i.e. pop-up) industry is expected to generate $80 billion per year.

From streetwear brands to influencer collaborations, pop-up events provide an exciting way for online retailers to connect with customers face-to-face. Additionally, they allow you to test out new markets and receive direct feedback to make any necessary changes with inventory moving forward.

That said, if you’re going to do it—do it right. A pop-up shop is the perfect opportunity to find an Instagrammable moment for your audience, which can catapult social and word of mouth awareness. From concept to creation, they require a significant time commitment and a decent amount of upfront costs, however, the return will be well worth it. Businesses have consistently found that pop-up shops are cost-effective in the end, and way less expensive than a traditional brick-and-mortar location.  

Here are five innovative ideas your brand can emulate, once you have a little revenue in the bank:

Continue reading “5 Innovative Pop-Up Shop Ideas Your Brand Can Emulate”

Picking the Right Water-Resistant Jacket

Spring and summer showers are not only good for the flowers, but for your rainwear sales as well. Whether commuting or hiking, it’s not enough for customers to simply tout around an umbrella, especially for those who frequent the great outdoors. Now is the time when many people are searching for jackets that are breathable, stylish and resilient.

Customers want protective materials that allow them to enjoy their active outdoor adventures or strolls through the city without getting soaked from head-to-toe. In fact, an important piece of criteria that many people use to evaluate the best suitable lightweight jacket is water-resistance.  

Waterproof vs. Water-Resistant

In picking the right outerwear jacket for a customer, it’s important to understand the difference between waterproof and water-resistant.

Continue reading “Picking the Right Water-Resistant Jacket”

4 Strategies to Gain Customer Reviews for Your Business

When deciding whether or not to buy a product from a brand online, do you take their boasting statements seriously? Or, do you sift through online reviews from fellow peers and ask friends about their experience before making a decision?

Chances are, you chose the latter option, and statistics agree.
Since consumers’ trust in brands is diminishing, they’re turning to family members, friends and peers to help them make purchasing decisions. In fact, a recent study by Bright Local found 86 percent of consumers read reviews for local businesses, with that number jumping to 95 percent for those ages 18-34. And, people read an average of 10 online reviews before deciding to trust a local business. So, what does all this mean? Consumers now have more power than ever to decide the fate of your business—and in today’s digitally savvy world, that means consumer reviews can make or break you.
Not only do 86% of consumers read #reviews for local #businesses, they also read an average of 10 online reviews BEFORE deciding to trust them. Click To Tweet

To push past the competition, get in consumers’ good graces and grow your company, we’ve rounded up four strategies to help you gain some solid reviews!

1. Be Where Your Customers Are  

Before customers can leave reviews or form an opinion, they have to be able to find your business. However, we want them to find you without having to go to your actual website. You need to show up on sites, where people can recommend your services, like Yelp, Google and Facebook.

Continue reading “4 Strategies to Gain Customer Reviews for Your Business”

5 Characteristics that Successful Business Leaders Share

The success of a business is only as good as the people leading it. Bad leaders produce unproductive work environments and stagnant growth. In contrast, great leaders can develop trust, engage employees and fast-track success.

When it comes to successful business leaders, these are five of the top identifiable characteristics they commonly share:

1. A Clear Vision

Renowned business executive Jack Welch said, “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”

If you don’t have a clear and engaging vision of where you want your company to go and what you want to accomplish, you can’t expect others to follow suit. Employees need a common goal that they can get behind to feel a sense of belonging and usefulness.

If you don’t have a clear and engaging #vision of where you want your company to go and what you want to accomplish, you can’t expect others to follow suit. #goals Click To Tweet

Here’s how you can get started:

Continue reading “5 Characteristics that Successful Business Leaders Share”