Most Bookkeepers Disregard the Value of Having an Excellent Brand Name
Jeremy Miller is a seasoned entrepreneur who helps companies and individuals grow their brands. He provides actionable ideas, tools, services, books, and resources to help a business stand out, attract customers, and grow its brand.
But unlike most business people, Jeremy got into this world in an unexpected way.
Back in 2004, he joined his family’s business. It was a recruiting agency and one of his very first tasks was to rebrand it. At that time, the company was going through a technological disruption — the birth of Google, LinkedIn, and Facebook transformed the recruitment industry.
Despite not knowing what was happening at the time, Jeremy forged onwards and rebranded their business. He changed their company name and went into digital marketing very early. And this sudden but welcome change caused their family business to grow.
At the same time, the company’s unprecedented growth did not go unnoticed by other entrepreneurs. That’s why Jeremy soon started receiving calls asking for help with rebranding their businesses.
After over 15 years of studying and understanding how small and medium-sized businesses grow remarkable brands, Jeremy has established himself as one of the experts in the field.
Because of his early success with rebranding businesses, he believes that one’s business name is a crucial part of any enterprise.
And in this article, we’re going to tell you all about choosing the best brand name for your business.
Why Your Brand Name Is Important
Before being able to choose the best brand name for your bookkeeping business, it is vital that you understand the value of your business name.
Jeremy says that a business name is a vessel that contains all the meaning and experiences of your organization. So, a great business name can make your bookkeeping business more memorable, easier to share and refer to.
Jeremy further adds that a brand name will be the longest living artifact of any organization. That’s why you would want to get yours right.
Some of the best examples of this are Colgate, Zipper, and Tupperware. Their brand names have become so well-established that they have become leaders of their respective industries.
And there’s one more thing you need to remember:
A product can change, a website can be edited… But a name won’t.
So, getting it right is probably the most important branding decision that you will ever make.
Three Common Mistakes When Naming Your Company
Jeremy pointed out that there is no such thing as a bad brand name — only a bad strategy.
So, here are three common mistakes that entrepreneurs commit when naming their companies and how you could address them:
Mistake #1. Glamorizing Names, Logos, and Brands
According to Jeremy, people glamorize their names, logos, and brands so much that it turns into a big to-do. However, they often forget that changing up one’s logo or brand name doesn’t really move the sales needle in any way.
So, don’t turn brand naming or logo-making into a big chore. While a brand name is important, it isn’t supposed to take up too much of your precious time.
Mistake #2. Not Choosing a Name to Fit Your Brand
Maybe you’re looking to switch up your brand name because you feel like it doesn’t really fit your brand. If that’s the case, it’s fine to change names. Just make sure to pick a new name that would represent what you’re trying to do better.
But he added that once you’ve decided to change your name, you have to make sure that you communicate this to your existing clients. Jeremy says that while most clients are forgiving anyway, you still need to keep them in the loop.
Mistake #3. Not Changing Your Company Name When Necessary
When you realize that you’ve already made a mistake when naming your brand, there is no reason for you not to change it immediately.
Naming and changing one’s business name is difficult, but there are ways you can effectively choose a great name for your brand.
One of them would be to follow Jeremy’s three-stage naming process.
The Three-Stage Naming Process
According to Jeremy, the most difficult part of naming one’s company is no longer the process of choosing a name itself. Instead, the hardest part is actually finding an available domain name or trademark.
In fact, Jeremy pointed out that, for the first time in history, we’re experiencing a naming drought for our brands. And this can be attributed to globalization and the exponential growth of businesses.
So before you run out of excellent naming ideas, better learn Jeremy’s three-stage naming process:
Step #1. Plan
The first thing you want to do when figuring out the name of your brand is to plan. And Jeremy says that the key thing you have to do here is to define your guidelines for success.
What is this name going to do for your business?
How is it going to perform?
What would it mean for you and your business?
Once you answer these questions, you can move on to the next stage.
Step #2. Create Ideas
When creating ideas for business names, Jeremy mentioned that an entrepreneur should ideally go on a 5-day naming sprint wherein they ask family, friends, and team members for as many possible brand names as possible.
This is critical because the key to naming right now is not to find good ideas. Instead, it’s to find an excellent brand name that is still available for use.
Step #3. Test and Select
The last step of the naming process involves testing and selecting the best brand name from the long list provided by you and your peers.
With that in mind, know that the complete list of tools that you can use when testing and selecting a brand name are available in Jeremy’s book, “Brand New Name: A Proven, Step-by-Step Process to Create an Unforgettable Brand Name.”
Perfect Your Name Game
Most bookkeeping businesses are straightforward. There’s almost always a lot of work that needs to be done after all. And because of this, Jeremy says that most bookkeepers don’t bother looking for a different name to use in their business other than their own.
But he says that if you want to go beyond the boundaries of a typical bookkeeping business, having an excellent brand name right from the get-go can really make a big difference.
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