The Do’s and Don’ts of Naming Your Business Strategy

Naming Your Business Strategy: The Do’s and Don’ts

Naming a business strategy is not an easy task. A well-named strategy is not only easy to understand but also represents the company’s values and goals. However, choosing the wrong name can be detrimental to the company’s image, reputation, and success. In this article, we will take a closer look at the do’s and don’ts of naming your business strategy.

The Do’s

1. Keep it simple and easy to understand

A simple and understandable name can go a long way in creating a brand identity. It helps customers and employees to easily identify and remember the business strategy. Avoid using complex or confusing names that may cause confusion among stakeholders.

For example, Apple’s “Think Different” is simple, memorable, and meaningful, capturing the brand’s innovative spirit.

2. Align with your company’s values and goals

A well-named strategy should align with the company’s values and goals. It should give stakeholders a sense of purpose and direction towards achieving the larger objective. The name should be reflective of the company’s persona and unique selling point.

For example, Nike’s “Just Do It” represents the brand’s value of athleticism, motivation, and empowerment.

3. Test it out

Before launching a new strategy name to the public, it’s essential to test it out. Conducting focus groups, surveys, or getting feedback from employees or industry experts can ensure that the name resonates with the intended audience.

4. Trademark research

Another crucial step is to conduct trademark research to avoid any legal issues or conflicts with existing brands. It’s important to ensure that the strategy name is available to be trademarked before launching it.

The Don’ts

1. Don’t choose a name that’s too specific or limiting

Choosing a name that’s too specific or limiting can be a potential mistake. It can restrict the company from venturing into new market segments or adapting to evolving business trends.

For example, if a company chooses a strategy name such as “Social Media Marketing,” it may restrict the company from exploring new marketing channels.

2. Avoid using industry jargon

Industry jargon can alienate stakeholders and create confusion. Avoid using technical terms that are not commonly understood unless it’s essential to the strategy.

3. Don’t choose a generic name

A generic name can be challenging to distinguish from competitors and create confusion. It may also dilute the company’s brand identity and fail to create a memorable impact on stakeholders.

For example, a company naming their strategy “Best Service” may be too generic and fail to differentiate from competitors.

In conclusion, naming a business strategy is an essential aspect of creating a brand identity and building a successful business. By following the do’s and don’ts mentioned above, companies can create a memorable and effective strategy name that aligns with their goals and values, resonates with stakeholders, and avoids potential legal issues.