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How Important Is The Right Business Name?

Hey Guys,

Awesome question from David out in Northern California.

Hello Bob:

My business is both private security and Investigations…NOT ALARMS.

Question maybe you can assist me with.

Currently the business name is as advertised…. XXXXXXXXXXXXXXXXXXX

We are experience a gross slump in business and placed a lot of money in phone book advertisement (front cover of book). Nothing has come out of it…nothing. We have since found there is a similar business named XXXXXXXXXXXXX in Sacramento that is not so well liked. Could the similarity in the business names, have that huge of an impact? We have received calls of people misinterpreting our business as that one and they are not happy, although they apologize when they see the mistake in the company name.

My license is under: XXXXXXXXXXXXX – the licensing bureau advised as long as we use Northern Cal in the name we can pick and choose what goes with it. I’m not convinced that was a good idea.

We have considered returning to the name… NORTHERN CAL XXXXXXXXXX
~ OR ~
Or a COMPLETE name change to XXXXXXX or even Northern Cal XXXXXXXX.

As we both know the name is important as to how it relates to the product being sold. The licensed name Northern Cal XXXXXXXXXX …Says SECURITY, although so does XXXXXXXXXXXXXX.

Of course if we drop the Northern Cal in any fashion we have to re-license in that name. I really do not want to have to do that but at this point we do not know what to do. The business is 25+ years old and Northern Cal has been attached to that name for at least 15 years and the last addition to the name “XXXXXXX” is probably a name that has turned off prospective clients not all but most.

Could you offer some thoughts as to this name thing? Stick with the licensed name ‘Northern Cal XXXXXXXXX’ or change it to Northern Cal XXXXXX or just….XXXXXXX??

What would you think would be best???

De

David .S
Chief Supervisor
Northern Cal XXXXXXXXXXXX
By Law Investigations & Associates
Chief PI

Hey David,

Sorry to hear about the drastic gross slump your having in business, that’s a real bummer!

I’m going to say this to you with utmost sincerity…It’s never a good idea to load all of your money into just one security marketing strategy (i.e. your yellow page ad).   You need to have multiple marketing legs so your business can stand tall and strong!  You sure wouldn’t be writing to me right now if you were catching tons of fish with that one Y.P. ad.

It’s always better to bait and use multiple fishing hooks, so that you will catch lots more fish (clients).  The more poles in the water, the more fish you catch!  De, you should read the security marketing blog post I wrote last summer and you’ll get the idea.  To catch More Fish, Use More Poles!

http://securitymarketingguru.com/bobs-security-marketing-blog/to-catch-more-fish-use-more-poles/

Now with that being said, what to do to get out of the slumps…
There’s no reason, after 25 years in business, you should be in the slumps – I don’t care what segment of the security industry you’re in!  You probably have a killer client list, so what are you doing to stay in contact with your flock of clients?  Are you doing a quarterly client newsletter, a referral campaign, thank you cards, education-based seminars, direct mail campaigns to your target market, joint-venturing with a local security company and locksmith, etc, etc, etc…there are so many things you can do to change your “slump” status – lickety split!

There I go again with that dirty, four-letter word – WORK!  That’s right…marketing takes work, but done correctly, will yield you stability and strength to weather any economic tsunami. If you can implement several marketing strategies, you will be golden….you should check out the video on my website called “The Parthenon” It shows you how to add marketing pillars to your business.

Yellow Page Contest…
De, last August, I ran a FREE yellow page ad makeover.  It’s too bad you didn’t submit your Y.P. ad for a chance to be the winner.  In this month’s Smokin Security Newsletter, the makeover will be revealed (I actually did two killer version of a Y.P. ad!)

ASK Campaign…
De, I have one suggestion for you regarding your name change question:  Who knows you company better than your clients?  After all, they were attracted to you and trusted you to provide them with private and personal security services.  I would make a contest out of your name change and involve your clients.  Do an “Ask” campaign.  Put together a postcard or an email and send it out to your list of clients and offer a reward (maybe dinner and movies for two) for the best new name suggestion.

These kinds of campaigns (client contest campaigns) along with client newsletters, thank you cards, and referral systems are some very good marketing tools for building relationships with your clients…instead of being just a transaction-based business, you will become a relationship-building business and client loyalty and profits will follow.

For every business problem, there’s always a marketing solutions…I don’t care what the problem is!

Good luck with it De! Let me know how it goes!

Just to re-cap what’s in this month’s issue (October 2009, 11hours and 24minutes left for you to get your hands on it!) of the Smokin’ Security Newsletter, you’ll learn…

•    How to Create High-Yielding Ads
•    Check Out My 2009 Yellow Page Ad Critique – A $3,500 Makeover for Precision Locksmith Co. – You’ll Get Tons of Great Ideas To Use in Your Next Y.P. Ad – For FREE
•    How to “Bullet-Proof” Your Security of Low Voltage Business
•    How to Create Proprietary Security Systems in Your Local Market
•    Why You Make More Money Going Against the Grain
•    What Sir Isaac Newton Can Tell You About Increasing Your RMR
•    How to Find Your Best Sales Rep Ever
•    How to Become the Contrarian Security Dealer

But wait….I’m not done with you yet because I way over deliver!  You’ll also learn…

•    How To Turn Your Security Vehicle into A 24/7/365 Selling Machine (in the audio success CD)
•    With this little gadget I have, your business will get 70,000 more eye-ball exposures per year – all for less than $40! (I’m all about adding more sales reps to your business without adding “a dime” to your payroll!)
•    How To Make Yourself King of Your Local Market
•    The Power of Being Resilient

As always, I provide ESP (Easy, Successful and Profitable) Security Marketing to my virtual army of security dealers and low voltage installers around the world!

Have a great weekend!

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