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Naming Your Business

Seven ways to choose the right name for your business.

Bertie du Plessis

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Did you know there are only a limited number of options to name an enterprise? What a relief, isn’t it? As a matter of fact there are only seven really different ways in which you can create a name for your business or product and I am going to show them to you. However, before we get to the seven ways, we must first get a strategic issue out of the way. Going through the seven options with the wrong strategy will only help you from the frying pan into the fire.

So, let’s quickly play a game.

What would you choose?

Upfront I offer you a name that won’t harm your enterprise.  Take it, off you go to a flying start! It is not a “Wow!” but it will work. Most importantly it won’t harm your business.

However, I also have a secret name in a box. If you reject the “plain” name that I offer you upfront, you may choose the name in the box. But, wait, here’s the trick! In the box can be either of two names.  Name A is an absolutely fabulous, mindboggling “Wow!” name for your venture.  Name B on the other hand is a very inappropriate, “ouch!” name for you business. For our experiment’s sake you will have to use whatever you choose. Once taken you can’t discard.

What do you do? Take the appropriate, but uninspiring name and get off to a flying start? Or do you take the chance and choose the box – at least you have a fifty-fifty chance of getting a fabulous name for your business?

What you should do, is choose the appropriate if uninspiring name, because a name alone will not guarantee business success. A business is by far too complex for that. A bad name, however, may positively harm your business. I have seen some really bad names for businesses which the owners justified by saying that “they wanted to be different.”  Yes, we need to differentiate, but if we are too different your market will fail to make the connection between their needs and your offering! Many things will differentiate your brand. The onus is not on the name alone! When you come to a professional agency for name development, the greater part of the fee will be for preventing you choosing a name that will make you look foolish and harm your business!

Before you even begin to name you enterprise, make the right strategic decision. If, by luck or inspiration you do stumble on a “Wow!” name, good for you! You are lucky, but don’t over estimate the power of a name in business success!

Now we get to the tricks of naming a business or enterprise.

1. A personal name

If you are in the services industry, your first choice should always be your own name. Only when there are compelling reasons to the contrary (for instance: you are afraid if you fail, your name might be tarnished), should you choose anything else. Take your name in the real world, for instance Sue McGregor and add the description of your business, for instance “Sue McGregor Financial Advisors.”   Your biggest advantage in small businesses is you yourself; especially in services. Use your name to give personality and a face to your business. Personalise, personalise, personalise!

2. Combine two words to create a metaphor

Take two words and combine them to make a new word with a new meaning, “airbus,” for example.  A bus transports passengers in bulk on land. Combining the word bus with the word air creates a new meaning, bulk passenger transport by air.  You use a part of the meaning of one or both of the words.

3. Combine two units of meaning (morphemes) to create a new word

“Provita,” the name for the well-known health biscuits come from “pro” meaning “for, on behalf of” and “vita” life. This is very powerful.

4. Create an acronym from the first letters of a description

This is very popular way with technology companies.  “Intel” comes from “Integrated electronics.”  “Modem” comes from modulator emulator.  The important thing to remember is that the name must sound like a real word. This means that you should have vowels attached to consonants as in In and tel.  Don’t, don’t have only consonants such as BRD or RDF.  “IBM” only works because it first was Industrial and Business Machines, became well-known, and was then abbreviated. You are not IBM!

5. Take a part of what you do and use it to refer to the entire enterprise

“Staples” is only an (insignificant) item on the list of office supplies, but it is the name of a large supplier of all kinds of office supplies in the US. Windows is only the obvious visual part of the office software package.

6. Take a well-known word from one area of life and apply it to your enterprise

“Diesel” is the name of type of fuel, but it is applied to a well-know clothing brand. In this case the word carries emotional overtones of “rugged” and “working class.”  “Apple” is another example. The trick here is to choose words with emotional associations that will support your enterprise.

7. A totally new word that has not existed before

There is a strong case to be made that this may yet be the best of all options for a product or large enterprise. Examples are “Exxon,” “Sony” and “Kodak.

Finally your biggest no-no is to be generic.  You can’t be “Our Game Farm” or “The Pharmacy” or “My wine.” As an individual you don’t want to be known as “My father’s son.”  You want to have a name! The Internet has not changed this at all.  Remember, books.com got nowhere, but Amazon did!   Search.com got nowhere, but Google did!  It’s counter-intuitive but indisputable true!

Bertie du Plessis founded his successful consultancy firm, MindPilot, 17 years ago. He names several of South Africa’s blue chip corporations among his client list and has taught as a lecturer and guest lecturer in six different disciplines at tertiary institutions. His fin24.com blog is the most read business blog on the 24.com domain. Visit Bertie Du Plessis's website for more information.

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Online Marketing

The Best Conversion Rate Optimisation Tips To Help You Grow Your Business

Whether you’re the owner of a company, or an online blogger, knowing conversion rate optimisation techniques will help you immensely.

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Conversion rate optimisation, otherwise known as CRO, is a 21st-century way to turn visitors to your website or blog into followers of your information or customers of your product or service.

Therefore, whether you’re the owner of a company, or an online blogger, knowing conversion rate optimisation techniques will help you immensely.

What Is Conversion Rate Optimisation or CRO?

Internet marketing, or what some people call online marketing, is promoting your product or service on the Internet through the digital channels available. Driving traffic is to your website or blog is hard, but it’s something you need to do in order to sell your product or service, so the last thing you want is to leave money on the table.

Traditionally, from the traffic you drive to your blog or website, a percentage of that traffic will become your customers or followers.

CRO is conversion optimisation strategies that puts a focus on your blog or website to determine what small or big changes need to be made to convert as many of your visitors as possible.

It’s the classic case of not working harder, but smarter.

Changes such as a new headline, new sales copy, a different coloured CTA (Call-to-Action) button, and more, are tested for effectiveness. This helps you take out all the guesswork and make changes that are proven to convert more sales.

Techniques such as A/B testing, where you create two different landing pages and send the same amount of traffic to each, is one example.

At the end of the day, the version that receives the most conversion is the one you would choose. A site with significant traffic may successfully test over a shorter time. On the other hand, in order to get accurate data, a site with a smaller amount of traffic will likely need more time than a larger one for testing.

Related: Beginners Guide To Digital Marketing In South Africa

What Happens When You Convert More Visitors Into Customers?

It’s a no brainer, when you convert visitors into clients and customers, your sales increase, and that’s the number one goal of any company or business. CRO can help you grow your business by receiving the same amount of traffic that you’re currently receiving.

Technically that means that you can make more sales without having to spend more money on marketing.

That also means that you’re not focused on the number of traffic you pull in with a mind on percentages, but rather focused on making the most of the traffic you currently have which makes the most of your marketing efforts.

Not Utilising CRO Means You Are Leaving Money on The Table

money-on-tableLet’s say you’re a small company with a goal of R50,000 a month in revenue. Your job is to turn a percentage of your visitors into customers. Without the correct conversion rate optimisation strategies, you’re looking strictly at numbers. You find that 1,000 visitors turn into 50 customers with a revenue of R20,000, which is R30,000 away from your goal.

Without the correct CRO strategies in place, you would work to increase the number of visitors to your site. However, with CRO, you implement e-commerce CRO tips that result in those 1,000 visitors turning into 125 customers.  That brings you to your R50,000 goal.  Without performing conversion rate optimisation, you’ve left R30,000 on the table.

Now that you’ve reduced your cost per acquisition, or what you pay per sale or click or form submit, you can either invest more in advertising or just bank the profits. Now that you understand what conversion rate optimisation is all about, let’s have a look at some of the best strategies that can help you take your business to a whole new level.

20 Of The Best CRO Strategies

You can spend loads of money on a fancy website or blog, but if it isn’t converting correctly, you’re losing customers and sales. That’s why conversion rate optimisation is becoming the number one priority with websites and blogs in the 21st-century.

1. Create an Effective Headline

If you are trying to convert visitors into followers or customers from a specific post, then your headline is one of the most important elements. It’s not there for a hard sell; it’s there to draw your potential customers to your site so that they’ll check out your product or service.

Your headline must show people what benefit they will receive from using what you have to offer.

Keep changing up those headlines till you find a strategy that works.

Related: Beginners Guide To Digital Marketing In South Africa (PART 2)

2. Reduce Huge Blocks of Text with Bullet Points

The way you present the content on your website is crucial. Give a potential customer too much information, and they’ll leave your site with eyes glazed over. Any material you present should be not only easy to understand but short and to the point.  One of the best ways to do that is with bullet points.

Bullet points create an organised presentation that keeps potential customers interested.

3. Include Your Contact Information

Significant changes can be done to your website or blog to increase conversions, but so can small ones. Include your contact information on your site or blog. This shows that you’re accountable and don’t mind being contacted, which can lead to customer trust and eventually sales. Include your phone number, email address, and even your mailing address.

4. Replace Phony Stock Photos

Stock PhotosYou know what a phony stock photo looks like. It’s the kind that you purchase from stock photo sites, and they’re the kind that you often see at more than one website. These types of photos look phony, and they reduce your credibility. Replace fake-looking stock photos with professional, unique photos or good quality photos that you’ve taken.

For example, instead of using a stock photo model with a cheesy grin, use a picture of one of your employees.

5. Use a Pop-Up Form

One effective way to convert visitors into followers and subscribers is a pop-up form. When visitors come to your side, a form pops up that encourages them to leave their name and email address, or just their email address, to become a subscriber. When you have a list of subscribers, you can then turn them into customers through newsletters, emails, etc.

Related: Beginners Guide To Digital Marketing In South Africa (PART 3)

6. Eliminate Unneeded Form Fields

A website or blog that is not user-friendly when it comes to form fields may not translate to customer conversion. A form field is where your customers type in their information.  What is the bare minimum of customer information that you need? You ask for the name, but do you also need the company name, for example, or can you do without having a customer type that in?

7. Remove Automatic Image Sliders

Images that flash before your eyes automatically may look attractive, but automatic image sliders have been proven to create banner blindness and therefore, reduce conversion. Use static images instead.

8. Include Videos

Videos have proven to be effective in drawing visitors and turning them into customers. If your site sells fishing products, for example, include a video of an expert fisherman using one of your fishing poles. Make sure the video is no more than two to three minutes long and be sure to put one on your landing page.

9. Make Your Call-To-Action Button Pop

Here is another strategy that seems small but that may prove to be very effective. Alter your call-to-action or CTA button. For example, is it more efficient for your button to say “Download Now” rather than “Buy Now”?  Is it better for your CTA button to be a bright red rather than a navy blue? By testing changes to your call-to-action button, you can determine if such a change will be effective.

10. Limit Your Call-To-Actions

If you have one call-to-action button on your website, that’s a wise choice. Too many call-to-actions can confuse potential customers and turn them off from your site. Put your focus on one effective call-to-action.

11. Have You Included the Word “Free”?

If there’s one thing that people love, it’s free stuff. What can you offer potential customers that are free?

For example, let’s say you sell psychic readings. Offer your potential clients a 10-minute free reading and display the offer prominently on the front page of your site. Chances are you’ll get a lot of conversions for your niche. Once you’ve drawn in customers with the free deal, you can better bring them to your paid services.

Related: Beginners Guide To Digital Marketing In South Africa (PART 4)

12. Match Your Landing Page to Your Ad

When your ad matches your landing page, the colour co-ordination and organisation can translate to conversions. In addition to the colour, the copy you use on your ad should match, in some way, with your landing page. So, when you draw potential customers to your ad, you gently move them to your landing page with no sharp differences.

13. Incorporate Trust Seals on Your Checkout Page

If there’s one thing that draws customers to a product or service, it’s trust. Incorporating trust seals on your checkout page and other places on your website is an excellent way to show that you are legitimate and to increase conversions.

For example, if you are offering dental products, a seal from a trusted dental association helps with customer trust.

14. Convey a Sense of Urgency

When you are promoting a product or service letting your potential customers know that a particular price will end soon, or that a product or service will only be offered for a limited, time greatly helps with conversion.

For example, let’s say yours is a site that sells cookware and you’re providing a crock-pot at a temporarily discounted price.

You would display on your blog or website a photo of the crock pot, along with content and possibly a video, and you would show the price and when the price ends.

15. Give Them a Money-Back Guarantee

There will always be a percentage of customers who are on the fence about your product or service. So how do you get them over that hump and create a conversion?  One way is to offer a money-back guarantee and to display it where it can be seen.

Keep in mind that it’s good to put a time limit on the money-back guarantee to something like 30 days or 60 days.

Related: Beginners Guide To Digital Marketing In South Africa (PART 5)

16. Include Live Chats

live-chatsMany companies are adding live chat prominently on their websites to answer customer’s questions in real-time. This is an effective solution that can lead to conversions. It allows you to take care of all a client’s issues to lead them into a sale. Many companies utilise chat apps to help with this process.

17. Retarget Your Ads

There are large and small changes that can be made to your website to increase conversions, but changes to the way you’re handling your ads could be done as well. Retargeting customers, can help increase conversions period.

When visitors come to your site, you create a customised targeted ad to get to them as soon as they leave.

If a visitor has come to your cosmetic store looking for an eye shadow, when they leave your site you target them with an ad for a different eye shadow in your line. The goal is to keep a visitor engaged with your product or service while staying top of mind.

18. Give Them Free Shipping

Shipping costs for a product can often make or break a sale. So, if there’s one thing that can contribute to conversion, it’s free shipping. Let your customers know that shipping is not a cost that they have to concern themselves with.

If free shipping seems unaffordable for your company, work with ways to cover shipping costs with your product prices.

19. Include Real Testimonials With Photos

One of the best ways to instill confidence in your product or service is with real testimonials. Have customers write testimonials of 50 to 100 words about your product or service and include a photo of the customers next to their testimonials. Include their full name with their picture.

Related: Beginners Guide To Digital Marketing In South Africa (PART 6)

20. Get Customers to Share Their Purchases on Social Media

These days, almost all of your clients are likely to be on at least one social media site. Encourage them to share the purchases they’ve made of your products on social media, such as Instagram.

Every time a customer buys one of your products or your services, automatically give them an opportunity to share and talk about what they’ve bought with a user-friendly share process included on your site.

The sooner you work on conversion rate optimisation tips on your blog or website, the sooner you’ll be bringing in customers in the most efficient way.

Customers translate to profits and profits translate to a successful company or business. CRO takes time, but with patience, your website or blog will see vast improvement in conversions.

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How To Make Speedy Decisions As A Leader

Whom of us has not been held prisoner by our own devices of procrastination and fear? Whom has not used delaying tactics purely to play for time only to learn the true practical meaning of Shakespeares words: “I wasted time and now time doth waste me”?

Dirk Coetsee

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“Trusting one another, however can never mean trusting with the lip and mistrusting in the heart.” – Mahatma Gandhi


“Self-trust is the first secret of success” – Ralph Waldo Emmerson

Whom of us has not been held prisoner by our own devices of procrastination and fear? Whom has not used delaying tactics purely to play for time only to learn the true practical meaning of Shakespeares words: “I wasted time and now time doth waste me”?

Rapid decision-making

Harvard research has identified amongst other key traits of the most successful CEOs’ of Fortune 500 companies the ability to make decisions quickly and act on them at a rapid speed albeit with the inherent acknowledgement that they might get it wrong forty percent of the time.

Related: 7 Strategies For Development As An Entrepreneur

Why is speedy decision making and a rapid pace of execution so critical? Top leaders know that making quick decisions combined with swift execution creates a much better chance of success as opposed to very slow and bureaucratic verdicts underpinned by little or no action.

When there is a high level of distrust amongst the stakeholders in any entrepreneurial venture literally everything slows down as negative arguments ensue and takes up an enormous amount of precious time. Forced action underpinned by distrust loses quality and speed and can potentially bring a business to its knees.

“The speed of trust” is therefore an extremely valuable principle that all Leaders should live by, that is if they wish to serve a higher purpose than themselves and others. Those Leaders whom have developed a high level of self-trust and have earned the trust of their team members have put themselves in the very advantageous position of being empowered to move towards their vision at a rapid pace through quickfire decisions positively multiplied by confident and competent execution.

“The speed of trust” does not mean that decisions are made without careful consideration and stakeholder input putting the level of quality of execution at imminent risk. It simply means that the decision-making process is quicker than most as mistrust does not cast unnecessary shadows of doubt over the intentions and ambitions of all the stakeholders.

A Leader or Leaders whom has fostered self-trust within themselves will not go through lengthy spells of procrastination that those whom lack self -awareness and suffer from severe self- doubt has to go through.

How do I execute at the speed of trust?

How do I practically bring the principle of the “speed of trust” to fruition within my business? Firstly, ensure that this critical principal is applied throughout all business processes which starts with hiring trustworthy people and by working those out of the business whom cannot be trusted.  Secondly, as  a Leader your actions and words echo throughout every aspect of the business therefore do what you say you are going to do. Admit to your mistakes and fix them.

Thirdly be authentic in your pursuit of the vision of your business. One of the possible ways to achieve that is by being a visible and living example of the business values that you advocate as a leader.

Related: Sales Leadership: The New Frontier

Lastly in order for you to be trusted as a leader you must first show trust in others. Trust others by giving them more responsibility and verbalise your high level of trust in your team members. Passionately speak about this principle and its positive fruits at every opportunity. Make the practical display of this principle by employees or any other stakeholders known to all stakeholders and be lavish with your praise when anyone is willing to earn the trust of other team members.

A very good example of this principle in action was embodied by the Supreme Russian commander, Alexander Vasilyevich Suvorov whom never lost a battle and was respected by both his men and his enemies. He earned the trust of his men by being amongst them as often as he could, by sharing their hardships and by offering them the most authentic and quality military training known to man within that period of history.

Suvorov was a humble student of warfare and documented every detail of his learning experiences which included setbacks that he faced. He observed the morale of his men first hand and ensured that he inspired them not only through his inspiring speeches but by being a living example of discipline and bravery.

I will leave the reader with an important question to ponder, one that has echoed throughout history: Do you trust enough to be trusted?

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Leading

What Kind Of Leader Are You?

Your effectiveness in scaling your business starts with the kind of leader you are. Here’s how you can build yourself up into a leader others will follow.

Nicholas Haralambous

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When you are in start-up mode it’s tough to take a step back and think about the kind of leader you are or want to be. Most of the time you’re fighting to keep your business alive, never mind think about how you lead.

This is especially challenging when it’s faster and more efficient to just step up and do things yourself. It’s easier for you to make the decisions, do the work, check the work, follow up on the work, etc. However, it’s this situation that prevents young companies from scaling to the next level.

Ask More Questions

I work really hard every day to be quieter. Sometimes I succeed and sometimes I fail so dismally that I actually do more damage than good. You see, I like to talk. I like to hear other people talk and I like to bash around ideas until they become something bigger, something better and something that can move from idea into action.

Related: Your Leadership Journey Starts Now… And Go!

Coupled with liking to talk, I also like being right. Who doesn’t? Add onto these two things the fact that I like to read and research and then throw in a teeny bit of ego or pride and it’s a recipe for leadership disaster.

If I am the most well-read, loudest and most opinionated person in a meeting then all that happens is that I end up pitching an idea, getting everyone to agree with this idea and then assigning the work on the idea to become a reality. Basically, I am working with, for and amongst myself. It’s an echo chamber that leads to bad ideas surviving and an unhappy team leaving.

The Collective Is More Intelligent Than the Individual

As a leader and founder, you probably feel like you are the person with the best understanding of the problem you are trying to solve and the best person to solve the problem. This can lead to a dictatorial approach to leadership, team inclusion and problem solving. You have an idea, you tell your team and they do what you tell them.

If this is how you do it then I have to ask you a simple question: Why did you hire smart people? Just so you could tell them what to do? If that’s the case rather hire capable but cheap people, not the best.

Your best people are there to help you scale your business beyond your own thinking and time. There are a set amount of hours in the day. There are only so many emails you can answer in your day.

A good example in my business is customer support. We pride ourselves in our impeccable customer service online and offline. I can’t physically answer every question posed by customers but I can hire incredible colleagues, entrust them with my vision and views on our customers and then trust them to go out and use their good judgement.

Work With The Best

Here’s the kicker to being a good leader: You need to work with the best people.

This is not something I say as a passing statement. I want you to stop reading right now and think about the ten people you interact with at your company every day. Are they the best people you could be working with? If not, why not? How do you find the best people and bring them into your business? Go and do that.

Related: You’re The Boss, So Be The Boss

It’s important to work with the best for two very simple reasons.

Working with the best people pushes you to be better. If you are literally the smartest person in the room in every aspect of your business it means that you are surrounded by subpar players and you are not learning anything. The people around you are meant to educate you and push your business into places you didn’t even know were there.

Second, working with the best people attracts other incredible people. If you have a business full of average team members, can you guess what kind of people they pull towards your business? More average or less than average people. Why? Because average people don’t want to be surrounded by incredible people. If they are, they look worse and not better.

It’s incredibly difficult to be a good leader all of the time. In fact, it’s close to impossible. What you can do is try to be a leader who communicates, learns and grows with your team in an open manner.

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