Office Hours: Valuing Etsy’s Stock, Tips for Naming Your Business, and How to Ask for a Promotion or Raise at Work

Naming Strategies

Naming a business is fraught with challenges, as Scott Galloway explains, due to the scarcity of available names and the need for market relevance. He suggests crowdsourcing as a viable strategy, leveraging platforms to gather a wide array of ideas from the public. This approach, while potentially frustrating, can yield creative solutions and ensure legal availability of the name.

There are things you can do on Twitter, and there are market research platforms where you go out and ask people to come up with a name.

--- Scott Galloway

Despite the difficulties, Scott encourages persistence and creativity in the naming process 1.

   

Personal Stories

Scott shares his personal experiences with naming businesses, highlighting both successes and missteps. He recounts the story of his company, Aardvark, chosen for its alphabetical advantage in AOL's marketplace, and the rebranding of 911 Gifts to Red Envelope, inspired by cultural heritage. These anecdotes underscore the importance of authenticity and strategic thinking in branding.

People can smell authenticity and heritage. So we went with a red envelope, I think kind of not I. We kind of nailed it there.

--- Scott Galloway

Scott's journey illustrates the complex interplay between creativity and practicality in business naming 2.

   

Naming Artistry

The art of naming a business involves balancing creativity with practicality, as Scott emphasizes. He advises ensuring names are easy to spell, recognize, and ideally, have an available URL. Despite the challenges, Scott's experiences reveal that a well-chosen name can significantly enhance a brand's identity and market position.

Naming is, I think, the most difficult part of branding because everything's taken and you're right.

--- Scott Galloway

His insights offer valuable guidance for entrepreneurs navigating the complex landscape of business branding 2 3.