Question

Topic: Taglines/Names

Name For Financial Business - Cute Vs Boring

Posted by megan on 4/20/2011 at 7:20 AM ET 55 Points
My husband and I are establishing a new financial planning business and are struggling with a name. The financial industry has a lot of name stereotypes and we are trying to steer clear of the boring ones but understand it's a fine line between savvy and captivating and cutesy.

We are a young couple and are target audience will be from about 30 - 50. We aren't targeting HNW or people with money to burn. We want to add value to your average joes and people starting out who are willing to take the time to take a look at their finances and learn what they never knew. We enjoy opening the eyes of clients and setting then on a new track that can change their lives. We also want our clients to come to us for all their financial questions. We want to be their go to guys in the world of finance. Generally, our advice to clients is in the areas of investment, insurance, debt management, superannuation/retirement planning, estate planning, budgeting & cash flow.

We think our youth can be an advantage and want to promote the idea of us having fresh ideas and concepts, rather than the usual 'ho-hum' approach that leaves clients confused. We also think we add a lot of value through educating our clients and explaining things in easy to understand language; we demystify the financial world for our clients. We also want to promote a very warm and friendly image, modern and maybe edgy, without sacrificing the important aspects of professionalism, stability and trust.

We have two names in mind but would really welcome other thoughts.

PlanSmith Financial Services (or Planners) - Smith is our last name and Plan is a play on the 'Planners' part of our profession. My concerns are that it probably means nothing to the clients. But does this matter? Can that all be solved by an effective tag line?

Firefly Financial Services (or Planners) - The idea around this is that we illuminate concepts and shed light on finances or our clients. I also like the idea of the warmth of the image and the fact that firefly creates an immediate 'image' in the client's mind. But is this too cute and would it actually convey what we want it to?

I'm going mad and am torn....please help! Thank you in advance :-)
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RESPONSES

  • Posted by Jay Hamilton-Roth on 4/20/2011 at 10:37 AM Accepted
    Most of your clients aren't looking to be educated. They're looking to simply have more money when they need it. That's why many financial business names sound "boring" - they connote "safety" and "trust" - which is exactly what their clients are looking for. If you're targeting "average Joes" then pick a name that resonates with them. Maybe it's time to create a focus group of your target audience (or at least interview a number of them) to ensure you get the "right name"?
  • Posted on 4/20/2011 at 11:29 AM Accepted
    As Jay properly points out, picking the right name is really important -- especially in your business. You want a name that will communicate the right message to your target audience. That's why you should approach the naming process in the same professional manner you would use for financial planning for your clients.

    That means listening to what words your target audience uses when they discuss their feelings toward, and decision-making processes when it comes to, financial planning.

    If you have not conducted a professionally-run focus group or a carefully scripted series of one-on-one interviews, that's a good place to start. It will give you all sorts of insights that will prove useful in establishing your business -- including the right naming approach.

    You are too close to your business to be objective about the name that will work best. And while we are professionals when it comes to marketing, we are not going to be able to name your business unless/until we understand your primary target audience, what makes them tick, how they view financial planning, how they decide on whether to use a financial planner (or not), and what words they use when discussing the subject.

    If you need help with this, it's probably worth paying a market research professional for a few hours of their time -- even if you conduct the actual interviews yourselves. And if you need a recommendation, let me know via email. Just use the contact info in my profile.

    And FWIW (not much, I'm afraid) I don't think either of your naming candidates makes the cut for communicating your intended message.
  • Posted by megan on 4/20/2011 at 7:40 PM Author
    Hmmmm thanks for your input guys.

    @PhilGrisolia4Results, I appreciate what you are saying about dependable etc but to be honest, those are exactly the kind of words we want to move away from. I think you are spot on about PlanSmith not meaning anything. Exactly what I was worried about. And I appreciate your opinion on the firefly aspect. (ps - we're Australian so the whole legal stuff is very different over here).

    @Jay Hamilton-Roth, having done market research with some of our clients, financial education was actually very high scoring. Understanding their financial and tax structures, taking advantage of opportunities they may have missed if they weren't aware etc. We do little in the way of investing and it has never been a focus. Safety etc doesn't come into it as much. I believe you are correct in saying we need to do more market research. Thanks so much for your opinion.

    @mgoodman - you've basically summed it all up. We are too close to the business to look at it objectively it seems.

    Once again - thanks all for your input!

  • Posted by megan on 4/28/2011 at 10:29 PM Author
    Thanks everyone for your responses. We've already started on our focus group and can't wait to see what people want!
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