Updates On My $1.2M/Year Naming And Branding Agency Over The Past Year
This is a follow up story for Tungsten Branding. If you're interested in reading how they got started, published almost 3 years ago, check it out here.
Hello again! Remind us who you are and what business you started.
Hello, my name is Phil Davis, a lifelong “namer” (yes, there is such a job) and founder of Tungsten Branding, a company naming and branding agency, based in western North Carolina. My firm creates “identities” for businesses, products, and services worldwide.
This is the link to my original Starter Story interview.
My biggest lesson from the past year is one I keep re-learning every few years.
Between myself and my talented crew, we’ve named everything from industrial waste bags and water heaters to consumer coffee syrups and thermal lasers - over 500 companies, products, and services globally. We named it the largest hotel in our region and even the local city festival. Of all our naming projects, I’m probably best known for naming PODS - Portable On Demand Storage.
Why naming?
Brand identity is a multi-billion dollar market, filling the need for “ownable” names for both multinational corporations as well as emerging new businesses. The added complexities of trademark clearance, social media handles, and domain availability have increased the need for professional brand name development.
In short, naming a company, product or service is no easy task these days! Having creative ideas is only the beginning. To be successful requires a proven process, consensus building, lots of due diligence, a dose of patience, and a touch of luck.
Tell us about what you’ve been up to. Has the business been growing?
We’re fortunate to work on the front-end brand development of many leading-edge technologies. We recently named a commercial-grade drone (the Seeker) as well as the parent company (Commaris.)
We’ve also seen growth in the fintech space as companies look to modernize their traditional or outmoded brands. An example from this year is the rebrand of Charlotte Metro Credit Union, a regional financial services provider that merged with Premier Federal Credit Union. The result?
Skyla!
These types of fun, inventive names reflect a desire for fresher business personas that appeal to younger, tech-savvy audiences.
The trend is not just in tech, however, as companies in sectors such as cosmetics and fashion look to keep current. A beach volleyball lifestyle brand came to us this past year looking to rebrand. We used a touch of alliteration to create the new name… VidaVibe.
Last but not least, our “pet project” in the portable container industry is getting some nationwide attention. I was asked by Pete Warhurst, the founder of PODS, to create a brand name for a new type of portable storage system he had created.
We named it Red Rover, and christened the category “Fetchable Storage,” based on the fact that the consumer can retrieve the storage truck themselves. The concept has caught on and the company is now franchising nationwide.
Sometimes what seems like competition can be a great partnership.
On the business front, we continue to build and acquire “brandable domain names” in anticipation of future name development projects. This past year we hit a significant milestone of 10,000 domain names in inventory for use in future projects.
Also on the domain side of the business, we’ve noticed a trend towards other TLDs (top-level domain extensions) such as .co, .ai, and .io. This allows some companies to acquire better matching domain names, even some English words.
Our lead generation strategy has also changed in the past year. We have pivoted from a pure incoming, digital, SEO lead flow to an active outreach program. Call it kicking-it-old-school, but nothing beats reaching out to other marketing agencies and forming partnerships where our strengths complement each other.
How We Did It:
- Task each member of the team to make 50 contacts with potential agency partners
- Set up weekly internal meetings (15 minutes max) for reporting and accountability
- Track progress on Monday, our project management program
- Develop a collateral capabilities piece to explain the referral fee program
- Reach out via email, LinkedIn, membership groups, etc. for quick calls, coffee, or lunch
- Work on being effective vs. being efficient, it’s outreach so reach out
- Have fun!
We set up a commission structure for other agencies that refer to us but found that most firms are more than willing to send clients to us in return for us referring web design, collateral design, and media buying services their way.
Sometimes what seems like competition can be a great partnership. After all, we’re pretty much all in the same boat. This initiative has been very well received and we’re already seeing results. Two of our latest projects came for the “dreaded” cold call, meet-up, be-a-human networking initiative.
What have been your biggest challenges in the last year?
The biggest challenge this past year is one we all face in business, the headwinds of the macroeconomy. We had a very slow period from about mid-summer through late fall, which impacted revenue.
That’s when you have to take a look at your sales model and make adjustments. And that’s what led to our new partnership program, tasking each staff member to meet with other agencies to identify where we differ in focus and how we can work collectively to pitch new business.
We are now working on several projects in tandem with other marketing firms where we spearhead the brand development or naming portion and then hand the brand implementation to them. The proverbial win-win.
What have been your biggest lessons learned in the last year?
The biggest lesson from the past year is one I keep re-learning every few years. The notion of “competition” can be both a motivator and an isolator. If you look at the world as a race for limited resources, it can get pretty draining pretty fast.
But with a more cooperative mindset and a view that no one is “withholding,” it’s possible to foster all types of novel relationships that are mutually beneficial. And since we’re in the identity business, this allows us to pivot from being this fixed, rigid set of things we do to being open and flexible to new opportunities.
For example, rather than saying we only create brand names, we’ve recognized a deeper desire among clients to get their stories straight. Sometimes their company name isn’t their main pain point, but rather their inability to articulate a central theme or message.
So we now offer a different kind of brand development where we also help clients figure out their “position” or overall theme. Once we identify that core message, we then develop their marketing language/lexicon and other parts of their story. It’s proved to be very popular.
What’s in the plans for the upcoming year, and the next 5 years?
Funny that this is called Starter Story when I’m more in the Finisher Story part of the business cycle. But sharing this is probably a good perspective for startup entrepreneurs as well. What is the end game? What are we all working for?
Having started and run two successful marketing companies, my energy has shifted now to mentoring and developing the next generation of marketers. Throughout my career, I have had one goal and that was to create environments where people thrive. That includes both my clients and my own company.
Over the next couple of years, I plan to pull back on the day-to-day operations and focus on writing consulting, and staff development. I have a couple of passion projects in mind as well.
What’s the best thing you read in the last year?
Most of my reading is related to client projects, so I can’t identify any particular text that tops my list this year, but I have collected a very eclectic knowledge base (e.g. turfgrass harvesting and laser fat removal.) I’m hoping it might pay off at Team Trivia someday.
I have made it a goal this past year to perfect my half fluency in Spanish and am currently on a 141-day streak on the Duo app. (Duo es un búho malvado y un dolor en el culo.)
Advice for other entrepreneurs who might be struggling to grow their businesses?
Pace yourself. It’s easy to get caught up in the grind so build things into your life that keep you centered, grounded, and human. Relationships are the most important thing in life so don’t blow them in pursuit of vain glory.
As an entrepreneur, I tend to perseverate. It’s a great word, if you don’t know it, look it up. That tendency to hyperfocus can be both a positive and negative thing. If you share that 'proclivity' just be aware of it, use it to your advantage but don’t let it get the best of you.
I heard something years ago that stuck with me. It went something like this… Most people rely on their strengths until their strength eventually becomes their weakness.
That’s an interesting observation and one that I now keep in mind. If you are a hammer, everything looks like a nail. In reality, there’s an entire toolset available in the form of the people around us.
Are you looking to hire for certain positions right now?
While we are good for now with full-time staff, we are continually looking to expand our network of experienced freelancers, both designers and namers.
Where can we go to learn more?
If you have any questions or comments, drop a comment below!
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