RHS 006 - How to Name Your Business with Jeremy Miller

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Speaker 7 In today's episode, I'm going to introduce you to Jeremy Miller, an author, speaker, consultant, and the founder of Sticky Branding.

Speaker 3 And Jeremy has a new book out.

Speaker 9 We're going to talk all about that. But ultimately,

Speaker 3 I love the way Jeremy approaches branding and in particular, naming. And we go through a thought exercise on how to name a business or when to rename a business.
It's incredibly valuable stuff.

Speaker 3 You're going to love this episode.

Speaker 10 Let's go.

Speaker 11 So basically, the long story short is I

Speaker 11 was the CMO of an insurance technology company. I had been in that space for about six years.

Speaker 11 Previous to that, I had been in the marketing space doing a lot of stuff, content marketing, you know, all that kind of stuff. And then I became kind of on the brand side, building an insurance brand.

Speaker 11 And then then about seven months ago, I got offered the opportunity to become a partner and actually have the position of CEO in a fitness concept, Metabolic.

Speaker 11 And so that's what I'm doing now.

Speaker 4 That's awesome. So you're taking all the marketing to teach other people and apply it to yourself.

Speaker 11 Yeah, yeah. So I actually kind of have to put my money where my mouth is.
Let's see if all that bullshit that I said for all those years

Speaker 11 actually works or not.

Speaker 4 We'll see. And so is Train Metabolic like a branded version or a more focused version of what's happening in the CrossFit community?

Speaker 11 Yeah, so it's

Speaker 11 it's it's a it's its own boutique fitness concept. So metabolic training is a style of training.
It's not incredibly widespread.

Speaker 11 It gets used kind of ubiquitous with a lot of other training philosophies that aren't similar, but in a nutshell, it's strength training at a pace.

Speaker 11 So it's doing load-based exercises, but doing them in rapid succession. And it's able, you're able to get all the same impacts on your body as

Speaker 11 running on a treadmill or something like that, with the advantage of also building lean muscle at the same time. So

Speaker 11 it's sustainable and fun and fits in a busy work schedule and it's also hard. And

Speaker 11 I've been working as a client or was a client at this business for about five years. So when I had the opportunity to come in and help them grow nationally, it was like a no-brainer for me.

Speaker 4 How are you, how is your methodology different from, say, a CrossFit water class?

Speaker 11 Yeah. So they are,

Speaker 11 so from a business standpoint, they license their agreements.

Speaker 4 I can see from a biz perspective, I think what you're doing is fucking amazing. I have a client who's a CrossFit gym owner.
They probably got the largest CrossFit gym in the Toronto area. Yeah.

Speaker 4 But they're fucked. Every time they turn around, they can't,

Speaker 4 like some, a trainer leaves and starts their own gym. There's no, you can't have a non-compete in there.
And, and so the barriers to scale

Speaker 4 is just insurmountable. So, his business model is terrible because of his relationship to Glassman and those guys.

Speaker 11 Yeah. So, so, what we're doing is, we are, so, what we found is that first year of franchise business and a fitness concept, there are so many landmines, it becomes

Speaker 11 partially a barrier entry for new people because they've watched so many issues with the last seven years.

Speaker 11 And then, the other part of it is brand quality and quality of product are so incredibly important.

Speaker 11 And the way our business is set up, where Orange Theory, F45, Red Effect, Insert, new fitness concept,

Speaker 11 all of them are drinking the technology Kool-Aid and going more and more towards a fitness concept that does not involve real human trainers or the trainers are marginalized.

Speaker 11 I'm going to stand in front of a screen. That screen's going to tell me to do bicep curls.
That's what I'm going to do. I'm going to move to the next screen.
We are the exact opposite.

Speaker 11 We have almost no technology in our business besides a sound system and a timing system. It is all about the human trainer.

Speaker 11 So one of our core philosophies is turning personal training from a job into a career. So we salary our people.
We pay them very well.

Speaker 11 And

Speaker 11 as we expand,

Speaker 11 our business. Our business model is we're going to start new locations as corporate locations, run them from one to three years.

Speaker 11 And then somewhere in that that three to five year range, we're going to look to sell that operating, profitable, existing business to the personal trainer, to the studio manager of that business.

Speaker 11 So, it essentially gives a personal trainer the ability to start as an entry-level person, work their way up to assistant manager, become a studio manager, and then ultimately give them a path to owning that particular location if that's what they want out of their life.

Speaker 11 But a studio manager in a full gym at Metabolic makes six figures. So, it's so it's like you know, one of the reasons why we, we don't

Speaker 11 losing trainers is a big deal, but we haven't lost a studio manager in three years because they make, it's a career. It's not, they're not getting jerked around.
They have health benefits.

Speaker 11 They have a 401k. They, it's a real career for them.
And

Speaker 11 I think that changes the, the, the whole model of the business.

Speaker 4 I love it.

Speaker 4 I love what you're doing, how you framed it. A good friend of mine,

Speaker 4 she

Speaker 4 ran a daycare franchise and very similar kind of concept where they would basically run it as

Speaker 4 a corporate shop until they got a manager up to a certain level and then they would empower them to become franchise owners.

Speaker 4 And they grew that business up to about 80 million.

Speaker 4 And they ran it, what was where she made a boat ton of money, though, was every time they went, it was like McDonald's, every time they could buy a building or buy a property, they ran that on top of it.

Speaker 4 And so

Speaker 4 they had two companies. They had the Opco, which was running

Speaker 4 the daycares, and that was just all cash business. And then they had the property building, and they sold out to an Australian firm, and now she's living beach life.

Speaker 11 That's the dream, right? Is

Speaker 11 I'm Skyping you from my yacht in the future.

Speaker 11 That's the dream. But we're a few years away from that.

Speaker 11 So yes, that is that's the method is if you can get into the real estate side or even the financing side um there's there's a lot there so we'll see i also like the fact that

Speaker 11 the product actually works that's always fun you know selling insurance is cool except everyone hates you at the same time yeah no one wants to pay for something that hopefully never happens yes yeah you can't take insta bangers of insurance policies you know what i mean that doesn't really work too well so the uh the marketing of the product is definitely tough

Speaker 11 But yeah, so we didn't come here to talk about metabolic, though.

Speaker 4 I'm just really curious. And I'm happy for you.
Because as I said, I've been following you for years, going back to your,

Speaker 4 before sticky branding, my book came out, the first one. And so just watching the journey, because you were,

Speaker 4 like I go back.

Speaker 4 to that period and that was you were pioneering a lot of or at least pioneering in terms of vocalizing what you were doing in social and i thought that was fascinating how you were taking that to a b2b place so it was always fun watching i think i got if i go back to my blog back in the days there's got to be like ryan hanley quotes from oh geez you know it's funny i i actually i was being um i i was on the other side i was in your seat about an hour ago i was being interviewed for eric fisher's podcast he works for social media examiner yeah and he was asking me about kind of these different stages.

Speaker 11 This is actually my third podcast I've done and different stuff.

Speaker 11 It's been interesting, man, because like I keep having to reinvent myself. You know what I mean?

Speaker 11 I was like marketing and sales guy, and then I became, you know, kind of the CMO of that insurance brand. And I had to kind of take it to the streets, B2B, kind of

Speaker 11 put it all into practice in that world and kind of re-engage. And now I'm out of the insurance world completely, kind of.

Speaker 11 focus more on topics around leadership and peak performance and then marketing as well and how all that fits in. So it's, it's, it's an interesting, life is is interesting how it works out.

Speaker 4 But uh, it's the entrepreneurial journey, isn't it?

Speaker 11 Right, right. That's the game.
So, um, all right, so let's, I want to get into, um, I want to actually talk about what you have going on. And

Speaker 11 I'll do a whole intro for you so we don't have to do all that. Sure.

Speaker 11 I guess basically how I want to get into this conversation with you is I am horrible at naming things. Horrible.

Speaker 11 When I say horrible, I mean maybe I'm not as bad as I think, but in my brain, I am terrible.

Speaker 4 Like the name of this show is the Ryan Hanley show.

Speaker 11 I had a vlog that was some variation of that. Like, like, I just like, whenever I come up against naming something, I am awful at it.

Speaker 11 And, you know, I got, I got into your book and I just said to myself, like, I mean, obviously I love what you're talking about.

Speaker 4 But

Speaker 11 I guess, how do you, I guess my first question is like,

Speaker 11 is, are there bad names names of things? Like, can you have a bad name? And, and

Speaker 11 how do you make sure, like, like, just, how do you get past that initial fear of whatever I call this thing, it's going to, it's going to be terrible?

Speaker 4 Like, how do I just not, I don't know.

Speaker 11 That's, that's like, I just, I hate naming things.

Speaker 4 We all do, though. It's, it's hard, shitty work.
And every time you think you're, uh, you've found a good name, uh, you find out someone else has taken it.

Speaker 4 And that's really the reality that we're facing is not only do do I have to have good ideas, we have to find available names. So, you've got a bunch of questions packed into one.

Speaker 4 And the basic thing I'd first say is, I don't think there actually is such a thing as a bad name. I think you can have a bad strategy.

Speaker 4 So, if you're running, say, a seniors' living center and you're going to call it Purple Taco, I'm probably going to tell you that's not the right name for your brand.

Speaker 4 But if you look at what you do today with Train Metabolic, well, that's a really interesting descriptive name of the gym, the mindset, the the the whole uh kind of training you're going to be doing and so it gets you into that moment of that's interesting tell me more so i think what we're first and foremost looking for is what is a name that fits the strategy and and so what is your strategy would be the starting point of everything of what are you naming What does it have to do?

Speaker 4 How does it have to function? Who's going to use it? How does it require to stand out in the marketplace?

Speaker 4 And once you know what you're trying to do then then that's really where needing a process kicks in and I think I've been like you I have approached naming without process without a roadmap and can burn hundreds of hours just trying to come up with an idea and not find one that I like and so I think the key to good naming is good process Does the name have to be a thing?

Speaker 11 Like, does it have to even exist? I mean, I think the most, the example everyone throws up is like Google, right? Like they just, you just make up a word, It sounds good.

Speaker 11 Like Google's, I guess, biggest little competitor or littlest big competitor is Duck DuckGo, which seemingly is an odd name for a search engine. Feels very like 1999, 2000-y

Speaker 11 internet boom time name for something.

Speaker 11 Like, how do you compare those two? And how do you, like, how do you, I guess I just don't know where to start in terms of

Speaker 11 this show is, is really, uh, doesn't have a specific topic outside of I want to talk to interesting people doing interesting things, learn more about them and share it with an audience.

Speaker 11 So I guess using my name seemed to fit. Plus, I have a little bit of an ego and seeing my name in lights feels good.

Speaker 11 But if I were trying to put a name on this show,

Speaker 4 you know,

Speaker 11 I think of Moz. I think, I just think of these things that feel like someone just like threw items up against the wall, listened for sounds, and they're like, that sounds like a good name.

Speaker 11 Like, let's see if we can figure out how to put that in the words. Wistia is another one, right? They just, it's a made-up word that they just liked.

Speaker 11 Is that,

Speaker 11 you know, how do you go, how do you think about that strategy? Like, where do you actually start into this process versus, should I use my name? Should I just use a descriptor?

Speaker 11 Should I just start, go to godaddy.com and start looking for URLs that work?

Speaker 4 Like,

Speaker 4 well, let me take a step back. So I'm a serial entrepreneur.

Speaker 4 I've been doing this now for over 15 years and not only naming my own businesses and products and services, I've helped lots of companies go through this. And

Speaker 4 what I have found through this journey is that having that strategy is really important, but then it comes down to that process.

Speaker 4 And there's a few things that we can unpack in what you're talking about there, Ryan. Now, for me, not having process was really frustrating.

Speaker 4 And so I actually wrote a book on it called Brand New Name, and it's coming out this October.

Speaker 4 And what it is, it's a graphic design branding book that shows you how to name or rename anything and you don't need an agency you don't need a ton of time it's a it's a process that takes two to four weeks to to do so we unpack this a little let's first and foremost talk about what you're asking in terms of types of names because I think that's really important so in the book what I talk about is there's three categories of names you can have a descriptive name it says what the the product or service is so think of big ass fans so they're those giant fans you see in a gym or a warehouse and it says it what it is but it's an evocative name like this through the word ass into their their name and a logo is the picture of a donkey backwards so it's it's a fun interesting descriptive name or uh trip advisor is another example like these are the the name gives you a sense of what you're buying you can have a suggestive name twitter Slack.

Speaker 4 Those are

Speaker 4 giving you an indication of what the brand is like. It gives you, it's a suggestive name.
And the third is an abstract word.

Speaker 4 This is where you have the Google, the Hulu, the invented words like Kodak and Verizon. Now, all three types of categories work.
I think you can decide what fits.

Speaker 4 So, one of the challenges I often get people to do at the start of a naming project is to go and create a list of all your competitors, both direct and indirect, and slot them in.

Speaker 4 Who's using descriptive names? Who's using suggestive names? Who's using abstract or invented names? And get a lay of the land.

Speaker 4 Because what you're really looking for is not should we have a descriptive name or an abstract name we're actually asking the question what's it going to take to stand out so

Speaker 4 you might find that

Speaker 4 that if everyone in your industry is using an acronym or an invented word then maybe actually being really blunt and saying what you do is a better strategy and so

Speaker 4 understanding what types of names are is a very valuable way to give you a little bit of centering so that you can move forward as you start the creative process.

Speaker 11 I guess one of the things that I've always gotten hung up on is, and this is actually,

Speaker 11 it was in big bold letters in your book.

Speaker 11 It said, successful businesses create successful brands. And

Speaker 11 I guess when I'm thinking about names, I tend to think like, does the name really matter?

Speaker 11 If my business, if all these companies have these ridiculous words that have just become, they've become cool because the business is really cool,

Speaker 11 does the name actually matter? Or does, should I just come up with the first thing that feels good, that has a URL and then go focus on my business? Or should I take this time?

Speaker 11 I mean, obviously I'm probably setting you up with the answer here, but like, how much time should I take in coming up with a name?

Speaker 11 Because, you know, for a guy like me who's incredibly impatient, like two to four weeks to come up with a name feels like an eternity.

Speaker 4 okay how long would you spend or actually how long did you spend creating the the train metabolic website

Speaker 11 the website itself probably took a month to uh build out the website okay and any planning and pre was that what including planning and content creation or is the whole cycle

Speaker 11 um hold on one sec man someone just walked in the room

Speaker 11 It just walks right in.

Speaker 4 That's what happens. It's an office.

Speaker 11 Got to love co-working.

Speaker 4 All right.

Speaker 11 So,

Speaker 11 all right. So I will answer your question around how long the website took again so we can research.
Yeah, yeah.

Speaker 11 I didn't know what was going on.

Speaker 11 All right.

Speaker 11 So it took us about a month to build out the train metabolic website.

Speaker 4 Perfect. How long do you think a website lasts, though? Like, what do you think the shelf life of this website is?

Speaker 11 Probably these days, no longer than two years.

Speaker 4 I think that's the point. That

Speaker 4 we look at marketing assets like websites, brochures, any kind of SEO campaign, and they can take months to create. And sometimes they're fast.
Like a month for a website build is incredibly fast.

Speaker 4 Oftentimes, it takes about 90 days to take those types of projects. But they have a shelf life of two to three years.

Speaker 4 your name lasts pretty much forever it's the longest living artifact of any business and the fact that we just kind of half ass it and throw it away is really kind of shocking considering it's going to outlive the logo it's going to outlive the website it's probably going to outlive the fundamental business model you think of colgate it's probably what 120 130 years old now uh coca-cola and ford they're the same type of thing

Speaker 4 So this is probably one of the most important businesses decisions you'll have just for the simple longevity of the name. And you're absolutely right, though.

Speaker 4 A great name is not going to make your business great. If you have terrible operations, terrible people, you're a bad leader, whatever it is, your business is going to suck.

Speaker 4 And the name is actually going to absorb all that suckiness. So your name is a vessel.
It contains all the experiences, all the positive and negative affirmations that go around it.

Speaker 4 And so what we have to look at is the name is like a label in your mind. It's like a label on a file folder in your customer's mind.

Speaker 4 It's It's how someone categorizes you, it contains all those experiences. And if you get that name right, that label becomes really easy to find and share and refer.
But if not, then

Speaker 4 but if the contents of your package suck, then it's the name's not going to matter.

Speaker 4 They're moving equipment today?

Speaker 4 I

Speaker 4 it's incredible.

Speaker 11 I'm trying not to be frustrated by the fact that I booked a room in a co-working space and that dude just like plowed right in the door, walked in the utility closet, was banging around in there.

Speaker 4 Oh my gosh.

Speaker 11 I try to be an easygoing person, but sometimes I just don't know.

Speaker 4 Don't worry.

Speaker 4 All right.

Speaker 11 So I,

Speaker 11 wow, I apologize for that.

Speaker 4 That's no, no, don't worry.

Speaker 11 Okay.

Speaker 11 so uh if you could just just pick back up and i'll i'll split it back in if you can remember if okay so remember where you were

Speaker 4 um

Speaker 11 no i have no idea now that's okay i'll just fade it how we'll go on we'll keep moving on so i guess um so so what i you know the thing that i think so i was reading the part about about about colgi in in uh brand new name your book which is uh which I highly recommend everyone pick up.

Speaker 11 And I'll have, like, see, because you can pre-order it now, correct? You can pre-order it now as a recording and it comes out. Tell me again, you said October

Speaker 4 8th is the launch date.

Speaker 11 Okay, so we will have this package, we'll have the release of this package around a launch date so people can get the book.

Speaker 11 And, you know, one of the reasons when you first reached out to me that I was so interested is one, because I feel like this is something that I really struggle with, is naming in general.

Speaker 11 And

Speaker 11 I was reading, digging into the copy of the book that you sent me. And,

Speaker 11 you know, the Colgate thing was really interesting. And Colgate was actually the name of the initial founders family.
And now that

Speaker 11 today, I buy Colgate toothpaste. I don't even think twice about it.
To me, it's just Colgate. It could be anything.
It could be a word. It's a college.
You know what I mean? It's like, it's, it's

Speaker 11 the family name has been detached probably for most people from

Speaker 11 the products themselves. Like, you don't think of it as, oh, this is, you know, William Colgate or whatever his name is, toothpaste that his son created.

Speaker 11 This is just Colgate toothpaste, and I either buy it or I don't buy it.

Speaker 11 Coming from my previous life in the insurance industry, so many of those businesses are

Speaker 11 family names.

Speaker 11 My wife's family's agency is the Murray Group.

Speaker 11 It used to be the Gilderlin Agency. There's, you know, the Kool agency.
There's, there's Rose and Kiernan. There's, you know, I'm just local.
So much of this industry is family names.

Speaker 11 So what I heard you said before was kind of look at the ecosystem of

Speaker 11 businesses and their naming segments, the segments that they're in, and then it may make sense to go a different direction. So, just kind of thinking tactically,

Speaker 11 it may make sense for an insurance business that might be starting today to instead of just dropping their

Speaker 11 last name into the business as the as the naming, maybe go

Speaker 11 something completely made up or like lemonade is an insurance brand, has absolutely nothing to do with

Speaker 11 insurance, or coming up with something that's very straightforward, like cheap auto insurance, which is actually already taken.

Speaker 4 Yeah, I wholeheartedly agree with this. I actually

Speaker 4 started work with an insurance agency right now, and what it was was

Speaker 4 a family had built up a second-generation, very successful group benefits practice, got it up to 80 employees and sold it to a much larger firm. Now,

Speaker 4 the eldest son who is running the business is two years in, realized working for the man's not his thing.

Speaker 4 And so he's going to be moving out on to start his own practice and his non-compete ends in January. And so he's going to start a new practice.

Speaker 4 And so the question that he asked was, do I reuse my name because that name carries weight in the market that he was in? Or do we come up with something different?

Speaker 4 And to your point, yes, when everyone in the industry names under a certain convention, then good marketing would indicate to stand out, you should do something a little bit differently.

Speaker 4 And so what we are doing is a naming sprint to generate lots of potential names. And in that, we really have two objectives.
One is the family name is focused on one individual.

Speaker 4 Now, you could have a lot of people working under a family name, but if you're in a startup, startup, it's about you.

Speaker 4 So,

Speaker 4 what is the name that will be

Speaker 4 identifiable and distinguishing in the market? What is a name that

Speaker 4 staff can want to work for and identify with and make it their own? And also, what can customers use as a way to distinguish? What's the difference between agency A, agency B, agency C?

Speaker 4 When your customers can't differentiate one option for the next, they're just going to go for one of two ways of buying.

Speaker 4 They're going to go with what they know and choose the person person they like, or they're going to go with what's cheapest.

Speaker 4 And that's the way insurance brokers have been selling for a hundred years based on relationships and price. And that's not a very sustainable, scalable practice.

Speaker 4 So, if you've got an opportunity to actually create value and stand out, 100% take it.

Speaker 11 When, so, when should an agency think about, I'm going to use insurance agencies as an example, just because I think the naming is so

Speaker 11 ubiquitous. The singular naming culture of using you know, some founder or family name is just very widespread.

Speaker 11 So in an ecosystem in which many of your competitors and probably even the agency that you're currently with is staring at all these similar names, right?

Speaker 11 The Hanley agency, the Johnson agency, the Jones agency, you know, Stevenson and Robinson. You know what I mean?

Speaker 11 It's over and over and over again. Yeah.

Speaker 11 And what's happening in that industry in particular is you're starting to see a rollover from the baby boomers to the next generation, whether it be X

Speaker 11 or

Speaker 11 Gen Y.

Speaker 11 And

Speaker 11 these individuals are starting to come up.

Speaker 4 So if I'm...

Speaker 11 if I'm in that position, I'm the next in line, I see this as my future, and the name of my agency is Robinson and Jones, and I'm trying to stand out and differentiate my agency.

Speaker 11 I want to be forward-leaning.

Speaker 11 What does the conversation look like?

Speaker 11 How do you start to consider the process of doing a renaming of that business?

Speaker 11 What should you even be thinking about in order to consider it, right? Because it's not going to be for everybody.

Speaker 11 In some cases, renaming, even if you see opportunity, I'm assuming it still might not be a good option. So how do you start to work through

Speaker 11 that exercise as to whether or not renaming your business might be something that's worthwhile?

Speaker 4 Well,

Speaker 4 it's a fascinating question, especially in the context you've laid out. One of the things I find really interesting in my business is 60% of sticky braining clients are actually family enterprises.

Speaker 4 And so part of that's because I come from a family business background. And my first naming project was actually changing my family business name from Miller and Associates to Leap Job.

Speaker 4 And so we were in the IT staffing industry and I reinvented the business and rebranded it. And that all got triggered with my dad saying, you know what, there's too many Millers on the door.

Speaker 4 It's time for us to stand out.

Speaker 4 And that was our catalyst. But what I have seen and what I've worked on in a lot of sticky branding's naming projects have been related to succession.

Speaker 4 For example, if you go to Seattle, there's a restaurant group there called Consolidated Restaurants Inc., or used to be

Speaker 4 Consolidated Restaurants. They own the Metropolitan Grill,

Speaker 4 Elliott's on the Water, and several other very well-recognized restaurants there. Now, as they transitioned to their third generation,

Speaker 4 Jim wanted to come up with a name that was more identifiable for the team. And they changed the company name from CRI Consolidated Restaurants to E3.

Speaker 4 And that was actually a hat tip to their executive chef back in the 1980s,

Speaker 4 Earl Owens. And he created a seasoning spice that's used across all their restaurants.

Speaker 4 And so it's a word, it's a symbol that everyone in the entire company knows, and it became a symbol of excellence that they could own as their brand.

Speaker 4 And so, when a business is going through succession, my suggestion to the next gen is to ask the question:

Speaker 4 What do you want this business to look like five years from now?

Speaker 4 You have the value that your parents created, or your grandparents created, you have that legacy, but changing your name is around putting a stake in the ground of what you want to become.

Speaker 4 You still can hold on to all those relationships and history that you've created, but what you're doing and changing your name is establishing yourself in the next generation of leadership and growth because the market's moving so fast.

Speaker 4 If you assume what worked well for your dad or your grandfather or your great-grandfather is going to continue to work in 2020 and beyond, well, that business

Speaker 4 is probably not being set up for success. So next-gen branding, this is your opportunity to think big, build something.
You've been given or you've acquired this gift. Make it your own.

Speaker 11 When do you think, I'm just going to keep peppering you with contextual questions because I find this to be so interesting.

Speaker 11 So one of the things that I've also seen, particularly in family businesses, is I am ascending to the

Speaker 11 leadership spot within that organization, whether it's the leadership spot or just on the team. And

Speaker 11 I see the opportunity that you just presented, a chance to reposition our business in a way that is future-facing and is more indicative of who we want to become.

Speaker 4 Okay.

Speaker 11 I get incredible landslide pushback on the idea of changing the brand that over the last 35, 40 years has essentially built this business, if not longer, built this business.

Speaker 11 So, what I've seen some of these individuals do is create secondary brands. So, you'll have

Speaker 11 the standard, you know, Miller and Associates, and then you'll have this other brand that they spin up as a separate company.

Speaker 11 This to me seems like

Speaker 4 a

Speaker 11 long-term fail

Speaker 11 to sidestep short-term pain.

Speaker 11 So, if this is a situation that is brought to you,

Speaker 11 how do you start to address it?

Speaker 11 And what I've heard as the pushback is being like, this is who we are. Why would you want to change that? Like, how do you start to talk through that

Speaker 11 with the individual who's looking to make the change? Like, what advice could you give them in approaching

Speaker 11 the previous generation

Speaker 11 a potential change. Like, how does that conversation start to work out?

Speaker 4 So it's actually from

Speaker 4 a consulting methodology and the way I'd work with a family would really be in a two-step process. The first thing is to look at the strategy.

Speaker 4 Are you building this business for succession or are you building it for sale? They're two very different tracks.

Speaker 4 So if you're building this thing for succession, then you're looking at a horizon of 10, 15, 20 years.

Speaker 4 Because if I'm coming in as the leader and I'm, say, 35 years old, I'm not going to retire anytime soon. So I want to have some longevity on this.

Speaker 4 And so if we're building this thing for the long term, then the question is, what does this business need to do? What does our brand need to do?

Speaker 4 And so what are those strategic questions of where we're going to go? Now, if we come to the decision that, you know what, we actually do need a new name. We need to stand out in a better way.

Speaker 4 And then, but there's that question of we should do, keep our existing and start another business. And you're kind of creating in branding terms, a house of brands.

Speaker 4 it's simple math at that point you can pull out a marketing budget and just start doubling everything okay I need two websites I need to have two content marketing strategies I need two social media strategies oh by the way we're gonna probably have to hire another body because we can't create that much content oh we need to need a different we're gonna have to double our PPC budget and you start putting these line items up and you go oh wait we just took let's say conservatively a hundred thousand dollar marketing budget we just doubled it well then Pops, who's taking a dividend out of the business, probably still going, you know what?

Speaker 4 I really don't care all that much about this

Speaker 4 name. I'd rather take the paycheck and go to Florida.

Speaker 11 Are there ways to and are there ways to hat tip the old name into something new? Is that something that you should even consider?

Speaker 11 I guess

Speaker 11 I'm searching for ways or

Speaker 11 guidance, and you've given us a lot to think about so far to maneuver what is the inevitable pushback that you're going to get.

Speaker 11 And, you know, in the case of

Speaker 11 my wife's family business, for 37 years, it was called the Gilderlin Agency.

Speaker 11 And one, Gilderland is a small town in upstate New York, which makes it even smaller in terms of everyone else in the world. And it's also, and this is maybe just, it probably makes sense to you.

Speaker 11 It may not make sense to everyone. It's just a tough word to say like guilderland

Speaker 4 there's like five there's like four or five

Speaker 11 different sounds you have to make just to get that word out of your mouth and what we what we what was interesting was our receptionist had a really hard time with it she would say gilderland and she would really pronounce like odd parts of the world of the word and it just got to the point where like this can't be our future and we went with the family name because my wife works with her twin sister, her father, and at her time, her brother, her brother as well.

Speaker 4 So there were four of them there, and they called it the Murray Group.

Speaker 11 And we kept the colors the same. So our hat tip to

Speaker 11 the previous brand was the colors. The colors stayed red and gray and white.
And we just changed the fonts and the feel and that kind of stuff.

Speaker 11 Is that a good move to keep some of that? Or

Speaker 11 when you're trying to reposition, should you make a full break? Different colour. And I guess, and there's obviously there's no absolutes in this.

Speaker 11 I'm just trying to help people understand as they think through this process. You know, is it better to think,

Speaker 11 let's stop where we were. If we were red and gray and white, let's move forward as blue and black and green.
You know, I mean, just.

Speaker 4 The short answer is I don't know. I don't think there is a definitive way on that.
So what I would suggest is actually just a different metaphor. So, if you think of Gilderland,

Speaker 4 it was a vessel. It contained all the experiences, all the customer relationships, all the staff history, and all that lore sits in this vessel that was Gilderland.
And then you have the Murray Group.

Speaker 4 And what you essentially have to think of is how do we pour the contents of one brand into the other so people know what that is?

Speaker 4 Now, you use colors and some signals to indicate the path from vessel A to vessel B.

Speaker 4 But a communication strategy is fundamentally all you need.

Speaker 4 And the biggest mistake that I see brands make when they're changing their name is they short cycle themselves or they short circuit themselves and they don't give it enough time.

Speaker 4 So whatever you think you need in terms of a communication strategy to pour the contents from one brand to the other, double it.

Speaker 4 And if you're under 18 months, it should probably be at least 18 months.

Speaker 4 Like give yourself time that, especially if you've got a multi-generational business, you got a lot of history, you got a lot of touch points you got a lot of people and the larger your brand the more you're gonna have to market yourself but that's what we're doing people will be very generous in a name change provided they're given a clear path on you've gone from point a to point b and why they've done it so if you give them that history you give them that story you give them those hooks and it that's sufficient and it can be as simple as in their invoices for the next two years you include that a one pager that just says that story and says gilderlind is now the Murray Group and this is why we changed it if you have any questions talk to so-and-so you know what's really interesting is we actually found throughout that name change

Speaker 11 we found a very

Speaker 11 we found it to be a

Speaker 11 excellent opportunity to actually retell a story about the business that we hadn't told in a long time because nothing was actually changing from an ownership structure it was just kind of a modernizing of our business and and getting us out of what was seemingly a small town field to kind of, hey, we're more regional.

Speaker 11 And

Speaker 11 all the stories that we were able to tell around this change and what it meant,

Speaker 11 we got to say things and share ideas that hadn't been shared in a long time about the business. So it actually,

Speaker 11 even though there was some kind of hiccups, I guess you could say, and some people I think still don't understand six years later that the name is different, which is probably always the case.

Speaker 4 Did you see a lift in sales after you launched the new brand?

Speaker 11 I wouldn't say right away, but we certainly did trail. And just, I think the insurance sales cycle takes a little bit, but today the velocity is way more.

Speaker 11 And it has to do with kind of regionalization of our area.

Speaker 11 And it feels we, the Murray Group could be anywhere. The Gildeland agency was in Guildland.

Speaker 11 And that gave us the ability to reach into other townships and other cities within the eastern New York area that previously were kind of cut off to us because people felt like we were too far away.

Speaker 11 And that has definitely been a boost for them. You know, now here we are.
I guess it's been eight years now since we made that change.

Speaker 4 So the strategy is really, really salient. So I think the reason to change the name and the opportunities to get into new markets makes absolute sense.

Speaker 4 And then you had the, where I was leading on the question on sales lift is what a lot of companies experience when they go through a name change or they go through any kind of

Speaker 4 is they experience a lift. And the reason for that is they just increase the volume of their marketing astronomically just to get the new name out, just to announce the new brand.

Speaker 4 They got a new website, whatever it is. They just start promoting that.
And they're doing more marketing than they ever did before.

Speaker 4 And so oftentimes we will see a one or two a year sales lift just on a campaign launch to change a name.

Speaker 4 And so if you've got an opportunity to blow your own horn and you take it, giddy up, then you're going to pay for this thing real fast.

Speaker 11 Yeah. One of the things, so at Metabolic, we recently probably, well, it was probably two and a half years ago now.
I was not part of the company, but

Speaker 11 we did

Speaker 11 a name change. The original name of the gym was Metabolic Meltdown.
And the whole idea was it was a much more cardio-focused program at the time and was more geared.

Speaker 11 It was, the issue was the word meltdown made the workout program feel like it was just about weight loss.

Speaker 11 And we didn't want it to just be about weight loss because that's one of the things that could be one of your goals or it could be a goal.

Speaker 11 But in many cases, especially for me, I'm not particularly interested in losing more weight. Like I don't show up to lose weight.
I show up to just maintain strength and be fit.

Speaker 11 And

Speaker 11 we didn't want it to feel that way. So we just dropped the word meltdown to just metabolic.
And what's been interesting is that has created, and this is where I want your take.

Speaker 11 I'm kind of using this podcast as free consulting now.

Speaker 11 There's been two dynamics that have been very interesting to me.

Speaker 11 Both, so now that I've had a chance to dig into the company and I've been here for eight months now, looking back at some of these things. And

Speaker 11 what was interesting was people were very enamored by the name, the

Speaker 11 two M's, I'm forgetting the the rhythm of it metabolic meltdown it had a nice rhythm to it it was very descriptive it was very unique people called it the meltdown that was like a nomenclature that surrounded it um

Speaker 11 and

Speaker 11 and it was especially at that time when the business was growing so rapidly this was that was the name of the business in its uh when it was going through its very initial growth curve we were going from 150 members to uh somewhere up around 1500 members in less than two years

Speaker 11 And those people, you know, the meltdown, metabolic meltdown, it was, it was the name.

Speaker 11 And then wanting to get away from the idea that the workout program was just for weight loss, we dropped the meltdown and just left metabolic.

Speaker 11 The interesting part about that is, one, from a pure, from a out of region branding perspective, the term metabolic has pros and that it is both the training philosophy that we are built upon and the name of our business.

Speaker 11 So, there's some advantages to that. I think advantages that will play well in our favor down the line.

Speaker 11 But in the short term, we are a mishmash of being able to get found online because people are not searching for our business, they're searching for metabolic training and all the various metabolic syndrome and some of these other things.

Speaker 11 And we just don't stand out yet because our brand isn't strong enough. So, that's been really interesting.
Metabolic meltdown is very clearly a business.

Speaker 11 Metabolic is not necessarily a business just at face value.

Speaker 11 So that's been really interesting. And then

Speaker 11 the other part is

Speaker 11 the term metabolic, though, I think, again, long term, this was a really good play. Short term, I'd say 50% or more of

Speaker 11 our members called us the meltdown and getting them to lose that and drop that has been a challenge over time. I think we're probably finally there.

Speaker 11 But that took easily, you said 18 months, that's taken easily the last two and a half years to get out of that. So it's been really interesting to watch how

Speaker 11 what you'd think was a fairly simple name change, just dropping the second half of the word, has had some parts where we've really struggled through it and some other parts where it's helped us.

Speaker 4 What Metabolic does is it sets you up with an accessible name.

Speaker 4 One of the things that CrossFit's really suffering from right now, and they're going through Herculean efforts to fix this, is CrossFits is viewed as an extreme sport.

Speaker 4 And they're trying to get into that place right now that we're the running joke at anyone in CrossFit is that you got Puki the Clown as a metaphor, and everyone's going to get injured.

Speaker 4 And so my wife, for example, she works out probably two to three hours a day, seven days a week.

Speaker 4 She's almost on the extreme end of things, but she's addicted to it. It's how she deals with her stress.
And if I were to ever ask her, hey, do you want to come to CrossFit with me?

Speaker 4 She'd be like, no, that's extreme. It's kind of funny because that's what she does is probably on the extreme end of things.

Speaker 4 But if you were were to ask her, hey, do you want to go train and do a metabolic workout? She'd be like, yeah, that sounds cool. That sounds fun.

Speaker 4 If you were to say to her, it's going to be a class where you're going to be doing endurance-based strength training. She'd be go, that's interesting.
Tell me more.

Speaker 4 And so what I think is really fascinating in the metabolic brand, especially when you put the word train metabolic to it and make that part of the name.

Speaker 4 is that you're giving me an indication of what that life is like and what that program is like.

Speaker 4 And when I move away from meltdown, now I'm no longer in that extreme workout profile and you know that the people that are just so passionate about working out that it's like an addiction they might be the ones that are caught up on meltdown but if you want to go from say 1500 to 3,000 to 10,000 and just keep tripling in size then this brand has to be accessible not to the gym rats and the people that are really looking to kill themselves and to the broader cross-section of people that want a great workout, want some structure, but don't want to get injured and probably don't ever want to use this as a competitive sport.

Speaker 11 Yeah, you know,

Speaker 11 so that has been the second half of this path. So in the last

Speaker 11 year, we've taken that 1,500 person gym and we now are over 3,000 people at our six locations. And I think a lot of that has to do from what you just said.

Speaker 11 I think the meltdown was scaring people away. It definitely attracted that small section of the market because it's so funny you dialed in on that.

Speaker 11 I mean, that's why you're on the show, but you dialed in on the fact that that meltdown piece,

Speaker 11 it brought out the people who were looking to get punched in the face, right? Like the people that enjoy that. That's what it was bringing them out.
And that was a great small, like...

Speaker 11 If this was the kind of more, more innovation curve, it got those innovators.

Speaker 11 But we couldn't

Speaker 11 cross the chasm for anyone who's read the book.

Speaker 11 We couldn't get across that until we dropped the meltdown and gave it that broader feel. And

Speaker 11 really the workout has adopted and adapted

Speaker 11 to

Speaker 11 the segment of the population that now is willing to give metabolic a try because it doesn't feel like, even though it's an incredibly hard workout, I mean, don't get me wrong,

Speaker 4 it.

Speaker 11 it doesn't feel like that extreme thing, which is what we wanted to get away from. We didn't want this to be, you know, CrossFit 2.0.

Speaker 11 Not to do anything wrong with CrossFit, just that's not what we want it to be.

Speaker 11 And

Speaker 11 yeah, so that has helped us. And it's really, you know, today,

Speaker 11 you know, and with we did a rebrand and a re-logoing with meta, with just metabolic. And

Speaker 11 today it feels like it has that staying power. We'll see.

Speaker 4 And I think that that's really what great brand building is all about, that you've got a name, but what you're doing is you're breathing life into it.

Speaker 4 And at 3,000 plus members, you are reaching fans and building relationships and having this referral network.

Speaker 4 And the challenge that I would be posing to your group, and this comes into some of the core work that I do at Sticky Branding, is how do you get to that next level, which in your case would be, say, 10,000 members.

Speaker 4 And we look at it scaling through a couple different lenses. One is through revenue plateaus.

Speaker 4 And typically, a company has to reinvent itself at 1 million, 5 million, 10 million, 25,000, 50, 100, 250, 500.

Speaker 4 And you're basically transforming not only your operations, but your leadership and your whole business model to get to those plateaus. Now, in a membership-based organization like Metabolic,

Speaker 4 we look at it through the lens of the law of three and 10, which is every time you triple in size, you're building for the next level.

Speaker 4 So it's tens because I don't want to do the math of what the nines would be. So it's 1,000, 3,000, 10,000, 30,000.
So you look at those plateaus and that threshold.

Speaker 4 The question I would pose to you and your team is, what do you need to do to bring the gym and the franchise network up to 10,000? And when you're there, it's at 30,000.

Speaker 4 And what you've been doing with your name, though, is making it accessible to hit those flips.

Speaker 4 And so not treating a name as sacred, especially in a startup or in a high-growth business, is really important.

Speaker 4 Like we hold ourselves up and we look at Apple and Nike and these really well-established brands, but we don't look back to the 70s and 80s of when they were being pioneered and built and just how much changed and how rapidly they changed to find success.

Speaker 4 So your name is not sacred in the early days. Your name is a living, breathing brand asset that you've got to breathe life into.

Speaker 4 And if it starts to feel rigid, you change it so they can continue to grow with you.

Speaker 11 Yeah, I mean, what I think is funny about Apple in particular is that there was a time when Macintosh, actually one of the versions of their computer they pushed the macintosh name just as hard or harder into out into the marketplace than they did apple the brand now today that's that you know that that would they would never do that um

Speaker 11 but it was just it's just funny i completely agree that i i i don't know that i always believed it because i probably didn't always understand naming but i certainly have found that

Speaker 11 There is it's almost like it's like half art half science You know what I mean? Like you you obviously put a lot of thought into into your name and your book outlines a lot of these processes.

Speaker 11 And anyone who is considering any of these things around namings that we've talked about, whether it's a rename or you're starting your own business, this is worth picking up. Absolutely.

Speaker 11 I'll have links to it and then, or just Google,

Speaker 11 just go to stickybranding.com and you'll be able to find it, or I'm sure on Amazon, all that. But

Speaker 11 the idea.

Speaker 11 around metabolic in particular that I've seen is interesting is how people chop it up.

Speaker 11 Meta this, you know, they're adding the M to all different kinds of words.

Speaker 11 And there's like this, yes, you want to have the science of feeling like you've done the research and the work to feel like you've put yourself in position.

Speaker 11 But then there is also this organic nature to how a name evolves and how people use it and how it becomes a signal for who they are.

Speaker 11 And you kind of have to, I almost feel like, and I'm really interested in your take on this, you kind of have to let some of that run and play out. Like you don't want to,

Speaker 11 you almost want to be careful not to overengineer it because I don't know, you know, if I have, I could have an entire portion of my client base that, that feels a certain way about the brand.

Speaker 11 And if I overengineer it, I could take that away from them. And

Speaker 11 it's,

Speaker 11 am I describing what I'm saying to understand what I'm saying?

Speaker 4 I think what you're describing, I think, is really wise and hard.

Speaker 4 I think we try to, especially in a young business or in a small business, we try to defend our names and we try to protect our brand and we're almost overzealous with it.

Speaker 4 But if you've got your fans, your clients, and members are actually creating nicknames or variants of your name, and it becomes theirs, then my challenge for you would be to empower them to make it their own.

Speaker 4 Because

Speaker 4 what you can do is the company name could still be metabolic, but if

Speaker 4 the membership community starts to give it an endearing name that means something to them,

Speaker 4 something worth paying attention to. That's actually how Frisbee got its name.
So, just to give you a little tangent, so Frisbee,

Speaker 4 play those little plastic discs, it actually started out life as the Pluto platter.

Speaker 4 And

Speaker 4 the guys that created the Hula Hoop actually licensed the product from the inventor, Fred Morrison.

Speaker 4 So, WAMMO, which created Slip and Slide and Hula Hoop and Silly String and all these great brands, they licensed

Speaker 4 the Pluto platter. Now, when Fred,

Speaker 4 sorry, when

Speaker 4 Nair, who is one of the founders of WAMMO, went out to see kids playing with this, he went out to Connecticut, was out near the Yale campus, and he noticed that the people playing with the toy were calling it a Frisbee.

Speaker 4 And he asked them why. And it turns out there was

Speaker 4 a pie company known as the Frisbee Pie Company, and it was actually named after the family Frisbee. Now, instead of Frisbee with two E's at the end, it was IE.

Speaker 4 And so

Speaker 4 rich nair who is from whammo he noticed what the these kids were calling the the discs and he changed the name and he changed the spelling but he he went and he paid attention to what the market was calling it and then adopted that and so if you can create that relationship where your members feel like they own metabolic and they give it an endearing name the sign on the door could still say metabolic but it the insiders all give it a different name that's powerful branding and that takes balls on the entrepreneur side of things to allow that kind of thing to take place.

Speaker 4 Yeah.

Speaker 11 It's really interesting and being in this position today that I'm in and thinking, you know, we're six locations today. I want to have 21 locations by August of 2020.

Speaker 11 And then our goal is to be up over 200 locations in the next. say three to four years.

Speaker 11 And I look at that and there's this part of me that thinks, you know, got to own the brand.

Speaker 11 Um, certainly quality of product is of the utmost importance, but um, you know, you have to own the brand, have to own the brand. You have to be on top of it.
You have to be pushing it.

Speaker 11 And then I watch, it's funny, I

Speaker 11 always try to do the workouts as a client, not as the CEO of the company.

Speaker 4 I try to show up.

Speaker 11 I try to.

Speaker 11 go through everything just like I did one, you know, a year ago when I was still a client of this business and not not working here.

Speaker 11 And I watch the way people interact with each other and the way they talk about it. And one of the things that I've always found, I find very funny and something that I never want to lose

Speaker 11 and

Speaker 11 is definitely a struggle

Speaker 11 internally for me as I try to work through this process is, like, I'll give you an example. Like, you ever see the movie Pitch Perfect?

Speaker 11 Anna Kendrick and a bunch of the singing or whatever. And they say like, aka something.
Like, it's like a big joke, like, aka what?

Speaker 11 They have this like thing where they put aka in front of all these other words and it's you know kind of cheeky and and fun well people do the same thing with meta they'll be like meta whatever and I heard someone say geez I got metamorphia and I'm like what are you you know what is what is that and they're like that's that 20 minute feeling that I have after the workout is over and it was just like

Speaker 11 so I got my guys um working on I want to do a video around metamorphia and like what it means to people and I gotta I gotta refind the person at the at the gym who shared the topic with with me.

Speaker 11 I was like, man, that is really, how do we start to capitalize?

Speaker 11 And I don't want capitalize to feel as smarmy as it kind of just came out of my mouth, but like, how do I start to take this idea that there are people building little micro brands and micro sayings

Speaker 11 around this and start to pull those out and share them with the rest of the community so that they can...

Speaker 11 so that the language can start to, you know, I feel like that will help the community be even stronger if someone can walk in and know that that 20 minutes of being high as a kite after the workout, that people refer to that as metamorphia.

Speaker 11 I feel like there's a lot of power in that.

Speaker 4 I think it's brilliant.

Speaker 4 And I think you have so many opportunities right now as an owner and a community builder, because not only can you take these ideas to social and video and create quote images, the first thing I would be doing is t-shirts,

Speaker 4 like

Speaker 4 put the name on someone's back and also giving people credit.

Speaker 4 I think so my approach to naming is actually to unlock the creative genius of teams, not to hire an agency to name things, but actually to use your employees and your own team to name things.

Speaker 4 And when you do that, when somebody, when you are empowering, in your case, your community to be helping to build the brand, then give someone credit for the idea. Put their name on it.

Speaker 4 Let them know they're part of that story. It doesn't cost you anything, but it means huge psychic income for them.

Speaker 4 But it's also a signal to everybody else that you you value that kind of creative participation.

Speaker 4 And with that, I think it's something you can fully bake into the operating DNA of Metabolic.

Speaker 4 I think you can build it into your community and your culture as something that is something you value and that it's safe to do.

Speaker 4 But I also would suggest that

Speaker 4 it it's also leading you to what is probably the next generation of branding.

Speaker 4 Baby boomers very much ran from a command and control mindset, and that is very visible in the way we have been coached in terms of how we think about our brands today.

Speaker 4 But if we look at this through say a millennial lens in terms of how young professionals lead teams, expect their engagement, it comes from basically a philosophy of empowerment.

Speaker 4 And so as a brand to empower your customers and your members to have ownership of the formation of what you're creating and to give them credit where it's credit's due, wow, that is just, that's beyond awesome.

Speaker 4 Like that's, let's showcase this and hold Metabolic up as just the epitome of a sticky brand. Well,

Speaker 11 I think that's the perfect tie-in of our two organizations.

Speaker 11 But man, this has been a tremendous conversation. I know I use it as free consulting, but I think the audience at home has gotten a lot out of it.
And,

Speaker 11 you know, this idea, you know, you had said something that we didn't really touch on. And, you know, I want to be respectful of your time and

Speaker 11 probably my own as well, everyone at home.

Speaker 11 But, you know, you had said that you see an uptick in sales when people change names or make brand changes because they put a lot back into the marketing of that.

Speaker 11 And what I would love for everyone listening at home is

Speaker 11 there are a lot of micro changes you can make from, you know, if you're not ready for a full-blown rename or brand change,

Speaker 11 there are micro changes that you can make from the conversation that that Jeremy and I have had today, especially if you go and get a copy of his book.

Speaker 11 You can, you know, there's lots of little things in there that you can make just to make tweaks to what you already have. And what I would encourage them to do, what I encourage you to do is

Speaker 11 to keep marketing.

Speaker 11 Don't stop marketing. Don't start just when

Speaker 11 you have a big change coming. But I think

Speaker 11 consistent, consistently making little adjustments, little tweaks, dialing in, it doesn't have to be set it and forget it.

Speaker 11 That's one of the things that I took away from your book and one of the things that I've taken away from my own work. And

Speaker 11 I think it's a very important, very important way to keep people engaged. And what you're doing is small micro changes continually in an effort to bring people in closer.

Speaker 11 Jeremy, this has been tremendous. Thanks so much, man.

Speaker 11 Give people just, I know we've kind of mentioned a couple of times, but give people the best place to reach out to you, best place to find more about you and the work that you're doing.

Speaker 4 So you can find me at stickybranding.com. If you Google sticky branding, you'll find me.
It's the handle on all my social networks.

Speaker 4 The new book you've mentioned a couple of times is called Brand New Name. It's available wherever books are sold.
It comes out on October 8th.

Speaker 4 And if anyone wants to chat or has follow-on questions, just hit me up. I'd love to chat.

Speaker 11 All right, thanks, brother. Appreciate your time.

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