The Glamorous Life of an Entrepreneur part 2 – Name Branding

Soon after we decided to go for our idea (which I wrote about in part 1) we realized there was a huge ocean between dreams and reality when it came to execution.

We defined our future product idea but then we need to figure out to whom we should sell it and how do we do it. We first needed to determined the gender of the baby and then decide on a name for it.

We started with targeting:
Many questions had to be answered:
1. Do we target a specific gender or do we get even more specific in terms of age or occupation (women aged 20-40, students, housewives, etc.)?
2. Do we target a specific social class Class C vs. Class A/B (mass or elite product)?
3. Do we go for an emotional appeal or do we go after a rational solution?
Etc., Etc.

Well, guess what? It was the chicken and egg problem. We were entering a new market with a new way of doing things: Online; Shopping; Fashion, were just some of the dimensions that shaped our world. The couldn’t really get responses before we tried but how do we try if we don’t know what we are offering?

We decided on the combination of all – we were going to target a more sophisticated consumer that seeks solutions and answers(logical) but also a sense of comfort (emotional). Our clear goal was to be simple and straightforward both in terms of visual identity and in terms of approach.

Naming the business was a parallel process that required a lot of brainstorming and creativity. We started with the name Spartana and even bought a domain for it. After much debate and consideration it was deemed too strong to represent our idea. We were in a search of something catchy but also cool that will communicate the above dimensions of comfort and helpfulness. Some people recommended using something that has a cool sound like: google, livo, fab, asos, etc., others suggested using a word play, while a third school talked about functional names like: shoes.com, gethelpshoppingonline.com. Another consideration was about using a name in Portuguese vs. a foreign sounding name.

We opted for a foreign name (LetMeKnow) both because it sounded catchy (Brazilian loveee America), it was not gender specific and the domain for it was available (a significant amount of time was spent on mapping available domains). Finally, all of our friends loved it and we figured we can trust their judgement 🙂

In my next post – on how we become technology gurus (well, not quite…), or the definition of a bottleneck of innovation.

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