Especially these days, depositors might opt for a fiscally constipated bank. Granted it is one small branch at the moment, but what fun to brand it for the next stage. They are already selling shirts, hats and mugs. That’s great, but we think they could make bank with branded Tightwad Visa cards.

This name hits all cylinders on our SMILE & SCRATCH Test.

SMILE - qualities of a powerful name
Simple – one easy-to-understand concept
Meaningful – your customers instantly “get it”
Imagery – visually evocative – creates a mental picture
Legs – carries the brand, lends itself to wordplay
Emotional – empowers, entertains, engages, enlightens

It also follows our EMW=ROI formula.

We believe that a name is an investment that should promise many happy returns for years to come by producing Return On Investment in the following ways:

• Generates buzz without spending advertising dollars
• PR magnet — editors love our names (Hello, free PR!)
• Instantly likeable, creating affinity for your brand – people talk about our names
• Its evocative nature easily allows expansion into future brand extensions while retaining its original charm
• No time is wasted telling people how to spell it, pronounce it, or what it means
• Creates differentiation, which builds brand recognition and visibility– an EMW name gets noticed in a sea of sameness
• Emotionally connects with your target making an indelible imprint and inspiring loyalty
• Rich in wordplay for editorial coverage, marketing materials, tradeshow themes, launch ideas and more
• In essence, the name becomes a “product” that can be creatively monetized through merchandise and licensing further expanding exposure, with people paying you to advertise your brand
• Vivid imagery is ripe for eye-catching identity designStays fresh and vibrant and never becomes dated – an EMW name has an indefinite shelf life
• Makes your company and its products trendsetters, and makes you look like a rockstar
• Creates an improved image for your overall brand
• Lets you sleep at night knowing your EMW name is working around the clock

So, we were pleased when the TheStreet.com gets the Eat My Words way and reported on the strength of Tightwad Bank name in their words as a “ media magnet and marketing engine, resulting in a flurry of new accounts“.

We’re opening our account tomorrow.

Here is the article in its entirety:

Small Business Center

Tightwad Bank: A Lesson in Branding

Entrepreneur.com

10/13/08 – 12:29 PM EDT Elizabeth Wilson of Entrepreneur.com

Sometimes it’s all in a name. Six-month-old Tightwad Bank in Tightwad, Mo., uses the double-take factor to drum up business without even trying. It hasn’t spent a cent on advertising, yet it can rattle off personal and business accounts from California, New York and even Carrot River, Saskatchewan, Canada.

It’s a bank without a Web site (although it plans to offer online banking by the end of 2008), and its 112 accounts already exceed the town’s population of 63. Passing the town’s name on to the bank was the draw for Don Higdon, the entrepreneur and chairman of the bank, when he purchased the then-shuttered building last year.

Indeed, the unusual name has acted as a media magnet and marketing engine, resulting in a flurry of new accounts. However, the last thing Higdon intends to do is open Tightwad Bank branches cheek by jowl across America.

Instead, he’ll consider a few additional Tightwad branches while maintaining his current focus on leveraging the power of the name to encourage tightwads across the country to open accounts at the two branches he presently chairs.

“It’s a difficult name to forget,” Higdon says. “You typically have two reactions: One is ‘What? What is your name?’ You’re not going to get that customer. And the other [is] there’s a smile on their face and they’re just dying to open an account. I think that’s the kind of excitement from a name that a lot of companies want to have.”

He says any reaction to a name, good or bad, can help a business.

“When you can get a measurable reaction simply from a name, your challenge of converting them to a customer is diminished substantially; then all you have to do is talk about price or size or location, and location just isn’t an issue anymore.”

Higdon, a career banker, his wife, and his business partner Jeff McCalmon decided to pour all of their collective personal assets into purchasing Reading State Bank in Kansas in 2000. They purchased Tightwad Bank as a second branch in 2007, and opened it six months ago. At the same time, they changed the name of Reading State Bank in Kansas to Tightwad Bank. Since Tightwad Bank opened, the bank’s deposits have grown from $11 million to $13 million at both branches Higdon chairs. The newer Tightwad assets are worth $1.7 million.

“This bank in 2000 was in a lot of ways a start-up. It was a little country bank; the town had shrunk because of technological and societal changes and demographic changes. It was only $4 million in total assets in the beginning, prior to doing the Tightwad branch conversion,” Higdon says, referring to the Reading, Kansas branch when they first opened it in 2000.

Name
Recognition

He’s well aware of the pros and cons of using an uncommon name in business.

“People see the name and a number of them say, “Is that a real bank, and you’re FDIC insured?’ We go ‘yes, yes, yes’ . . . so the unique name gives us opportunity that other banks don’t have; the flip side of that is the credibility issue,” Higdon says.

With a name like Tightwad, which has negative connotations like stinginess, Higdon says they’re pushing positive interpretations of the word, letting consumers know this is a bank that’s “going to deliver real goods and services in a cost-efficient manner that would be consistent with someone who’s prudent and responsible with their finances.”

“We’re going to appeal to a fairly narrow scope of potential customers,” Higdon says. “Some people just won’t get it and will have no interest doing business with a bank of that name, and I would suggest to you that they’re probably the more high-brow or snobby types. The others totally embrace it.”

Rita McGrath is a professor at Columbia University’s Business School, where she teaches MBA and executive MBA courses in strategy and innovation. She says using a different kind of name is a “strategy that’s used by many firms to add an empathic or emotional appeal to their products that enhances the basic functionality of what they have to sell.”

“A quirky name like this can often provide valuable differentiation for a company, particularly in a relatively commoditized (and, to be frank, boring) industry like banking,” McGrath says.

She thinks it will be interesting to see whether the name becomes even more salient during these tough economic times, “when being a tightwad may well be seen as more honorable and intelligent than being a silly, credit-consuming spendthrift.”

“I bet there are a lot of banks who wished more of their customers were proud to be tightwads today, for sure,” McGrath says.

Tightwad isn’t the only bank with a strange, name-brand appeal. There’s also the Fifth Third Bank (FITB Quote – Cramer on FITB – Stock Picks), a Midwestern bank headquartered in Ohio. Higdon’s heard of the bank. “It’s kind of a weird name, but it sets them apart,” he says. “You remember that name, unlike so many that are called first national bank or community bank and on down the list.”

And there are plenty of strange town names to come by in the U.S. Many of them are geographically close to Tightwad: Wisdom and Peculiar in Missouri, and Fairplay, Colo. There are also Rough and Ready in California and Happyland, Okla.

One of Tightwad’s customers is Henry Leonard, who was a career banker before deciding to take over Marthabelle’s Printing and Mailing, the printing business his mother started in Kansas City, Mo. Leonard enjoys a bank with a lively name, and that sends a clear message about his “tightwadness” to his business’s vendors.

“Too many [banks] are so dry anyway . . . and there is a bit of levity in sending someone a check that says ‘Tightwad.’ I think that part of it is fun. I tell people when they get ready to charge me, ‘be easy on me ’cause I’m a poor kid,’ so I hand them a check that says ‘Tightwad,’ and they hand it back like, ‘riiight.’”

He uses the checks with vendors and for repair services to send a message that he’s serious about not being overcharged. “Those are the guys who can really run you a lot of cost.”

The checks are also a conversation starter. They get a reaction from his vendors and customers. “You send them a check and they’re like, ‘What is this doggarn thing?’ and they’re liable to call you up.”

He even muses about incorporating the ‘tightwad’ theme into his business a bit more. For example, he’s thought about creating a penny-pinching logo for his business. “Like a Monopoly guy running around with a bag of money. Guess I couldn’t do that, though.”

Tightwad Bank has great success with its own money bag logo. It sells items in the lobby after drawing anywhere from two to more than a dozen carloads of people who pull off the highway each day to snap pictures next to the large, white Tightwad sign. Available for purchase are $25 to $500 gift cards to “give to that stingy uncle,” Higdon says, or a $14 ball cap, $30 polo shirt, $11 T-shirt, $9 mug or $7 cozy.

In the end, if business success isn’t in the stars for Tightwad Bank, Higdon has a backup plan. Before he bought it, the building was a branch of UMB Bank, which closed in January 2007. Already equipped with the old signage, they’ll call it United Missouri Beverage “and make it a drive-through liquor store,” Higdon says.

While “Tightwad” on a check might not appeal to everybody, for those it does appeal to, it probably does so strongly, Columbia University’s McGrath says.

“That will have second-order effects, such as making them more likely to be loyal, less willing to consider competing offers and more likely to spread word-of-mouth around about their bank.”

Spoon Me a healthy, green yogurt shop
By Lesley Mitchell
The Salt Lake Tribune09/16/2008
SANDY, UTAH – You won’t find the typical vanilla, chocolate or strawberry flavors at the Spoon Me frozen yogurt shop.

In their places are more mysterious flavors – acai (berry from Brazil), green tea or “natural.”
The Utah-based chain, with locations in Sandy, downtown Salt Lake City, Provo and St. George, is among a number of companies popping up nationwide that aim to provide a hip alternative to the frozen yogurt-shop concept that soared in the ’80s, only to fizzle somewhat in recent years.
“There’s definitely a growing trend toward a healthier dessert product,” said Spoon Me co-founder Ryan Combe.
Aside from Spoon Me, there are other stores with trendy frozen yogurt concepts opening up, including Red Mango, which has three Utah locations. Spoon Me, founded by Utah natives Combe and David Jaynes, is trying to set itself apart from competitors in a number of ways.
“I wanted to create something more marketable” than the other offerings, Combe said. “And I wanted something more responsible” in terms of the environment and community.
The chain uses as many environmentally friendly products as possible in its stores, from spoons made out of corn starch to highly biodegradable cups to hold the yogurt. Virtually everything that goes into the stores, from the paint and light fixtures to the toilets in the restrooms, are designed to be easy on theenvironment.

Although Combe, 26, said he hasn’t spent a lot of time working in the restaurant industry, he does have the pedigree: He said his uncle was involved in the Arctic Circle hamburger chain and his cousins run the Warrens and Dylan’s fast-food chains in Utah.
But he’s also trying something vastly different, especially for conservative Utah. Marketing phrases such as “Go on, Spoon Me. You know you want it,” and “If you love me, spoon me,” say it all.
Combe said he was living in California “surfing a lot” when he and Jaynes, 32, then a vice president for Lehman Brothers in California, decided to become entrepreneurs.
The pair, with a third partner, Utah orthopedic surgeon Wayne Mortensen, opened the first Spoon Me in downtown Salt Lake City in October. The Sandy location, the first franchise and one owned by Combe’s aunt, Carolee Millet, opened in June.
The Provo location, which is corporate owned, opened its doors in July, with a store owned by another franchisee opening in St. George at the end of August. Spoon Me’s yogurt product is different enough to put off some fans of the traditional sugar-laden varieties of the past. Its three varieties are a bit tart and for the uninitiated may seem a bit more like sorbet than frozen yogurt.
But there is apparently plenty of demand for the concept. Existing stores are doing well, Combe said, and franchisees are planning several additional locations.
The next location, this one also company owned, is scheduled to open at the end of the month on the Arizona State University campus in Tempe. Additional locations, all franchises, are planned for Ogden, Orem and American Fork, as well as Austin, Texas, and Las Vegas.
Spoon Me stocks the three flavors of frozen yogurt and numerous toppings of fruit or nuts for health-conscious customers, and Fruit Pebbles, Nilla Wafers and Oreo toppings for those who want more sinful alternatives.
Prices range from $2.50 for the smallest size of “Natural” yogurt without a topping to $6.75 for the largest Green Tea or Acai-flavored cup with three toppings.
On a recent weekday afternoon, south valley resident Angie Davidson brought her mother, in town from Seattle, in for her first taste of Spoon Me.
Davidson said she has been in the shop a few times since it’s opened.
“I told her she just had to come taste this,” Angie Davidson said.
Her mother, Bobbie Zavala, gave it a thumbs up. “It’s a totally different taste. It’s very, very good.”

If you guessed that Frigid, Mixin’ Vixens, and Stuff a Sock In It are all cool brand names created by Eat My Words, congratulations! Bonus points if you figured out that Frigid is the name of a gourmet ice cream store, Mixin’ Vixens is an all-women bartender service, and Stuff a Sock In It is a laundromat. When you see or hear an “Eat My Words name,” you’ll never ask what it means, how to pronounce it, or “What were they smoking?!” Our super-likable names make powerful emotional connections, build instant brand affinity, and make our clients rich. Yes, rich. We are the only naming firm that monetizes names. For instance, we turned the name Frigid into cold hard cash for our client by creating a t-shirt for them that says, “Not tonight dear, I have an ice cream headache.” Ca-ching! Our Stuff a Sock In It client will be slapping their new logo on laundry bags, t-shirts, and other merchandise geared at their college kid customers. Ca-ching!

Of course, the client who is monetizing the bejesus out of their Eat My Words name is Spoon Me, the frozen yogurt store that is one of the hottest franchises in the country. They are selling Spoon Me pajamas, booty shorts, underwear, baby clothes, stickers, buttons and of course t-shirts with slogans we created like “Shut Up and Spoon Me.” Ca-ching! Ca-ching! Ca-ching!
Would someone buy a t-shirt with your company or product name on it and pay you to advertise your brand? To see if your name has potential, take the Eat My Words SMILE & SCRATCH Test, which was recently featured in The Wall Street Journal.

1. Adgregate Markets
2. AdRocket - so dot com sounding
3. Akoha
4. Alfabetic – see number 6 (below), same goes here
5. Ångströ – oddly enough this company is based in Palo Alto, so what is with all the letter decorations?
6. Atmosphir - silly silly misspelling – also unacceptable are Atmosfear, Atmosphear, Atmosfeyr and Atmosphyr
7. Birdpost
8. BlahGirls
9. Bojam – unless this has something to do with Bo Diddley……
10. Burt
11. Causecast
12. Closet Couture – for all the best dressed closets
13. Connective Logic
14. iamnews- iambored
15. Devunity – finally someone brings all the dev’s together
16. DotSpots
17. Emerginvest – a four-syllable suckvest
18. ExchangeP - don’t just exchange the P, the whole name needs to go
19. FairSoftware
20. FitBit - NitWit
21. Fotonauts - Polaroids in Space!
22. GazoPa - a subsidiary of parent company GazoGrandPa
23. GoodGuide - BadName
24. Goodrec – WorseName
25. GoPlanit
26. Grockit - Grok doesn’t have a “c” but nice try anyway
27. Hangout Industries
28. iCharts – which decade is this again?
29. Imindi
30. LiveHit
31. Me-trics - me-sick
32. MIXTT – MIXXTTUP
33. Mobclix- really…why not just say MobClicks?
34. Mytopia – mytopia?, keep it then, we don’t like it anyway
35. OtherInBox – it’s at least better than one of our favorite train wrecks Xobni (inbox backwards in case you didn’t know)
    
36. Personalria – Everyone needs a Personal Ria (a submerged coastal landform)
37. PlaYce - whY?
38. Popego – Pope Go?, Pop Ego?
39. Postbox
40. Quant the News
41. Rinen
42. Shattered Reality Interactive – who wants to interact with a shattered reality?
43. Shryk – Shriek?, Shrek?
44. Swype – someone swyped the i and rePlaYced it with a y
45. Tingz - tingz makes us twingz
46. Tonchidot - already forgot how to spell it, don’t know what it means, so to find it on Google…..
47. TrueCar – FalseStart
48. Tweegee – sounds like something a one year old would say and no one would understand, and neither do we
49. VideoSurf
50. Yammer- best name here and perhaps not coincidentally the winner this year at TechCrunch!