SOWPub Small Business Forums

SOWPub Small Business Forums (http://www.sowpub.com/forum/index.php)
-   SOWPub Business Forum (http://www.sowpub.com/forum/forumdisplay.php?f=2)
-   -   Another good "marketing" word for "escrow"? (http://www.sowpub.com/forum/showthread.php?t=3892)

Kelly Kasabian April 11, 2007 09:46 AM

Another good "marketing" word for "escrow"?
 
Hey all -

I have an idea/project I'm formulating which a key component involves the essence of what "escrow" is ... in other words a "holding" or "3rd party" of some sort so two sides can be held to an agreement... for example - there was this one company that held funds in escrow while the shipper of an expensive item shipped it... when the recipient rec'd it - to their satisfaction - the funds would be released to the shipper/seller... this way, obviously, the seller isn't on the hook because a 3rd party has the money... and the buyer isn't on the hook by buyin' a "pig in a poke" and losing their moolah.

Okay...so the above is not the project ...it's just a good analogy for it... what I've come up with is something that my initial idea was to call it "________ escrow"...

...but we ALL know that the word 'escrow' creates confusion in almost everyone's mind ....

...and what do we know happens to customers when they're confused? They don't buy or use your service...

...anyhow - anyone think of a good word that would encompass and replace escrow? Emotional words are a plus obviously ... but any help would be appreciated ...

Thanks!

KK

James Anthony April 11, 2007 10:42 AM

Re: Another good "marketing" word for "escrow"?
 
I don't think the word "escrow" is as confusing as you may think it is.

I think most people have a good understanding of it's meaning and I would think that trying to call it something else may actually add the type of confusion that you are trying to avoid.

Jim

Sandi Bowman April 11, 2007 11:07 AM

Re: Another good "marketing" word for "escrow"?
 
Not sure, Kelly, but it seems that 'temporary trust' might apply, according to my legal dictionary.

Under trust it says, among other definitions, "that committed to another for management or safekeeping; a right of property, real or personal, held by one party for the benefit of another".

The problems you're going to run into are the common perceptions of people as to what a specific term means...right or wrong...they'll assume it's what they believe the definition to be.

Other ideas: 'interim safekeeping', third party trustee, transfer holder, middle man, go-between third party.

Not sure of your intended use or audience but hope that's some help.

Sandi Bowman

Kelly Kasabian April 11, 2007 12:28 PM

Re: Another good "marketing" word for "escrow"?
 
Thanks for the quick input -

James, I've got to disagree with you on this one. First, there's escrow that people are familiar with when closing on a house ...next there's escrow where a 3rd party comes in which is something similar, but different ...

...for most people escrow is a non-emotional, boring term of "finance" that triggers no hot-buttons... it's not that it's that confusing - it's that it's not much of anything in the customers mind ...

Sandi - absolutely it helps ...and helps to confirm what I was thinking - that people have different ideas on what it might be ...

...but I like that "temporary trust" ..and the word "trust" itself is actually good ...thanks again!

KK

James Anthony April 11, 2007 12:46 PM

Re: Another good "marketing" word for "escrow"?
 
Quote:

Originally Posted by Kelly Kasabian (Post 14927)
...but I like that "temporary trust" ..and the word "trust" itself is actually good ...thanks again!


I can name a few successful sites that use escrow services and they don't call them anything other than escrow, and I'm guessing there's a good reason for that.

"Trust" is probably the last word I'd consider using.

"Escrow", in most people's minds, is a pretty straight-forward process that they already understand. They don't have to think too much about it.

When you throw in the word "trust" you are identifying that there is an issue there that your customers need to be concerned about.

If the site is strictly an escrow service, it might be different, but if you are offering a service where an escrow is a part of the process, I'd try to eliminate the "trust" issue alltogether.

Jim

Kelly Kasabian April 11, 2007 01:20 PM

Re: Another good "marketing" word for "escrow"?
 
Escrow isn't what my project is about. I'm sure there are successful sites that have to do directly with "actual" escrow (and I'm sorry...but "most people"'s eyes glaze over regarding understanding of escrow ...it's a word they'd just as soon not bother with)...

... what I'm talking about has nothing to do with escrow except the idea of a 3rd party as an in-between ..also, it's not a site but an application. The only reason "escrow" came to mind for me is because I had remembered a 3rd party service some years ago that acted as this ... and in the venue it was operating it actually failed because nobody in the target market it was aimed at really knew what it was...

Regardless, trust is, in fact, an issue with the problem I'm attempting to solve - nobody should or does trust in this particular case, nor should they ..."trust" is much more a buzz word than "escrow" because, and it will make people take note... one way or another it states something that people will react to ...escrow simply doesn't work because it means nothing (again in the market I'm going after) to the people who are potential prospects.

Things have to be emotional and market oriented ...unless I were selling something to the banking, mortgage or financial markets, escrow is simply not a useable selling word.


KK

Phil April 11, 2007 03:48 PM

Re: Another good "marketing" word for "escrow"?
 
Kelly,

It Might not be the Emotional word that you're Looking for...

But Escrow is a Closing Specialist...

Even if it involves a Different industry or Niche...

Title Closer - Escrow -Closing Specialist - Mortgage Closer

Get their Free report & Blend a couple Testimonial type words into an Emotional word... :)
http://www.trustedtestimonials.com/

Phil


All times are GMT -4. The time now is 12:01 PM.

Powered by vBulletin Version 3.6.0
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.