An increasing number of banks and credit unions have either undergone a name change or are seriously considering one. Reasons for this include: the need to be more competitive, reaching additional potential new consumers, economic changes limiting the viability of single-sponsor financial institutions and general population demographic shifts.
Whatever the reason your bank or credit union may have behind its need for a name change, the job is a daunting one. Changing a financial institution name involves much more than just updating letterhead and the website. To approach the name change process in a more strategic way, we recommend the following trademarked four-step plan.
1) Research
The research portion of a name change process involves a great deal of highly-detailed and data-rich work. Research includes taking a look at your local competition, demographic information about the members you serve and your overall community as well as surveys of members, staff, your executive team and the Board of Directors. Name change research involves internal, external, qualitative and quantitative data culling. Every base is covered in this portion of the name change process to ensure your bank or credit union is headed in the right direction.
2) Strategy
The strategy portion of a name change process typically begins with a brand workshop involving your executive management team and board. During the workshop, many questions are covered, such as “Who do we want to serve?” “Who are we?” and “What do we represent in the eyes of local consumers?” This also includes messaging strategy, mindful of the fact that your new name must reflect both who you are and who you’re trying to reach. This is a comprehensive process that starts broadly with a look at potential names and then narrows the field down. For example, do you want your name to reflect your geography or something special about your area or location? Or are you looking more outside the box with a highly creative name?
3) Creative
The creative portion of the name change process ensures that all your research and strategy both match and work in sync with your new look. This will include specific elements such as colors, fonts, taglines and logos. A brand identity questionnaire is also completed to ensure creative elements connect with research and strategy.
4) Training
The training portion of the name change process is vital. It is therefore critical to provide staff brand training before, during and after the name change occurs. You must give staff the tools they need to change as the financial institution moves forward with its new name. You must also provide staff brand training as new employees join the bank or credit union family. Training is not a “one and done” operation.
Changing a bank or credit union name is one of the biggest jobs that any marketing professional can undertake. By partnering with On The Mark Strategies and following these trademarked steps, however, bank and credit union marketing professionals and leadership team members can help increase their chance of a successful name change process.
“When we got ready to change the name of our credit union, we didn’t really know where to start. We brought in Mark Arnold and he really helped us get started with the process. Our brand was crafted from the bottom up. It came from interactions with our membership. Mark was able to tune into that and work with us to develop the brand…”
Cindy Beauregard
President, Heart of Louisiana Credit Union
Hey Mark! Very concise steps, love it! The process of a name change is never easy so it’s great to have someone who can walk you through it step by step. Where would you say that the trademarking process comes in, in step 2 or 3?
Mark,
It’s funny that you just posted this today because today a New Mexico credit union unveiled their new “brand” that did NOT involve a name change. State Employees Credit Union is now State ECU with a spanky new logo. They did all the market research and yes, there were some people who still thought they had to work for the State to join. And that’s usually enough for a credit union to be convinced they must scrap decades of history for a new identity. But State ECU also found that they had tremendous brand equity in the communities they serve.
Their CEO, Harold Dixon is a Santa Fe native and has a stellar reputation in Northern New Mexico. He treats his employees like family and they in turn treat their members like family. It would have been a huge mistake to toss their history out the window for some synthesized name that means nothing. When New Mexico Educators changed their name to Nusenda last year there was a huge backlash. Some really negative press.
As a Culture Consultant, I’m not a big fan of most name changes as you know. Instead I feel credit unions should focus on their reputation (the real definition of brand) and be the best they can be.
I always remind my clients that the 3 largest credit unions in world are Navy, State Employees (North Carolina) and Pentagon.
Having said that I really do like the Heart of Louisiana Credit Union name. Nailed it on that one!