The Bank and Credit Union Strategic Planning Gift Box
Go over key bank and credit union strategic planning components, such as trend reviews, vision-setting and focused initiatives.
Read MoreSometimes, deciding on a new name is like a mystery. The answer is out there somewhere…but it’s hazy, obscure and not everyone can agree on it. How can you make things a little clearer? Look to Scooby Doo for help!
This long-running television show has a new mystery every episode, with the gang following clues to unmask a monster terrorizing a location. Maybe the formulaic pieces of these groovy episodes can help you unmask your own mystery – your new name.
The first step is determining if you even have a mystery in the first place (a.k.a. if you need a new name at all). Renaming your institution should have solid strategic rationale behind it beyond simple personal dislike, having the name for “too long” or wanting something new.
In 2011, Netflix split off its DVD delivery service and renamed it “Qwikster.” There wasn’t much reason for this (even if Netflix foresaw the streaming-dominated future) and news articles admit “Qwikster is kind of hard to say.”
Don’t rename without reason. Rename when there’s a brand monster eating your business. This might mean your charter changed, your old name is hard to remember or surrounding businesses all have similar names.
Sadly, a new name doesn’t come to institution leaders like a magical epiphany (wouldn’t that be nice?). You must follow breadcrumbs that lead you to the right name. These clues include:
These elements should help you choose a name that makes strategic sense rather than one that simply sounds cool. For example, a high-brow or ethereal name might not appeal to a blue-collar demographic. By the way: you may not personally love the name that makes the most business sense.
You followed the clues; now it’s time to set a trap and unmask your new name. This looks like a stellar naming process that taps into your strategic focus and guides you to the best decision. One way this process plays out is:
Once unmasked, every Scooby Doo villain confesses they would have gotten away with it if it weren’t for “you meddling kids.” Do some meddling of your own. Investigate your options. Do the due diligence and solve the mystery.
And if you need to phone a friend, book a free consultation with On The Mark Strategies. Our naming process will help you unmask the best name for your strategy.