True to its chorus…everyone knows the “Cheers” intro song. The mere mention of it urges that keyboard player in your brain to start tapping the keys before your mental vocalist bellows: “Sometimes you want to go where everybody knows your name!”
Wouldn’t it be nice if everybody knew your name?
Of course! Outdated names often hold financial organizations back from explosive growth. It’s like a retaining wall stopping a flood, except the wall is your name and the flood is new consumers. Homebase CU saw 30% year-over-year new membership growth in each of the first two months after changing their name. Do similar jumps await you?
Take advantage of the “Cheers” Effect with these five bank and credit union branding tips, and make sure everybody knows your name!
1. Have a reason for your name.
Choosing a new name is no magic trick. You can’t just pull a random word out of a hat. You can’t just choose a name that sounds “cool” or one you personally like best. Have a strategy behind your choice. Ideally, each name presented to you has an accompanying description outlining its importance. The description provides a brand or business rationale for the name. Remember: this may not be your personal favorite name…but it should be the one that makes the most sense for organizational goals.
2. Leverage your past in your bank or credit union branding.
Many organizations have names chained to the past. But the past doesn’t have to restrict you; it can give direction to your hunt for a new name. You always want to “dance with who brought you.” Choose a name that honors your roots while opening the organization to a wider group. Homebase CU is a good example. It selected an inclusive word with both military undertones and common civilian usage.
3. Leave the door open to the future.
Things constantly change. Choosing too restrictive a new name will drop you right back in name change land several years from now. Keep future growth in mind as you look over your options. What name will take you 30 to 50 years into the future? Maybe even longer? It’s a balancing act to be sure. You want narrow enough appeal to resonate with your current demographics alongside wide enough appeal for future markets.
4. Avoid Acronyms.
Most places are ditching acronyms rather than adding them to new names. But it’s still an important warning. Unless it’s bank or credit union brand-relevant or unique to an employer associated with the institution, acronyms are often difficult to remember. Don’t choose a new name so complex it needs an acronym, and don’t sully a good name with an acronym. And if you’re trying to salvage your current name by branding it as an acronym instead…it’s probably time for a wholesale name change.
5. Choose a livable name.
Your name isn’t a decoration. It’s a major part of your brand culture. Leaders need to love it. Employees need to love it. Consumers need to love it. It needs to be meaningful enough for people to not only wear it on shirts but express it in words and actions. Ask yourself: “Would I be proud to stand behind this name and live its values?”
Release the flood of consumers! Make sure everybody knows your new name! But don’t try to do it alone…get expert bank and credit union branding guidance from On The Mark Strategies. Book a free consultation now.
