Is your name helping or hurting your future growth and success?
A Financial Industry Position Paper.
By Mark Weber, CEO & Chairman, Strum
Some financial institutions struggle for years to answer the question of whether their name is a positive brand asset with high equity that could drive growth (“if only it could be marketed better”), or an anchor causing prospect disinterest, market confusion and limiting future market share growth and performance.
The answers to the question: “should we keep or change our name,” often surprise many senior leaders and board members. Underlying it is a more complex set of branding challenges and competitive market positioning issues, not just a name challenge. So how should you find out the truth, with facts and clarity, to move forward to a clear and strategic long-range choice on such a mission critical decision?
Without a well-managed process and expert brand and naming partners to guide and help you to proactively evaluate the strategic implications, the risks and scenarios of a name or brand change, emotions, personal opinions, and the irrational fear of the unknown usually prevail. These fears string out making a wise strategic decision; or worse, lead to reactive and costly short-term decision-making.
The question of whether to change or retain your name is often not the right (or only) question that board and senior leaders should be asking.
Our experience working with over 70 community banks and credit unions across the US and Canada the past 21 years in evaluating their name and brand equity has helped us define why a deeper set of relevant questions, strategic analysis, research insights and intelligent process is vital to achieving a successful decision.