Your credit union's name is the cornerstone of your brand. So when it comes time to change the name — as the result of a charter change or a simple need to modernize, for example — it's important to remember you're making a decision your credit union and members will have to live with for decades to come.
"Some credit unions land on a name they like and then try to build a new brand around that," said credit union marketing expert Paul J. Lucas. "That's a classic example of putting the cart before the horse."
Lucas said that a credit union should clearly define its new brand, giving careful thought to why the change is happening in the first place. Then, and only then, should the credit union start considering names that fit the new brand.
Often, credit unions feel a need to pay some sort of homage to their previous brand and name. According to Lucas, it's better to make a clean break. "Many credit unions approach this process with one foot in the past and another foot in the present," he said. "The key is to have one foot in the present and another foot in the future."
Lucas also warned against using geographic names. "If your name limits you to a specific region and you're a very successful credit union, you may end up outgrowing that name sooner rather than later," he noted. "Then you'll have to go through the process all over again."
In this day and age, it's also essential to consider the availability of a reasonable domain name. Be wary of variations on existing domain names. For example, if another institution has already registered and is using xyzcu.com, xyz-cu.com is probably not a good choice for your credit union. You don't want your online members confusing your credit union with one on the other side of the country.
A new name requires a new tagline. "Two-thirds of the taglines I see are weak, wrong and not descriptive of the credit union's brand strategy," Lucas said. "Like your name, your tagline should tell the world something about your credit union that differentiates it from all the other financial choices out there. Anything else is just a waste of words."
Of course, along with a new name come a new logo and other graphic elements. It's important to consider how any potential logo will translate to a wide range of formats and applications, including print, electronic, shirts and promotional items.
Your chosen color scheme must also be enticing. "Whatever you do, avoid brown or burgundy," Lucas said. "They're the worst."
One final word of advice from Lucas: "Before you commit to a new name, please make sure that it doesn't mean something in a foreign language. This can lead to disaster. It may sound funny, but I've seen it happen."
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