The Financial Brand Insights - Summer 2022

institution just because the name has changed. With careful planning and guidance from brand experts, the reaction to a name change can be far more positive than negative. Furthermore, a new name isn’t just about the consumers; it’s also about the employees and staff at these locations. Some updated branding and naming can even help incorporate employees into new core values, creating a unified and collaborative space. Employees want to be happy with the brand they work for. Ultimately, happier employees are better workers, and that pleases consumers. People want to work with financial institutions that have a reputable brand and treat their employees right. Marketing a New Name While a new name is partially about establishing a new identity, it doesn’t always mean forgetting about the past. A new name can be aimed at honoring the past and a financial institution’s history while creating a new design and overall feel. Whether or not a brand name reflects a company’s history comes down to what the company strategically determines to do with its brand.

Names aren't just meaningless words; they're direct link to a company's branding and imagery

The right name for the brand can be the single most powerful marketing tool at a financial institution’s disposal. It’s the first thing consumers notice, and the last thing that will stick with them. Other brands and organizations have found success with their names being changed, such as KFC changing their name to remove the “Fried” connotation to align with a more health-conscious consumer base. Sometimes name changes are necessary to stay relevant. Simply changing the name with no clear strategy can lead to poor marketing. However, with the backing of industry brand leaders, name changes can help overhaul an organization in a positive way. The right guidance can make a critical difference in determining whether a name change is successful, or a flop. ▪ About NewGround NewGround, which is headquartered in St. Louis, plans, designs and builds branded spaces for financial institutions, organizations and retailers. Its Brand Strategy practice offers a holistic suite of branding services specifically designed for the financial industry.

A new brand name can make a financial institution take on a completely different atmosphere to attract new members or customers

institutions want something that will work for a long period of time. But branding, much like the financial market itself, is constantly changing. Despite knowing that younger generations want a fresh, youthful brand to work with, many financial institutions are hesitant to change. They fear what a new name will do, if it will still portray the same message, or if long-time consumers will find the new name unrecognizable. Ultimately, they’re scared that too much change at once will destroy everything they’ve worked to create. It’s normal to feel hesitant about such a big change. It's Not as Scary as It Seems, for Companies or Consumers Despite these intimidating factors, changing a brand name isn’t as scary as it seems. Very few consumers, if any, will leave their financial

How Consumers View a Brand Name

Brand name changes can positively impact a company's look and feel for both existing and new consumers

In order to achieve growth, financial institutions have to start getting used to “new.” Younger, newer generations are always key demographics for financial institutions. Younger consumers are more likely to borrow money, take out mortgages, and get started on their financial journey. But younger generations want a brand name that speaks to them, not a name that feels out of touch and outdated. Brands, just like generations themselves, are going to get older. Styles will change and adapt as years go on, and names are no different. They should be refreshed frequently—on average, every five years, to constantly reflect the new generation and modern styles. These changes can be intimidating, especially when financial

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THE FINANCIAL BRAND INSIGHTS SUMMER 2022

THE FINANCIAL BRAND INSIGHTS SUMMER 2022

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