Last March, I composed a post called A Loan By Any Other Name. The thesis was that as long as your members embraced your services, who cared what they called them? You could be, “that car pay thing”. As long as the auto loan was paid each month, specifics didn’t matter. I’ve decided to revisit the topic after learning more about partnerships and the co-op environment. Whereas in that discussion, I addressed product names, here we will look at the name use of the entire institution.
What’s in a name? I suppose about the same as a motto. What’s the motto? Nothing, what’s a motto with you? (I can’t resist my Disney references)
Nearly all of our partner credit unions have undergone a name change at some point in their history. Sometimes, it is to reflect a new affinity group or open charter. Other times, it is to clarify their mission to the membership and community. Most are good, some, fantastic. Is there an inherent benefit to a stylized name over “Such and Such Community Credit Union”? Depends on market coverage, size, and other factors better for your board to address than me.
The important part of your name is that it gets used, and in the right situations.
Think of a company with which you’ve had unsatisfactory dealings. Now say their name out loud. How do you feel? Uptight, frustrated, angry? What about a company you love? Don’t be shy, speak up! Better? Perhaps even the sound of their name made you smile.
Which reaction do your members have when vocalizing your credit union? Or worse, do they not even know?
Your members may see your name in different ways. Some, as a bill pay entry only. Others, their financial family. With a bit of networking on your end, that name can gain some serious value!
If a member uses your name in a positive light, that’s a referral, and it holds tangible value. Building on the stories in “Credit Unions, Spelled C-o-m-m-u-n-i-t-y“, helping each other comes by working together. Seek out responsible businesses (and fellow cooperatives) in your local area. Work out incentives your members can receive just by saying your name. Perhaps it’s 10% off dinner or a complimentary admission to a local museum. In return, offer new member programs for the staff or volunteers at these venues. Be creative in the arrangements! At the end of the day, both sides benefit, and your name spreads with a smile.
The next time they say your name could be for a home mortgage.
Image credit: lifeingroup5.com