Unmask Your New Bank or Credit Union Name...Scooby Doo Style

Sometimes, deciding on a new name is like a mystery. The answer is out there somewhere…but it’s hazy, obscure and not everyone can agree on it. How can you make things a little clearer? Look to Scooby Doo for help!

This long-running television show has a new mystery every episode, with the gang following clues to unmask a monster terrorizing a location. Maybe the formulaic pieces of these groovy episodes can help you unmask your own mystery – your new name.

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Part One: The Mystery

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The first step is determining if you even have a mystery in the first place (a.k.a. if you need a new name at all). Renaming your institution should have solid strategic rationale behind it beyond simple personal dislike, having the name for “too long” or wanting something new.

In 2011, Netflix split off its DVD delivery service and renamed it “Qwikster.” There wasn’t much reason for this (even if Netflix foresaw the streaming-dominated future) and news articles admit “Qwikster is kind of hard to say.”

Don’t rename without reason. Rename when there’s a brand monster eating your business. This might mean your charter changed, your old name is hard to remember or surrounding businesses all have similar names.

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Part Two: The Clues

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Sadly, a new name doesn’t come to institution leaders like a magical epiphany (wouldn’t that be nice?). You must follow breadcrumbs that lead you to the right name. These clues include:

• The makeup of your consumers (demographic, socioeconomic, etc.)
• Your brand vision and values
• The institution’s future ambitions

These elements should help you choose a name that makes strategic sense rather than one that simply sounds cool. For example, a high-brow or ethereal name might not appeal to a blue-collar demographic. By the way: you may not personally love the name that makes the most business sense.

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Part Three: The Trap and Unmasking

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You followed the clues; now it’s time to set a trap and unmask your new name. This looks like a stellar naming process that taps into your strategic focus and guides you to the best decision. One way this process plays out is:

• Review of Names: You should get 20-40 names to review. Ideally, these all have descriptions explaining the strategic relevance of the names. It’s best to start with a silent review so no one colors others’ opinions.

• Whittling Down: Have three piles – yes, no and maybe. Sort through the names and put them in the relevant piles.

• Unmasking Your Name: Drill down further to your top three or four from the yes pile. Why three of four? Because the ultimate unmasking may not come until after you do some USPTO research. At a minimum, we recommend getting a legal opinion letter from a trademark attorney about your names. They may give some of the names a red light, which is why selecting three to four is safer for the process.

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You Meddling Kids…

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Once unmasked, every Scooby Doo villain confesses they would have gotten away with it if it weren’t for “you meddling kids.” Do some meddling of your own. Investigate your options. Do the due diligence and solve the mystery.

And if you need to phone a friend, book a free consultation with On The Mark Strategies. Our naming process will help you unmask the best name for your strategy.