Changing your name is one of the biggest decisions you can make. A new name will stick with the organization for years to come and significantly impact its success.
So, who should be involved in such a crucial matter? Who comes up with name ideas? How democratic is the process?
These are questions that come up all the time during name change inquiries, and answering them wrong has serious consequences. You need to put deep thought into what drives name change decisions before you start the process.
Here’s some guidance as you consider who (or what) is in the metaphorical “room where it happens.”
No Popularity Contests
“Let’s put it to a vote.”
Some organizations like to empower employees or consumers to pick a name or inform the decision. It sounds nice and democratic…but it’s bad for a name change. Why?
Because your staff and consumers aren’t using the same naming criteria as you. They aren’t looking out for your long-term goals, bottom-line concerns or niche appeal (among other things).
There’s a higher likelihood of surface-level name choices. A staff member might think one name sounds “cooler” than another. A consumer might hate an option because it reminds them of their grandma’s nursing home. Name change focus groups, although not a mass vote, tend to have similar problems.
Maintain control of your naming process and ensure strategy drives your new name…not a plethora of personal preferences.
AI Is a Terrible Master
AI is a fantastic servant but a terrible master.
It certainly has its uses in the name change process. Generative AI helps with quick brainstorming or internet research. It will even customize its results based on information you feed it about the institution.
But it doesn’t truly know your strategy or your brand.
Many times, it comes up with names that are too generic or awash in buzzwords. Some options sound more like a payday lender’s name than the name of a respectable financial institution. If you fine tune it enough to get some decent options, you must always run it through your brand direction to see if it’s viable.
Feast on Insights
Data isn’t bad. In fact, it’s an incredibly helpful tool in the naming process and throughout your institution. But an obsession with the pure data – the numbers – can harm your naming process.
As Jay Baer says, “We are surrounded by data, but starved for insights.”
Insights. That’s really what you’re looking for here. Nail down how the data informs your strategic direction.
For example, your market data shows your consumer base is primarily blue-collar folks. That’s helpful data, but go deeper. Some questions to ask are:
- What are their pain points?
- What are their life goals?
- How do those align with our long-term strategy?
Throwing some “blue-collar lingo” together won’t make a very good name. Asking these questions lets you strike at the heart and form a name that really matters to your consumers.
Lead with Strategy
You probably noticed a common theme throughout each point – strategy, strategy, strategy.
Always lead with strategy. Your name is a strategic choice more than it is a creative choice. There are tools to help you make good strategic decisions, but at the end of the day, you know your organization and make the best decisions for it.
And if you need a little guidance making those decisions, On The Mark Strategies helps with name changes throughout the country. Book a free consultation today.
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