Fearful Leaders

Today, National Public Radio (NPR) interviewed Jean Ann Fox, Director of Financial Services at the Consumer Federation of America, about the impact of recent bank failures, mergers and buyouts. The story suggested that with the consolidation of some of the larger banks, consumers have an opportunity now to “reshop the market and see if you can get a better deal at lower cost at a smaller bank.”

There is no doubt that the turmoil in the world’s economic markets and high profile bank failures will contribute to customer churn, especially in some markets. But are small community banks prepared to take full advantage of that churn, or are they approaching the ocean of opportunity with a teaspoon? Many community bankers haven’t taken the time to understand their market; or ensure that their brand is relevant to that market...so they don't know how to reach out to their potential customer in meaningful ways. In fact, in this very moment fearful leaders are busy cutting marketing budgets and putting off strategic growth decisions. They could benefit from advice offered today in Seth Godin's blog:

"Growth is frightening for a lot of people. It brings change and the opportunity for public failure. So if the astrological signs aren't right or the water is too cold or we've got a twinge in our elbow, we find an excuse. We decide to do it later, or not at all.

What a shame. What a waste.

Inc. magazine reports that a huge percentage of companies in this year's Inc. 500 were founded within months of 9/11. Talk about uncertain times.

But uncertain times, frozen liquidity, political change and poor astrological forecasts (not to mention chicken entrails) all lead to less competition, more available talent and a do-or-die attitude that causes real change to happen.

If I wasn't already running my own business, today is the day I'd start one."

TD Commerce Bank Stakes its Claim: America’s Most Convenient Bank

TD Commerce Bank, the result of the TD Banknorth and Commerce Bank merger, will adopt Commerce Bank’s tagline and position itself as America’s Most Convenient Bank after the two banks come together.

TD Banknorth’s President and CEO, Bharat Masrani was quoted in a press release today about the bank’s position:

"TD Commerce Bank will own the convenience and Customer service space from Maine to Florida and will live the promise of being America's Most Convenient Bank…We will be relentlessly focused on building a better bank for Customers by staying open longer than our competitors and providing Customers with the WOW! experience they have come to expect."

This begs the question: What does it mean to be America’s Most Convenient Bank?

As far as I can tell, TD Commerce Bank’s idea of convenience focuses on the number of branches and ATMs in its delivery network; it also means staying open seven days a week and having extended hours at its branches on a daily basis. And, I can certainly see how this offers customers that live in the markets served by the bank added convenience – but what about those who don’t?

Would TD Commerce Bank be considered America’s most convenient bank to a bank customer in Savannah, GA? - Or any of the other markets along the East Coast where the bank does not currently have a presence?

The bank has made its intention clear to “own the convenience and Customer service space from Maine to Florida.” And, with convenience at TD Commerce Bank focusing so heavily on its branch and ATM presence, it will be interesting to see how it lives up to this promise.

Will we see TD Commerce Bank embark on an expansion/acquisition effort along the East Coast in the coming months?

And what about the rest of America? I don’t think many people here in Chicago have ever heard of America’s Most Convenient Bank.

A Branding Conversation with Tom Asacker

In a recent post, I talked about the ABA New England Marketing Chapters' Branding Symposium that I attended last month. The presentations, lead by Tom Asacker, author of A Clear Eye for Branding, offered some great insights and really challenged attendees to think critically about their brands.

After attending the symposium, I contacted Tom with a series of questions in hopes that he would offer his insights and perspective relative to branding and financial services. His responses to my questions follow.

BW: Why is the concept of branding so misunderstood?

TA: Great question Brady. I’ve been trying to answer that one myself for years. Kierkegaard wrote, “Concepts, like individuals, have their histories and are just as incapable of withstanding the ravages of times as are individuals.” Well, individual’s bodies may be incapable of withstanding change, but their belief systems are more than capable. And that’s what has happened with the concept of brand and branding. Many people locked onto the original marketplace concepts -brands and branding as marks of ownership and later as trademarks, logos and image advertising - and built their reputations around those concepts; e.g. logo designers, identity consultants, advertising agencies, etc. Their mindsets and business identities are now tied to those out-dated concepts, which absolutely preclude a change and serves to perpetuate the misunderstanding.

BW: Why is a clear eye for branding important?

TA: It’s not simply important, it’s critical. What is a brand? It’s something or someone that a customer chooses to be associated with, be it a brand of music player, politician, motorcycle, retail outlet, financial planner, or bank. Branding is everything a person or organization does to create and maintain a strong feeling with customers so that they are predisposed to continually choose and recommend them. Drucker wrote, “There is only one valid definition of business purpose: to create a customer.” Understanding how and why customers choose, as well as how to appeal to that decision-making process, is what having a clear eye for branding is all about.

BW: What does it mean for today’s banks and credit unions to have a clear eye for branding?

TA: Ultimately, it means that they have a visceral understanding of how to intelligently invest their time and money to attract and retain customers, with everything from the design of their outlets and web sites, to their employee training, marketing communications, product and service offerings, and community outreach. Today’s is a much more challenging marketplace than even the recent past. And given the latest economic outlook, and the fact that more than 95 percent of the households in the United States already have an active banking relationship, organizations that fail to recognize and adjust to the new consumer mindset are destined for failure. Or worse, they’ll become one more of the living-dead, with a relentless and stifling focus on cutting costs and downsizing. As a long-term brand strategy, operational efficiency is seldom the path to greatness.

BW: What companies – and specifically financial institutions, do you see demonstrating this level of thinking in terms of brand?

TA: I find it interesting that no financial institution springs readily to mind. What could possibly be more emotionally compelling to customers than their futures and financial well-being? Coffee? That being said, there are a few who are pushing the idea of fanatical commitment to "wowing" its customers and employees, for example Umpqua Bank and Commerce One.

BW: What barriers to you see facing community banks and credit unions when it comes to branding? And, what steps can executives and marketers take to overcome these barriers?

TA: The only true barriers are mindset and will. Seek first to understand, and then have the audacity to do what you know is right.

Sleepy Markets and Tired Brands

I have spent the last few days at the ABA National Conference for Community Bankers in Orlando (which is a welcome break from winter in Chicago).

During my conversations with some of the bankers here, I’ve heard quite a few refer to their markets as dead, stagnant, slow, or sleepy. The attendees at this conference are community bankers, and many serve small communities, so I’m not surprised that they’re using these words to describe their markets - they're all over the country.

But, it was interesting to hear one banker in particular banker talk not about his "sleepy market", but about his "tired brand". I found this interesting for a couple reasons.

First, tired implies exhaustion, like his brand has been allowed to go unchanged for too long (In our experience this is extremely common – the “if it ain’t broke, don’t fix it” mentality). It’s exhausted, outdated, dull, mediocre and in dire need of a refresh, a jump-start, a critical evaluation. As a result of being tired, his brand isn’t having the impact he would like; it’s not creating the right perceptions; and it’s not allowing his customers to have the experience he would like them to have. I'd bet that his tired brand is becoming irrelevant to his market.

Perhaps more interesting than describing his brand as “tired”, is the fact that this guy recognizes that his brand is not as strong as it could be, or should be. Keeping a pulse on your institution and your brand, or taking the time to critically evaluate each, is critical to your institution’s success – especially in today’s marketplace where changes are happening faster than ever.

Over the last year, we have all seen branding become a buzzword – and I’ve seen a lot of bankers simply dismiss the idea or write it off as an industry-fad. In fact, I have seen it here at this conference – with bankers saying things like “I know branding is what everybody is supposed to be doing this year.”

It’s is not a one-time deal. As long as you’re in business, you have a brand that needs constant attention and the occasional refresh to keep it awake and relevant to the markets you serve – regardless of if your market is sleepy or not.

Umpqua Bank's Innovation Lab

Last week, I had the opportunity to check out Umpqua Bank’s latest branch concept – the Innovation Lab, and overall, I was pretty impressed.

From the press release Umpqua Bank put out about the branch:

“The store will serve as Umpqua’s Innovation Lab, showcasing emerging and existing technologies that foster community and redefine what consumers can expect from a banking experience. As a testing ground for new initiatives, the Lab will change regularly to feature new technology, products, services and community events.”

Complete with huge 25-foot interactive touch screens, merchandise on display for purchase, and customized computer stations, the branch looks quite different from the traditional bank branch.

Some of the more notable features include:

• Café style tables that serve as both a traditional table and as a computer station. The table top can be lifted open to give customers access to a laptop inside. The design gives customers the privacy they need while banking online in the branch and keeps the branch looking clean when the computers are not in use.
• The community table in the center of the lobby seats about 12 people and can be used as a meeting place for organizations or groups of people who need to get together. The branch manager told us that the table is used about 6 nights a week.
• You can’t miss the two huge interactive touch screens when you walk into the branch. One serves to display product information; the other is community-based which displays photos that customers submit themselves – it’s like a modern-day community bulletin board. The best part about the screens is that they are used for Nintendo Wii tournaments; the night of our visit, the bank was hosting a bowling tournament.
• Merchandise. Walking into the branch, you can’t help but run into the tables in the lobby displaying Umpqua Bank t-shirts, hats, and coffee cups. And, one table is set up to display the merchandise of local businesses/artists – which, I would imagine, is changed on an ongoing basis.

Overall, I was impressed with the branch – its layout, look and feel, and incorporation of technology. I think a lot of people visiting the branch (or seeing it in the news) will also be impressed; which raises a red flag for me. While Umpqua Bank has taken steps to explore the use of new technologies like the touch screens in its branches, it's an approach that simply won't translate well at many community banks across the country.

Like ING Direct with its cafes, Umpqua Bank is pushing the envelope in terms of its branch design and customer experience with the Innovation Lab. And after visiting either, you can see how each is aligned with their respective brands – and how the individual elements they’ve included in their branch designs (i.e. coffee bar with baristas, touch screens, etc.) simply will not translate well in other markets with other companies.

Umpqua Bank and ING Direct have given people something unexpected - and something for people to talk about. And while we've seen many bankers attempt to incorporate elements of either company's branch design into their own, successful financial institutions will be those that can generate buzz with something new, unique and reflective of their institution's brand and market.

Branding: "What's the first step?"

Last Friday, I attended a day-long branding seminar put on by the ABA New England Bank Marketing Chapter. The sessions, led by Tom Asacker – author of “A Clear Eye for Branding”, were very different (in a good way) from other branding conversations I have been a part of at other banking conferences.

Tom pushed the audience to think differently about their institutions and brands. And, throughout his presentations he emphasized the importance of how brands make people feel – which he discussed, goes well beyond simply what people think about your company and brand. As you can imagine, this challenged the bankers in the room; when was the last time you thought about how your bank makes your customers feel?

Late in the day, Tom opened the floor for questions. And, not surprisingly, someone in the audience asked “What’s the first step?” – What’s the first step we, as community bankers, can take to bring clarity, strength and focus to our brands?

Tom handled the question very well.

He told the audience that the first step is having the passion and commitment – and a shared mindset among your team to really get the job done. Referring to a concept he discussed earlier in his presentation about the difference between formula and framework, Tom reminded us that there is no specific formula you can follow to bring clarity to your brand.

Rather, he presented a framework of elements that are necessary in building a successful brand; these elements include:

1. Be Close (to your customer and target market) – and being close is not as simple as proximity; it means allowing yourself to be close enough to your customers and your target to feel what they’re feeling

2. Be Different (in the consumers' eyes) – be unique; be compelling. Stop focusing on trying to be better, faster, etc. than your competition and just be different

3. Be Relevant –be relevant to your target market within the context of your market and your competition

4. Be Real (once again, from the consumers' perspective) – align your brand with authentic human qualities; let your customers see your human face

I think Tom is right; these points serve as a great framework for bankers to evaluate and strengthen their brands. While many banks will continue to conduct business as usual - with little, or no attention paid to strengthening their brands - those that can strengthen their brand, their position and their connection with their target market will be those that can remain relevant and grow in today's increasingly competitive marketplace.

"Chase What Matters"

Yesterday the New York Times ran a story about JPMorgan Chase’s plan to roll out a sleek new brand campaign on January 13th that uses the tagline “Chase What Matters”. The campaign, created by Mcgarrybowen in New York, will spend more than $70 million in the first quarter alone to communicate that Chase recognizes and focuses on the things that matter most to customers (e.g. security, recognition, control, protection, access, etc.).

One of the new TV spots follows a man shopping for a new television who uses Chase Mobile to check his account balance via a simple text message to determine how much he can truly afford to spend. Another TV spot shows a woman actively rock climbing when she receives an alert that her checking balance is low. She is easily able to call Chase to transfer funds into her account so she can avoid an overdraft. Chase is clearly trying to brand itself as the bank to keep up with the needs and desires of people with busy, dynamic lifestyles.

This morning NPR carried this story, suggesting that customer retention (rather than customer acquisition) is the likely motivator for a campaign of this size and scope. They noted that consumer confidence in financial institutions is low given the recent credit crisis and housing market problems, and that Chase’s expenditure on this campaign is an effort to shore up their market share. NPR briefly interviewed business journalist Glenn Rifkin, author of Radical Marketing, who essentially suggested that Chase would be better served to put the $70 million into things that really matter to customers, like ATMs, customer service, etc. But it really isn’t that simple – especially for financial institutions.

Chase hopefully understands that you have to do both…you have to make an investment in communicating bold, clear messages that resonate in the marketplace, and you have to back up your words with actions. What will make or break this kind of campaign is whether or not Chase has prepared itself to live and breathe the campaign internally.

ABA Discussion Topic 5: Branding Across Business Units and Market Segments

The last topic up for discussion from the branding roundtable discussion from this year’s ABA Bank Marketing Conference was branding across business units and branding across market segments. While the topic was not discussed to the degree that the other four topics were, I think it’s worthwhile to offer our perspectives here.

For clarification, the topic of branding across business units was brought up by a woman who wanted to know if and how she should approach bringing together her bank’s brand with its separate mortgage arm – which I understood to operate as an entirely separate business with its own brand. She also asked about branding across different market segments in the same breath, which is an entirely different topic altogether – but I’ll offer my take on both.

Branding Across Business Units

Bringing two business units together under one brand is much like bringing two financial institutions together during a merger. While each situation is unique, it can be expected that there is going to be some compromise. Like any branding initiative, you will need to establish brand standards, train your staff and manage the perceptions of your customers and the community while any changes are happening.

Branding Across Market Segments

I like the fact that the issue of branding across market segments was brought up during the discussion, as I think it’s an issue on the minds of many bank marketers. I think the most important point to make is that your brand is who you are – regardless of whom you are talking to.

While marketers certainly need their message to be relevant to their targets, they must also ensure that their messages do not conflict with one another. I think there is a tendency for some marketers to tell one group what they want to hear, and then turn around and tell another group what they want to hear (and sometimes message #2 isn’t in-line with message #1) – and, this simply can’t be allowed to happen if you’re looking to build a powerful brand with a consistent message.

Whether you’re bringing together business units or targeting different market segments, there will be branding implications to consider. And, like much of the discussion we’ve had since the Bank Marketing Conference, management of your brand during times of change is critical in creating the perceptions your customers and your community have of your institution.

What do you think Jeff?

ABA Discussion Topic 4: Branding and ROI

Like Jeff, I am not surprised that the topic of branding and ROI was brought up at the branding roundtable discussion during this year’s ABA Bank Marketing Conference.

The context in which the topic was introduced to the group is one that I am sure many bank and credit union marketers are familiar with. It goes something like this: “Our brand could use some help – but can’t get budget approval without showing projected return on investment.”

Knowing that ROI will come up in a branding discussion, marketers should be prepared to steer the conversation - and use it as an opportunity to educate their colleagues about brand and the process of branding.

For some direction in reshaping the conversation, check out Ron Shevlin’s post.

I would also like to emphasize a point that Jeff made – your customers already have perceptions of your brand, and every experience they have with you contributes to those perceptions. Rather than allowing those experiences to happen by chance, well-branded companies take deliberate steps to craft and manage the experience their customers will have; this in turn allows an institution to have more control over the perceptions their customers have about their institution. And while some kind of ROI calculation would make many marketers' jobs much easier, it simply isn't going to happen.

Think of Starbucks. Its brand is reflected in everything from the “help us help the planet” message on their coffee cup sleeves to the iTunes free-song download card I received with my coffee this morning (even the song - A Fine Frenzy’s “You Picked Me” was carefully selected). Somewhere along the way, marketers at Starbucks made the choice to include these things as part of the customer experience. And, I would be willing to bet that the marketers didn’t calculate the ROI associated with these choices – and that the same holds true with many of their other choices made in supporting and enhancing their brand.

At the end of the day, your brand is who you are. You can either make the commitment and investment to create the experiences your customers have with you, or you can leave it all to chance. And, you can bet that today's strongest brands aren't leaving much to chance.

Check Out the ING Cafe in Chicago

So, I finally made it down to check out the new ING Direct Café this weekend – and I was very impressed. The Café, which opened last month in Chicago, is the fifth physical “branch” location from the internet-focused institution, and if you have a chance, you should check it out yourself.
As the name implies, this isn’t your typical bank branch – it’s set up as a café serving coffee from Peet’s Coffee and the baristas double as personal bankers who probably spend more of their time making cappuccinos than opening savings accounts – but that’s exactly how ING intended it.

In an industry where financial services executives and marketers are looking for ways to drive traffic to their branches and get customers to stay a while, ING seems to have figured out what works for them – as the place was packed when we stopped in.

First of all, the café is in a great location with tons of foot traffic; it’s near Michigan Avenue shopping, an el station and a Loyola University Campus. And, the café is impossible to miss – as the orange façade screams ING to anyone within two blocks.

Once inside, it definitely feels more like your local coffee shop/internet café than your typical bank branch. Teller lines are non-existent; instead, you are greeted by the baristas – mine happened to be the branch manager. There are no personal banking desks – but, there are tables and chairs, lounge chairs, and about a dozen internet kiosks for anyone to use free of charge.

My wife and I had intended to take our drinks to-go, but, after ordering our drinks the manager said “I hope you’re planning to stay and drink these here – we have cool espresso glasses…and it always tastes better from a real glass.” So, we decided to stay. And, as our drinks were prepared we continued our conversation with the manager, who let us know about the weekly specials. On Fridays, customers’ drinks are free if you wear orange (the ING brand color); and, on Mondays your drink is half-price if you use your reusable ING travel coffee mug.

Me with my "really cool, real espresso glass"

In my conversations with the branch manager, I learned that the café also has a community room that is available to anyone to host presentations/seminars at no cost. And, that the entire facility is available to anyone after hours if a larger space is needed – this is also available for free. The entire space is carefully planned out – with a good mix of entertainment and merchandising, and the brand is reflected everywhere.

I told the manager that I was surprised that he didn’t ask us if we were ING customers or try to pitch us any banking products – and he said “that’s not what we’re here to do; we want you to enjoy yourself and we know that you’ll ask us about our services when you’re ready.”

Perhaps the most interesting part of the experience came as the customer in front of us at the coffee counter tried to tip the barista – to which the barista said “thank you, but we’re a bank – and we want you to save your money.”

ABA Discussion Point 3: Developing a Message to Appeal Broadly

When asked about the most pressing branding issues facing financial institutions, one participant in the roundtable discussion at this year’s ABA Marketing Conference responded:

“We need help developing a message to appeal more broadly.”

In an industry where so many institutions are striving to be “all things to all people” with messages that are already very general and safe, financial institutions should be taking steps to narrow (rather than broaden) their messages – and to clearly communicate the value they bring to their target markets.

Rather than addressing the issue of creating a message with broader appeal, I think the question that more bank marketers should be asking themselves is:

“How can our message be refined to speak more directly to our target market?”

While I can understand the interest in trying to attract more people to an institution, it’s important to remember that the industry is full of so many other institutions trying to do exactly the same thing. And, from the consumers’ perspective, this can only make it more difficult for them to distinguish between institutions in making a choice.

As a result, institutions should be looking to clarify their target market. And, after the target market has been established, it’s important that marketers take the time to understand the needs, values and preferences of that target. This level of understanding will allow messages to be created that have the ability to cut through the noise of other institutions’ more generic messages.

Keep in mind, that while your refined message may resonate loud and clear with your target – it may not be well received by everyone. But this is exactly what you are trying to do – allow people to easily see that you are the choice for them…even if this means that others will have to keep looking.

Be sure to keep your eyes out for Jeff Stephens' insights relative to this topic on The Story.

ABA Discussion Point 2: Branding Beyond Graphic Design

Our conversation from the ABA Bank Marketing Conference continues as we discuss the issue of branding beyond graphic design. Jeff Stephens offers his insights relative to the topic in his most recent blog post, and I would like to expand upon a couple points he made yesterday.

First of all, it’s important that we remember that graphic design most definitely plays a role in creating perceptions about our brands, but it is only one contributing factor in creating those perceptions. At Market Insights, we recognize your brand to be composed of three major elements: the visual, the verbal and the experiential. Graphic design addresses the visual; it may influence peoples' experience with your brand – but it certainly does not address the verbal element of your brand.

Jeff uses the concept of touch points to illustrate this point – which suggests that any interaction with your organization contributes to the perceptions people have about your brand. Perhaps the most important point to keep in mind relative to touch points is that “only a few of them are created by your bank marketing department.”

This is especially important when considering any kind of overall branding initiatives. All too often, bank executives and management teams are quick to place responsibilities relative to branding in the hands of their marketing departments. And while marketing departments should certainly drive these efforts, powerful brands require the involvement of everyone within an organization.

The expectation that marketing departments can handle the entire process relative to branding initiatives may be based in peoples’ belief that branding is all about graphic design (i.e. brand being equated to a logo and tagline). But, like Jeff pointed out, elements of your brand such as your choice of carpet and the way your employees shake hands with your customers don’t involve graphic design at all – and probably are not considered to be the responsibility of your marketing department.

Powerful brands are created when the visual, verbal and experiential elements work together. And, this is usually accomplished when they are deliberately crafted and carefully managed. Graphic design obviously plays an important role in creating pieces that support your brand visually, but don’t let the verbal and experiential elements fall by the wayside.

Branding Roundtable Discussion at the ABA Marketing Conference

Earlier this week, I attended the branding roundtable discussion at the ABA Marketing Conference in Baltimore – which reinforced my belief that branding is still one of the most misunderstood initiatives in financial services. The session was short and the issues presented for discussion were not covered in sufficient depth; so, I would like to continue the dialogue and offer some insights relative to the topic of branding as it relates to today’s financial services industry.

The first issue that was brought up for discussion during the roundtable was defining exactly what branding is; and, clarifying what the process of branding looks like.

While branding has a variety of definitions, we understand effective branding to be the process whereby consumer perceptions are deliberately created and carefully managed. And, this creation and management of perceptions extends well-beyond your name, logo and tagline.

It’s important to remember that people already have perceptions of your institution and your brand. This is important, as many people involved in the branding discussion were talking as if they don’t have a brand because they hadn’t yet addressed the issue or undergone some kind of formal branding process.

With that, the process of branding your institution will look different depending on who you talk to. And, people in attendance at the session gave me the perception that they were trying to compare apples to apples with a discussion of costs relative to a branding project – at some point during the discussion, it was decided by the facilitators that a number between $50k and $150k should be considered a “good deal” in hiring a branding firm to work with you.

While there are plenty of firms out there that are capable of helping financial institutions create more powerful brands, it’s important to understand that their processes are likely very different. And, institutions that simply look at bottom line costs involved in a branding program are likely overlooking very important issues like how much time a firm will spend getting to know you or the scope of work involved (many creative firms will sell you a logo and tagline and call it “branding”).

It’s encouraging to see the issue of branding being discussed among bank marketers and executives – but, I think a presentation, as opposed to a roundtable discussion, could have brought some much needed clarity to the topic.

Canora Credit Union’s Name Change

I recently came across a document from Canora Credit Union inviting its members to help change the credit union’s name by submitting their suggestions. The document sites the Board of Directors’ interest in re-branding itself as the reason for the name change. In addition, the document also states that “a new name will help the credit union continue to grow and prosper for years to come.”

While I would be interested to see what kinds of names the members come up with, this initiative raises quite a few red flags.

Recently, we have seen an increase in financial institutions that are interested in the possibility of a name change. And all too often, we see institutions that have mistakenly simplified the re-branding process to include nothing more than changing their name and/or logo.

There are certainly appropriate times to consider changing the name of a financial institution. We see this most commonly in a few different situations:

• Institutions looking to expand into new markets with a name that is not associated with a specific town, city or geographic location
• Institutions merging together will usually opt to carry one of the institution’s names forward or will make a decision to establish a new name for the recently combined institutions
• Institutions looking to simplify their name and/or adapt to changes in their market as a means to stay relevant

Whatever the case, changing the name of an institution has huge implications across the board. From a branding perspective alone, a name change will impact the visual, verbal and experiential elements of an institution’s brand, and in today’s marketplace, these elements must be carefully managed to create favorable perceptions.

An institution looking to change its name should do so at a time when it can also revisit its brand standards to ensure that the two are in-line with one another and that they both support the institution’s overall objectives. In the case of Canora Credit Union, it seems like a misdirected effort in getting member buy-in to a name change. While acceptance of the new name is important, a new name can not simply be selected because it sounds good – as a name can make or break a brand, and the careful management of a brand is often times the difference between success and failure.