AdAge has an interesting article on the banks that have renamed their institutions and are challenging the “long-held belief that bank marketing is serious business deserving of serious messaging.”
With all the negative news coverage on bailouts, the mortgage crisis and recessions, big financial brands have lost some of their equity, and are choosing to rename their institutions. Take for instance GMAC’s recent transition to Ally:
But some banks are becoming very darning in their renaming strategies like Redneck Bank, the Internet banking division of Bank of the Wichitas,, who touts it’s “where bankin’s funner.”
Or Tightwad Bank, the new name of Reading State Bank’s full service branch in Tightwad, MO. Makes pretty good sense, huh?
In the article, president of Strategic Name Development, William Lozito advises, "Don't name a bank to capitalize on a short term phenomena. Business cycles come and go, and this one will pass too."
What do you think about these naming strategies? Short sighted and uniquely focused?
Comments