New Brand, Positive Image

Building statewide brand and top-of-mind name awareness in 6 months.

In early 2007, 63% of Rhode Island was familiar with 87-year old Credit Union Central Falls, the state’s largest credit union. The problem was, they perceived the credit union as small, old, outdated and unsophisticated.

Making things worse, the Central Falls area where the credit union was founded had deteriorated over the years. A geographic name that once served them well was creating a negative brand image. Research showed the credit union needed a new name to overcome perceptions that it lacked the ability to play the role of a trusted financial advisor in people’s lives.

Using Weber Marketing Group’s proven, 5-phase proprietary naming process, CUCF was able to select a distinctive new name and successfully transform its brand image in under a year — without sacrificing brand awareness.

Research conducted six months after the name change revealed that more than 55% of the entire state was aware of the new name, “Navigant Credit Union.”

More importantly, the research also showed that Navigant staff were viewed as more knowledgeable and service was perceived to be better. People also saw ‘Navigant’ as more convenient, more likely to have free checking, charge lower fees and more likely to offer business services. That’s a complete image makeover.

• 35% thought the new ‘Navigant’ name sounded like “someone you could trust to guide you”
• 35% thought Navigant was the fastest growing credit union in the state
• 18% thought Navigant sounded like “someone looking out for you at every turn”
• Perceived likelihood of online banking rose 10%

Navigant’s name change proved that you don’t have to sacrifice name awareness or brand equity when changing names, but rather that you can enhance and grow with a well-differentiated name, brand program and solid implementation.