Financial
Ally Marketing hired Magnet, Inc. to define the strategy, including the brand driver and strategic personality, for its client, The Stock Market Nerd. Founded by Brad Freeman, the Stock Market Nerd is a financial newsletter that prides itself on thorough, well-reasoned stock analysis, free from the hype, hoopla, and bias of other newsletters. Magnet conducted in-depth interviews with customers worldwide to create a brand blueprint that included SMN’s seven core values, a brand positioning statement, brand personality, mission, vision, values, a tagline, "Invest with Good Reason," and recommendations for SMN’s content, navigation, and marketing tactics.
Before Magnet’s research, SMN hypothesized that its value lay in doing the homework for its investor readers. However, research rebuffed this idea. The caliber of the SMN investor is such that they neither need nor want anyone, including the Nerd, doing their homework. In keeping with the self-determination principle, a tenet of consumer behavior, they don’t want easy answers; they pride themselves on their due diligence. They want a “thought partner” to confirm or challenge their assumptions. They want to invest with good reason.
“Our goal is to give you the context, candor, and reasoning needed to understand why you own what you own. At Stock Market Nerd, we invest with good reason.”
Like many local banks, Leominster Credit Union’s (LCU) name—now All One Credit Union—just didn’t travel well. The brand wanted to reach beyond Leominster, Massachusetts, but folks in nearby towns like Gardner and Fitchburg couldn’t quite see themselves banking with a place named after another town. It’s not exactly logical, but let’s face it: people don’t always make decisions based on logic.
Some place names work everywhere, but LCU wasn’t one of them. That’s why Magnet, Inc. came in to help find a name that would last, reflect the brand’s values, and feel right anywhere. The answer: All One Credit Union.
As we always do, we started by defining the brand’s positioning. Through in-depth interviews with LCU’s team and customers, we gathered insights and developed five different positioning options. Then we tested them with prospects and customers in focus groups. The clear winner was rooted in LCU’s history—it opened its doors more than seventy years ago to serve people overlooked by traditional banks. Leominster Credit Union has always been, and still is, a financial institution for everyone.
“Everyone deserves real consideration. All One’s team stands for integrity, fairness, respect, and a genuine passion for helping people achieve their American dream. We believe a true community is an interconnected web. That’s why we’re All One.”
The Cooperative Bank of Cape Cod (TCBCC) - Cape & Coast’s original name - hired Magnet, Inc. to determine if the bank needed a new name and, if so, what that name should be. The bank had observed that customers struggled to know what to call it, shortening it to “The Co-op” or “The Coop,” neither of which conveys the stability expected from a financial institution, and prospective customers could not remember the ten-syllable name. Research indicated that people did not relate to the name “The Cooperative Bank of Cape Cod,” and no abbreviation worked. “I have no idea what a co-op bank is.” And as one participant stated, “Shortening that long name to the ‘coop’ is awful, too.”
This is a case of cognitive disfluency. The name lacks an appealing sound pattern, is formal and unevocative, and it is difficult to anchor in memory. Forcing the audience to “work” to recall or understand its meaning decreases trust and familiarity. A name that sounds “off” subconsciously lowers confidence and can damage a bank’s reputation. Finally, an awkward name hampers emotional connection. When the brain is busy decoding, there’s little capacity left for warmth, empathy, or trust signals.
Magnet, Inc. suggested the name Cape & Coast because it is easy to say and remember. Cape and Coast are strong, emotionally evocative words that highlight the markets it has served for 100 years. The name's quick, crisp alliteration and balance anchor easily in memory, enhancing recall and appeal. And the name reinforces Magnet, Inc.'s brand position concept for the bank: “The Power of Local.”
Local is knowing the customer's name and being right there to make quick decisions. Local is reinvesting more in the community because it's good for everybody. Local is understanding a person's character and unique situation. Plenty of banks have branches, but we have roots. Cape & Coast Bank: The Power of Local.