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 town banks, Leominster Credit Union’s (LCU) name was “stuck in place.” The brand aimed to expand its service area; however, many people found it hard to accept that a credit union from Leominster, Massachusetts, could serve the needs of depositors in neighboring towns like Gardner or Fitchburg. Some place names can travel, while others cannot, and LCU was a name that couldn't. Magnet, Inc., was hired to help LCU find a lasting solution—a name that could stand the test of time, reinforce its brand ethos, and work in any location. Our solution was All One Credit Union.
As Magnet always does, we began the renaming process by first establishing the brand’s positioning. In-depth interviews with LCU stakeholders and customers revealed insights that we developed into five positioning options. These options were then tested with prospects and customers in focus groups. The winning concept was based on the reality that LCU opened its doors more than seventy years ago to serve people who were not adequately served or considered by financial institutions.
“Everyone deserves proper consideration. Our teammates are guided by integrity, fairness, respect, and their passion to help everyone achieve their American dream. We believe that a true community is an interconnected web of existence. We are 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 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.