One of the most threatening challenges any company can face is how to respond when your position in the market changes and your historical strengths become barriers to new growth. For Alabama Telco Credit Union, entrenched perceptions that one had to work for the phone company to join were severely inhibiting their ability to grow. And that led to the most significant strategic change in the long history of the credit union.
Beginning in 2010, we worked in collaboration with Telco’s leadership to rebrand and reposition the credit union to overcome the most significant barriers to their growth.
Few things in marketing are harder or more critical than creating a new name for the business. The process is complicated by a number of factors, each of which is a significant hurdle, from legal protection of the new name to the availability of a workable URL. Not to mention the name must be memorable, easy to say, easy to spell and unique. We concepted literally thousands of names, but one invented word consistently rose to the top of the list for every major stakeholder group. And in January, 2015 Alabama Telco officially became Avadian.
The rollout of the new name involved extensive collaboration between FitzMartin and the credit union’s internal marketing team. There were countless details, from the design of the brand to broadcast advertising. Literally, every aspect of the company had to change, from branch signage to countless forms and pieces of marketing collateral.