Rebranding

There are two main reasons why we are confident that a name change will be beneficial to our credit union.

The first reason is that the name and the acronym for Barbados Workers’ Union Cooperative Credit Union (BWUCCUL) are uncomfortably close to the name and acronym of another credit union operating in Barbados, which has been operating in the market for longer than we have, is larger (in terms of members and assets under management) than ours, and is generally more well-known than ours. We have recorded several cases over the years where some of our members recommended our credit union to their friends, family members and colleagues, and instead, those individuals joined that particular credit union, thinking they were joining ours. We also have several examples where people have heard our advertisements on the radio, or seen them in newspapers and, similarly, become members of that t particular credit union, thinking they were joining our credit union. In effect, many times, we are spending our hard-earned marketing dollars to attract new members to our credit union, and our marketing campaigns are driving potential members not to us but to that particular credit union.

The second reason for the proposed name change is that research has shown that many Barbadians believe that they need to be a member of the Barbados Workers’ Union (BWU) in order to become a member of the BWU Co-operative Credit Union (BWUCCUL). While this was true in the past, this pre-requisite to joining the BWUCCUL has long been lifted, and our credit union accepts all Barbadians as potential members – whether or not they are members of the Barbados Workers’ Union. While we owe our existence to the BWU, the inclusion of its name in the name of our credit union actually causes many potential members to overlook us (because they think that they are ineligible to join our credit union) and choose to join other credit unions operating in Barbados. There is also brand confusion between the BWU and the Credit Union, even amongst our members, when signing up for new services, as the BWU is often selected rather than the BWU Credit Union.

We understand that changing the name of an organisation can be an emotional exercise, especially if the existing name has sentimental value for the staff, leadership team and members. As part of our rebranding process, we will find creative ways to honour our history, pay homage to the both the Barbados Workers’ Union and the BWUCCU, and their respective founders as well as important dates and achievements of both organisations. By doing so, as we move into the future, we will honour our past and embed our history into the DNA of the newly-renamed credit union.

As a result of the proposed name change, we will need to develop a new logo, a new visual brand and a new marketing and communications strategy that aligns with our new name. We will be using this opportunity to give our visual brand an upgrade, and this new visual brand will be designed specifically to help raise our profile in the industry, attract new members and continue to grow our credit union. The rebranding exercise will touch all aspects of our brand, including signage, stationery, uniforms, vehicle branding and the look and feel of our marketing, advertising and social media campaigns.

As a result of our upcoming name change, the national spotlight will be shone brightly on our credit union. Firstly, there will be a lot of grassroots word-of-mouth buzz among staff and members, and there will certainly be a lot of questions asked about the name change. Secondly, our credit union is planning a comprehensive marketing and public relations campaign consisting of paid marketing in the print, digital, social and on-air media that will formerly announce the name change to the public. This will increase the amount of interest surrounding the credit union. Thirdly, the media will undoubtedly run the story of the name change, which will further shine the national spotlight on us. This presents our credit union with an incredible opportunity to leverage the national spotlight to highlight not just our existence in the market, but to present a compelling reason why individuals, families and businesses should choose us as their financial services provider.

Through research, we have uncovered areas in the market where we excel as well as areas where other financial institutions outshine us. As part of our marketing strategy moving forward, we plan to reposition our credit union in the minds of consumers by focusing on the areas where consumers rate us more highly than our competitors rather than try to win over customers in areas where we are not as competitive.

Our newly repositioned brand will be focusing more on making the financial journey of our members easier and stress-free, showing care to our members and increasing the ease of doing business with us. It will be about continuing to help our members achieve upward financial mobility through the use of our financial products and services.

Repositioning requires much more effort, time and strategic thinking than a visual rebrand, but we believe that the repositioning initiatives we have in the pipeline will serve us well in the long-run, help us to distinguish ourselves from other financial service providers and help us to continue to grow our credit union.

Yes. We wanted to have member and staff representation throughout this project.

In selecting the new name and look we have invited members to make name suggestions, participate in rating polls as well as conducted focus groups on the new name and new logo.