NYCfNAC Business Lending Program Naming Recommendations

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NYCfNAC Business Lending Program

Naming Recommendations

January 23, 2006

January 23, 2006

2

Background






NYCfNAC’s Business Lending Program resides largely in an area between that
of banks and its CDFI “competitors.” It connects with a market mostly
underserved by these other institutions.


These customers are largely immigrants, from low
-

to moderate
-
income
households. They are small business owners / entrepreneurs at different
stages in their business. And they are somehow affiliated with neighborhoods
where the credit unions are located.


Their experience with other financial institutions is varied. They are either
unbankable or simply uninformed, misinformed or burdened with self
-
doubt.
They may have an affinity with NYCfNAC’s social philosophy.


Regardless, they are optimistic about their business opportunity and life,
aspirational, forward
-
looking and hopeful. They seek security and stability.
And they have responsibilities and obligations toward family and community.
Often, they have a certain stature within the community.

January 23, 2006

3

Objectives & Focus






The chosen names should:


» appropriately represent the Business Lending Program.

» resonate with the audience.

» have sensitivity to NYCfNAC’s multicultural, multilingual market.

» be spelled easily.

» be remembered easily.


??Each name is presented in one of two interchangeable contexts that
anchors it to the program it’s describing: an acronym or a descriptor, i.e.
“Community Business Loan.”



We’ve also provided insights into potential associations and connotations
surrounding each name and discussed how each resonates with the intended
customer.

January 23, 2006

4

Name Recommendations



January 23, 2006

5

LOAN 360

People Centered Business Loan

January 23, 2006

6

LOAN 360

People Centered Business Loan

A descriptive name with added connotations of a 360
-
degree cycle or a circle, which symbolizes perfection, completeness and
wholeness. Assistance is available throughout the complete loan process and the entire business cycle. It enfolds the
entrepreneur into the community and into NYCfNAC’s resources and vice
-
versa. It implies that all efforts will garner a full ROI.

It also carries some relevant and resonant subconscious associations. Seeing a circle in your dream, for example, “foretells
tha
t
you will have fabulous luck in securing your fortune and happiness.”



DEFINITION

1. Cycle: a single complete execution of a periodically repeated phenomenon.

2. Circle: a group of people with a shared profession, interests, or acquaintances.

3. Circle: travel around something.


KEY DESCRIPTORS / SELECTION CRITERIA

» Seeking security, stability

» Non
-
Prescriptive Measures

» Potential for Long
-
term Partnership

» Local/Community Impact

» Personal Approach


BRAND EVOCATIONS / ATTRIBUTES

» functional and descriptive

» holistic

» “full circle”

» “do a 360”

» “what comes around, goes around”

» guidance through obstacles

» movement (as opposed to stagnation)

» directional

» life journey

» action
-
oriented

January 23, 2006

7

LEAP

Loan Entrepreneurial Assistance Program

January 23, 2006

8

LEAP

Loan Entrepreneurial Assistance Program

Motivation. Inspiration. Progress. Advancement. The loan gives you a push


and an urgency. It connotes that your
opportunities and profits will increase by leaps and bounds. Spoken, the word conveys an action
-
oriented,
authoritative tone.



DEFINITION

1.

Move forward by leaps and bounds; jump or spring a long way, to a great height, or with great force.

2.

Make a sudden rush to do something; act eagerly and suddenly.

3.

“Leap at”: accept (an opportunity) eagerly.


KEY DESCRIPTORS / SELECTION CRITERIA

» Optimistic, aspirational, forward
-
looking, hopeful

» Non
-
Prescriptive Measures

» Potential for Long
-
term Partnership

» Personal Approach


BRAND EVOCATIONS / ATTRIBUTES

» motivation, assistance

» movement (as opposed to stagnation)

» directional, forward
-
looking, progress

» “leaps and bounds”

» life journey

» action
-
oriented


January 23, 2006

9

SEED

Sustainable Enterprise & Economic Development

January 23, 2006

10

SEED

Sustainable Enterprise & Economic Development

Fertility, heritage, potential, the continuity of life. These are what a business venture means to the entrepreneur,
especially one rooted in the community. These are what this loan program means to the entrepreneur. Besides
these figurative connotations, it’s also a direct reference to seed capital, the money that will water the growth of
the business.



DEFINITION

1.

Place (seeds) in the ground for future growth.

2.

Help (an enterprise) in its early stages of development by providing seed money.

3.

Anything that provides inspiration for later work.

4.

The cause or latent beginning of a feeling, process or condition.


KEY DESCRIPTORS / SELECTION CRITERIA

» Optimisitc, aspirational, forward
-
looking, hopeful

» Seeking security, stability

» Local/Community Impact

» Potential for Long
-
term Partnership

» Non
-
Prescriptive Measures

» Personal Approach


BRAND EVOCATIONS / ATTRIBUTES

» growth

» directional, forward
-
looking, progress

» “seed money”

» life journey


January 23, 2006

11

NAVIGATE

Community Business Loan

January 23, 2006

12

NAVIGATE

Community Business Loan

Life is a series of challenges that need to be navigated. The hero’s journey is the one constant story we find
throughout history and across cultures. It’s the standard motif we find in myths. This is the loan for the everyday
hero and can help empower them in their business journey. Navigation is a 3
-
dimensional concept: position,
direction and speed. Where are we; where are we headed; how quickly can we get there? Spoken, the word
conveys an action
-
oriented, authoritative tone.



DEFINITION

1.

Travel on a desired course after planning a route.

2.

Direct carefully and safely.

3.

Find one’s way, esp. over a long distance.


KEY DESCRIPTORS / SELECTION CRITERIA

» Seeking security, stability

» Optimistic, aspirational, forward
-
looking, hopeful

» Non
-
Prescriptive Measures

» Personal Approach

» Potential for Long
-
term Partnership

» Local/Community Impact


BRAND EVOCATIONS / ATTRIBUTES

» financial assistance

» guide through obstacles


freedom

» movement (as opposed to stagnation)

» directional

» life journey

» action
-
oriented

» word gives an authoritative sound when spoken

January 23, 2006

13

FLOW

Flexible Loan Options for Working Capital

January 23, 2006

14

FLOW

Flexible Loan Options for Working Capital

FLOW has such beautiful evocations, both aurally and symbolically, with undulating, liquid associations. It describes a bliss
ful

state of pure absorption and concentration


an optimal experience handy to have in life’s daily moments, whether mundane
or sublime, in business or at home. This loan allows you to flow as smoothly through your business journey as the loan proces
s
itself.


DEFINITION

1. Progress or be produced smoothly, continuously and effortlessly.

2. Circulate continuously within a particular system.

3. In work, sport, conversation or hobby, one experiences the suspension of time, the freedom of complete absorption in
activity. “The ego falls away... using [one’s] skills to the utmost.” (noted social psychologist Mihaly Csikszentmihalyi,
Flow: The
Psychology of Optimal Experience
)

4. To be abundantly filled or richly supplied.


KEY DESCRIPTORS / SELECTION CRITERIA

» Seeking security, stability

» Optimistic, forward
-
looking, hopeful

» Non
-
Prescriptive Measures

» Potential for Long
-
term Partnership

» Local/Community Impact


BRAND EVOCATIONS / ATTRIBUTES

» movement/motion (as opposed to stagnation)

» forward
-
looking

» cash flow

» continuity

» elegant, graceful, fluid, organic

» abundance

» resilience

» life as a smooth, constant journey


“go with the flow”

» word gives a soft, fluid, pleasant sound when spoken

January 23, 2006

15

Name Evaluation Guide






When judging each name, consider the following factors:


1) Appearance

How a name will sound/look/feel, i.e. as in a logo, as part of a print ad, etc.; How will the
name be heard when spoken in conversation at a community meeting? In an ad? Is it
easily spoken? Are people comfortable in saying the name?


2) Conveyance

How does it speak to the positioning of NYCfNAC and the loan program it represents?


3) Depth

The number of layers of meanings/associations for each name, which don't reveal
themselves right away but over time and makes the name more interesting.


4) Energy

Does the name have force? Is it full
-
of
-
life? Can it carry an ad?


5) Distinctiveness

Is it differentiating enough to be interesting?


6) Humanistic

Does it have emotional resonance? Is it people
-
centered?

January 23, 2006

16

Next Steps


Feedback of names and selection (Feb. 2)



Present 2nd round of names (if necessary)



Final delivery (Feb. 8
-

later, if 2nd round)



Assessment and closing (Feb. 10)