Jeff Judy

Jeff's Thoughts - April 30, 2008

Who Knows What Makes You Different?

For many people out there, frankly, a bank is a bank is a bank. I know your advertising is designed to make you stand out from the competition, but if you are leaving it to marketing and advertising to distinguish your institution from all the others, you aren't getting the job done.

Marketing consultants often spend a lot of time working with their clients to identify, understand, and communicate what makes them unique. You'll see phrases like "unique selling proposition" or "point of distinction" to describe what is, basically, the reason a prospect should sign up with you instead of any of your competitors.

What makes you stand out? And more importantly, who knows about that distinguishing trait? What comes to mind when you company name is mentioned to:

The essential question is whether everyone in your organization knows what separates you from the crowd, believes it, can express it effectively, and shares that distinction at every opportunity. Your market can't know more than your own people do about what makes you unique.

If everyone in your bank thinks that it is up to marketing and advertising to make you stand out from the competition, you are probably already losing market share.