Don't Lose Focus

Insurance \in-ˈshu r-ən(t)s\ n: coverage whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril

We are definitely facing specific "contingency and peril" lately. Help guarantee you won’t lose market share.

Adding to an already crazy bank marketing existence, the recent “bail out” plan increased the FDIC and NCUA insurance maximum from $100,000 to $250,000 for deposits. It’s understandable that we need to communicate this important message to our customers, but should it be our main message?

The key to marketing is still differentiation, and when I look around, nearly everyone is either FDIC or NCUA insured.

When you talk stability and security, focus on what differentiates your institution:

• Have you been in the market longer than the competition?
• How does your institution DEMONSTRATE that you’re a pillar of the community? Do you help build local business? Do you donate a newsworthy amount to local charity? Have you helped keep neighbors in their homes? Have you helped finance a life-saving surgery?
• Are you the market share leader? If so, you can make a case that you’re the “most trusted.” If you’re not the market share leader, what do you do better than the leader?
• Find an evangelist – you know, that customer or member who loves everything you do – and create a testimonial. You’ll strengthen your relationship with the customer and have a more compelling story to tell.

Be creative, talk to your front-line staff – they have stories. But in the end, don’t lose focus on what really differentiates your institution.

Take care,
Eric