No One Woke Up This Morning Needing YOUR Checking Account!

I know ... it hurts ... I'm sorry.

What's worse ... no one wants your mortgage ... or your auto loans ... or your CD.

What consumers WANT is:

• Fewer miles to drive
• A teller who wants to be there
• A new home
• A new car
• An expert to recommend a way to save money
• To feel good

So, what are we to do as banks and credit unions? Let's face it, our products aren't cool. No one's going to camp outside your front door for the launch of your new CD rate!

You Have to Differentiate

We may not be the next evolution of the iPad, but we are a necessity. That said, we need to give consumers a reason to consider us over the 6 banks they're going to pass to get to our branch.

What makes you stand out? Is it your convenience? Your personality? Your technology?

• Scrutinize the competition: Identify their strengths and weaknesses in pricing, convenience, service, products and image. Where do your strengths align with their weaknesses?
• What does your market NEED: They don't NEED price. If all you have to hang your hat on is a rate, your neighbor can beat it tomorrow (and you'll price yourself out of profitability). But, if lower fees truly are a differentiator, see how this credit union "pulled it off" (literally!!!). The bottom line is, talk to your customer's real needs ... and your product's real benefits.
• Be different: When my first CEO asked me why he should hire me with ad agency experience and no banking experience, I told him it's because consumers don't understand banking and it's my job to "talk" with these folks. I believe that it's the banks and credit unions who think like retailers that are truly differentiating themselves and gaining market share. Try to appeal to an emotion. After all, we're dealing with our customer's money ... what's more emotional than that!

As you're reviewing your past and future campaigns, keep in mind that the market doesn't want your product ... they want what the product will get them!

Take care,

Eric