What is your “one thing?”

first_img 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Do a quick Google search for credit unions in your hometown. Notice the signs for businesses as you drive to and from work that offer loans. Quickly you’ll notice that your financial institution is not the only choice for consumers in your marketplace.Differentiation is key. Your bank or credit union must give consumers a reason to choose you over the competition. Otherwise, you risk slipping from a valued brand to just another commodity amongst a cacophony of other unremarkable choices.When working with banks and credit unions on branding plans, one of the key questions we like to ask goes something like this: “What is the one thing that only your financial institution can provide to consumers?” This is also sometimes referred to as a value proposition.When answered honestly, it’s is a difficult and soul-searching exercise. I say “honestly” because too many financial institution executives tend to default to the all-to-easy “it’s our people” or “it’s our service” answers. While you probably do have terrific employees and a great selection of services, guess what? Every other financial services provider in your marketplace is saying the same thing. Friendly employees and product/service selection are no longer valid marketplace differentiators. They cannot support a brand, let alone make it different/valuable enough for consumers to choose you. continue reading »last_img read more