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The Best Financial Institution in the World

Fern sitting on counter in bank at Teller's desk

By Joshua Schneiderman, SEM/PPC Program Lead

Each month, we spend time getting to know new friends like you in the financial services industry. In order to develop the most productive marketing plan, we need to learn what makes your financial institution uniquely wonderful. After all, if people would just sit down and listen, they’d understand that your bank is warm and kind and altruistic, and they should leave their current, cold, heartless financial institution to bank with you, right? Maybe you have the single greatest bank or credit union in the whole world. Truth is, your financial institution is a great fit for some people - probably not for others. And if we’re to help the right customers find you, we need to determine your Unique Selling Proposition (USP).

You are a good place to bank, yes? Good! We’re looking for the space where what you do well meets what potential customers really care about. Then, we’re excluding areas other financial institutions also shine. Here’s a visual - drawn perfectly to scale.

Your Unique Selling Proposition

Venn diagram showing the relationship between Consumer Wants, Your Brand, and Your Competition

We can’t just tell people your bank or credit union is great. “Great” is vague and subjective. Think about what it would mean to be the best. Would you be the most efficient? The most productive? The most convenient? The lowest fees? The most responsive customer service? The most caring staff? All this and more? In any industry, the greatest businesses choose where to focus their energy and messaging. They don’t aim to be outstanding at everything.

Can we go through an exercise to find your USP?

Think About Your Neighbors

What do your neighbors want most from a credit union or bank? Let’s say your town welcomed 1,000 new adults tomorrow - people a lot like those who already surround you. On which features would they decide where to keep their money, invest, save, or request loans? Consider those top few factors. Some of the items on your list may favor your institution while others may lean the other way.

Think About Your Competition

Now let’s think about your competition. It may be beneficial to asses the competitors one by one. Surely they do some things well. Would it be fair to say they have expertly trained staff, generous CD rates, a simple lending process, or maybe an easy to use mobile banking app? Are they enthusiastic supporters of the local schools, college or community events? Do they have a really nice fern on the counter or offer free popcorn on Fridays?

Think About Your Financial Institution

Finally, what are your own strengths? When asked about your financial institution, what do you brag up? You care about your customers and really take care of them, I’m sure. Are there some other areas where you shine? Sometimes there are things you can quantify. You may already know your reputation. I’ve found reviews from your Google My Business, Yelp or Facebook page can help to highlight some of your best features.

When you have identified your unique selling proposition, you should build your marketing strategy around it. Virtually everything you say should at least touch on your USP.

Let's Figure This Out Together

VGM Forbin helps financial institutions do more of what they love by working with them to build a web presence and promote their services. We do that through intense research in their market and years of experience in financial services marketing. Continual development in web design, search engine marketing, organic site optimization and social media marketing helps us deliver results for banks and credit unions like yours. Call VGM Forbin today to talk with our expert team.