Identifying Your Financial Institution’s Competitive Advantage
As a financial institution, you’re no stranger to some stiff competition.
With so many players in the field, it’s essential to identify what makes your institution unique and what you offer customers that your competitors don’t.
This is what we call your competitive advantage.
This blog will guide you in identifying what your competitive advantage is and how you can communicate it to customers.
How to identify your competitive advantage
You can identify your financial institution’s competitive advantage in a few different ways:
Compare your competition’s products and services
Start by taking a close look at what your competitors offer in terms of products and services.
Pay special attention to where their offerings differ from yours and where your strengths shine through.
This will give you valuable insights to help you understand what makes your institution unique in the market.
Listen to your loyal customers
Your current customers can offer really useful insights for your bank. You can talk to them in a friendly and supportive way to learn why they like your services, and why they choose you over others.
Make the most of tools like surveys and questionnaires, or just chat with them to get their feedback.
Doing this will help you find out what makes your services special and what your customers appreciate the most.
Connect with potential customers
It’s also a good idea to look beyond your current customers. Chatting with potential customers can give you a look into what they like and look for in a bank.
When you have this information, you can improve your services to better align with what people are looking for.
This way, your bank can be more helpful and appealing to a wider group.
Address your weaknesses
After gathering information from your current and potential customers, the next step is to determine where your bank might need some improvement.
Once you’ve identified these areas, it’s time to come up with plans to fix them up and make your bank more competitive.
How to promote your institution’s advantages
Now that you’ve figured out what makes your bank stand out from the rest, it’s time to communicate these advantages to customers. Here’s how:
- Keep it simple: Create a short and sweet message that tells people why your bank is the superior choice. This could be lower fees, better customer service, or innovative services.
- Spread the word: Use various marketing channels like your website, social media, email marketing, and traditional advertising like flyers or billboards to reach your target audience..
- Share success stories: Share real-life success stories from satisfied banking customers who have benefited from your institution’s advantages.
- Educate your audience: Share blog posts, webinars, or workshops that showcase how your services can improve customers’ financial well-being.
- Stay in touch: Let your customers know what’s new at your bank. Good communication helps build trust.
We hope this blog has helped you single out those excellent features that make your institution stand out from the crowd.
And now that you’ve uncovered what makes your bank unique, you can share these outstanding qualities with your customers.
How Agora Eversole can help you promote your competitive advantage
At Agora Eversole, we’re proud to offer a wide range of traditional and digital marketing for banks like yours.
We can help you reach your customers with the vital information they need in the spaces they spend the most time.
Our services include brochures, billboards, marketing strategies, local SEO, social media marketing, digital ads, and much more.
We’ll ensure your community bank has the latest tools and strategies to thrive in today’s market.