When was the last time you checked out your bank or credit union competition? It’s important to take time to reevaluate what your competition is doing to attract accountholders and develop plans to outperform them. Follow these steps to get the most out of your research efforts:
- Narrow your search. There are plenty of options out there for consumers to choose from when it comes to banks and credit unions. It’s unrealistic and overwhelming to try to look at what every single bank or credit union might be doing compared to your own. Instead, choose a two to three “big” banks with local branches and four to five local banks or credit unions to make your research more manageable.
- Get valuable insight with a digital marketing assessment. Curious to see the social media ads and search engine advertising key words your competitors' are using? We'll show you in a free digital marketing assessment that also reveals your website health. This behind-the-scenes insight can help you get ahead of the competition.
- Do the research first-hand. Instead of relying on information from other bank or credit union’s websites and online reviews, find out what it means to be an accountholder first-hand. Set up an appointment at your biggest competitor to discuss opening an account. Tell them you are looking at your options for a new account and want to learn more about what they can offer you. Ask about checking/savings accounts, loans, credit cards, or any other product or service you want to compare to your financial institution. That way, you’ll learn more about each product/service than you would from any website description, plus you’ll experience their customer service for comparison as well.
- Take it online. Do a simple web search to find the rates your competitors are offering on loans and savings products. Develop a rate spreadsheet to easily visualize how your bank or credit union compares in terms of rates and fees. Also, visit your competitions’ websites to find out how many branches and ATMs they have and what convenience services they offer.
- Gather your competitors’ marketing pieces. What better way to analyze how to out-market your competition than looking at their marketing strategies? Looking at other bank or credit union’s marketing pieces – print, online, TV, radio, social media, etc. – can tell you who their primary target market is and how they are trying to reach them. And, of course, anything with information on rates or fees can help you determine where your strengths are and which products/services you might want to promote more heavily. Plus, you’ll learn what taglines, themes, imagery, etc. to steer clear from in order to prevent brand confusion.
Once you’ve completed your research, ask yourself: Why would a consumer choose our bank or credit union over these other options? If your rates are better, make sure you are hammering home the savings you offer in your marketing pieces. If your rates are comparable, find what else sets you apart from the competition – are your online services easier to use? Do you have more branches/ATMs? Are your representatives easier to work with? Do you have better incentives?
Pinpoint your bank or credit union’s best qualities, and create or update your comprehensive marketing plan. With the updated information on your competition in your hands, you’ll be able to differentiate your brand, know what to promote and attract new accountholders!