As a Twist: Promote Your Hidden Advantages
Sometimes when I talk with financial services marketers and their colleagues, I get the impression they think consumers are as sophisticated as they are about banking. Of course, that’s not true.
A large portion of consumers only know the basics…like how to use their checking account, debit or credit card, online banking, and so on. They don’t understand some of the features and nuances. Ask for details and you’ve stumped them.
Why is this important? It affects — should affect — the way you market your bank or credit union.
Here’s an example. I’ve seen dozens of newspaper ads for equity loans and lines of credit in recent weeks. Invariably, they tell consumers about the glorious uses for the borrowed money. I’ve yet to see an ad that tells consumers they can use an equity line of credit like a checking account and use it over and over. Those are unique loan features that could entice people to open an account. Do you think the majority of your prospects are aware of those features?
Certainly, you don’t want to include technical language and overly sophisticated details in your marketing promotions. But if you assume consumers know all about the accounts and services, you’re missing some important sales chances.
Take a fresh look at how you promote your products and services. See if there’s a new hook, an overlooked feature, an attractive benefit you could use to tantalize consumers and separate your promotions from those of your competitors.
Since I mentioned equity products as my example, here’s what I wrote recently about marketing them.