Comments on: Differentiation: The Key to Branding

By: Hi, My Name Is… BluCurrent, Fieldstone, Evolve, Catalyst | The Financial Brand: Marketing Insights for Banks & Credit Unions

Mon, 05 Dec 2011 19:22:44 +0000

[...] Analysis: While “First Advantage” may sound safe, it isn’t. The problem with this name is that there are already two other banks using it, one in Minnesota and another in Missouri. There is significant risk whenever you choose a name identical to any other financial institution already operating in the same country — not city or county, but country. This exposes the organization to legal challenges and weakens the brand from the get-go. Besides, the whole point of branding is differentiation. [...]

By: 20 Things Financial Institutions Should Do (But Don’t) | The Financial Brand: Marketing Insights for Banks & Credit Unions

Mon, 28 Mar 2011 15:51:18 +0000

[...] banks and credit unions can’t complain when they are forces to compete on rates, fees and price. Differentiation is the key to a strong [...]

By: The Financial Brand » Blog Archive » Four Things Your Brand Must Be

The Financial Brand » Blog Archive » Four Things Your Brand Must Be — Wed, 25 Nov 2009 22:30:03 +0000

[...] all the components fueling a strong brand, differentiation is the most critical. Most brands fail this first test because they say their brand stands for [...]

By: The Financial Brand » Blog Archive » Choosing the right ad agency

The Financial Brand » Blog Archive » Choosing the right ad agency — Tue, 14 Apr 2009 14:24:08 +0000

[...] Unfortunately, these are common elements shared by every credit union and do very little to help differentiate one from [...]

By: The Financial Brand » Blog Archive » Four points about a national CU campaign

Thu, 02 Apr 2009 16:15:21 +0000

[...] 4.) “Homogenous unity” vs. “unique independence” There are those who would argue that if you aren’t “singing off the same song sheet,” you’re undermining the credit union movement. This seems to fly in the face of the fundamental theorem of branding: Differentiate or Die. [...]

By: The Financial Brand » Blog Archive » Q&A: An interview about financial branding

Tue, 31 Mar 2009 11:11:03 +0000

[...] not that this stuff isn’t important. It’s just that these messages don’t differentiate one credit union from another; they only define the differences between all credit unions (as an [...]

By: Editor

Editor — Fri, 27 Mar 2009 23:58:37 +0000

@Denise – Thank you very much. I read some branding advice once that said, “Go where the competition isn’t.” When I launched this site, I realized no one was covering the branding and marketing efforts of retail financial institutions. It’s highly focused, but that’s another principle underlying strong brands. As David Ogilvy said, “Try to appeal to everyone and you’ll end up appealing to no one.”

@Tim – “Stellar?” Thanks! I’d settle for just plain old “good.”

I suppose, in a sense, my calling it an “online publication” is an attempt at differentiation. With all seriousness, I try very hard to run the site as a publication and not just a blog. To me, a large part of the distinction has to do with how much personal opinion and perspective one brings to their stories, and how casual one gets. I try to present most stories with a balanced, objective perspective. Of course, the process of selecting and editing which stories will run is always a biased and personal task, no matter whether one creates a blog or a publication.

By: Tim McAlpine

Tim McAlpine — Fri, 27 Mar 2009 16:46:23 +0000

@Denise. It’s not a blog. It’s an online publication! And a stellar online publication at that!

By: Denise Wymore

Denise Wymore — Fri, 27 Mar 2009 14:37:15 +0000

@Jeffry – you definitely practice what you preach. Consider your blog – you were not “first to market” so you had no early advantage, in fact, you were rather late to the game, but by looking different, acting different and having the GUTS to stick with that difference – I think you’ve definitely become the leader in financial brand blogs. IMHO.

Brand is your reputation. Period. And you are building a stellar one.

By: Tim McAlpine

Tim McAlpine — Fri, 27 Mar 2009 04:24:41 +0000

@Jeffry – very good article

@ Fernando – wow, the CAN site, brand and philosophy are amazing. Congratulations.

By: Kate Thompson

Kate Thompson — Fri, 27 Mar 2009 00:44:00 +0000

Thanks for the post – totally agree with you. Hence, I thought I would share individuum – we’re an Australian financial services business set up specifically to cater for younger investors (target age = Gen X and to a greater degree Gen Y) http://individuum.com.au

I think we are a good example of differentiating (within the Australian superannuation industry and potentially the financial sector) on multiple levels: brand, services (value proposition) and product features.

By: James Robert Lay

James Robert Lay — Fri, 27 Mar 2009 00:11:44 +0000

One thing we always find is that marketing is so quick to embrace change. Think different. Be different. Maybe b/c we as marketers are a bit different.

The next step is going to the “executive committee” where conflicting personalities are slow to change. Don’t like change. Are scared of change.

We find the same thing happens at the BOD level.

However, it is through education and communication that these barriers can be broken down. It takes time, yes, but we are seeing that through constant conversation, people slow to change start to “finally get it”.

Don’t let “no” stop you like a brick wall. Just be prepared to bring a ladder, sledge hammer, shovel or other tool of choice to break through that wall. Just be you. Be creative. Good luck!

By: courtney benson

courtney benson — Thu, 26 Mar 2009 22:45:26 +0000

I think now would be a great time for bank executives to consider out of the box thinking. God knows they need it!

By: Editor

Editor — Thu, 26 Mar 2009 16:52:33 +0000

@Jeff – Great analogy.

@Fernando – Thanks for sharing your bank’s vision. There’s a good example of using philosophy and approach to differentiate your financial institution.

By: Fernando Egido Egaña

Fernando Egido Egaña — Thu, 26 Mar 2009 16:43:40 +0000

Hi Jeffry,

At CAN we think that Implemented differentiation leads to more different results: economic ones and more far-reaching ones. We have developed a new business model called Civic Banking. Based on the promotion of (new and extended) rights, we want to be leaders in civic finances, so that CAN becomes a benchmark for social and financial innovation.

Take a look to our website http://www.cajanavarra.es/en where you will find more information about us.

Regards