Turning Your Mutual Model Into a True Differentiator

Resting on one’s laurels as a mutual bank just doesn’t cut it anymore. Do your best to steer clear of standardized, cookie-cutter campaign execution which risks unintentionally landing in your target market’s recycle bin. When your bank settles for identical messaging, creative differentiation is lost and potentially the purpose of your campaign, as well.

The opportunity for bank leadership is clear — make your marketing campaigns unique to your institution’s brand messaging. Marketing should not simply be a rubber stamp of an industry message; it should be transformed into a unique brand identity that reflects your institution’s voice, values and ability to enhance people’s lives. Your mutuality must be communicated so that customers, and non-customers alike, understand the significant benefits of mutuality. If your audience is unable to quickly grasp that your institution is unique and more beneficial than other banks in the communities you serve, they may be gone and never come back.

A strong brand identity, paired with distinctive, creative messaging, ensures your bank will stand apart and not blend in. However, branding alone isn’t enough. A modern, fully integrated marketing strategy is essential to bring that identity to life across multiple channels. Banks should embrace a mix of digital media, social platforms, targeted campaigns, pre-opted in email communications and selected traditional initiatives to expand awareness and deepen engagement. Arguably, one of the most important components of this is the ability to track the success of your campaigns across all platforms. When you know what resonated and what didn’t, you can start constructing your game plan for the future. Additionally, this approach allows banks to measure not only the effectiveness of marketing campaigns but also the return on investment generated by those campaigns.

It has been proven time and time again that a return on a bank’s marketing investment is quantifiable, especially, when the marketing is done well through proper design, messaging, product choice and pricing. Then, by bringing the significant benefit of your bank’s mutuality as part of the aforementioned messaging, marketing can and will positively impact a bank’s bottom-line when given the opportunity to perform and prove its value.

In today’s competitive landscape, the success of your institution is dependent upon your ability to shift from viewing marketing as an expense to recognizing it as an investment for your bank. However, recent research shows that marketing is often one of the first areas reduced by banks when budget or economic issues surface, despite its direct impact on growth. To be frank, when your marketing budget is reduced, you risk remaining stagnant and no longer being top-of-mind when it comes to market awareness. You may even allow other financial institutions to gain an upper hand in your market — and potentially to pilfer your customers.

Marketing should be one of the last places to cut budget, since it is the best way to maintain relevance and visibility during periods of economic stress within your market. While you’re visible during those difficult times, many of your competitors will head to a safe harbor and wait for the storm to pass. Your bank should be taking advantage of those opportunities when they arise. Of course, when economic stability and growth return, your bank will be well-positioned to take advantage of a more robust market due to your visibility during more challenging times.

Your bank’s mutuality is a true competitive advantage. However, it must be communicated in a distinct and easy to digest manner without cookie cutter approaches. Additionally, when taking that message to market, it should be well-framed with your bank’s unique brand messaging and look. If you are uncertain if your bank’s current messaging and creative appearance accurately reflect your direction, you might consider refreshing that look and its associated content. Only then will you be able to differentiate your messaging from the competition and truly separate your bank, especially when touting one of its biggest assets — your mutuality — from the other financial institutions within your marketplace.