As you probably remember (it really was memorable, wasn’t it?!) from my post a few weeks ago, The Irony of Differentiation, we discussed how ironic the idea of differentiation really is. Last time I checked, the definition of differentiation is to make something different. Wikipedia defines differentiation as:
“In marketing, differentiation is the process of distinguishing the differences of a product or offering from others, to make it more attractive to a particular target market. This involves differentiating it from competitors‘ products as well as one’s own product offerings.”
So if differentiation is about creating difference, why do bank and credit union marketing people always seem to focus on positioning their banks or credit unions as “better”? Think about it: in one form or another, nearly every bank marketing plan or credit union branding effort is about making its financial institution seem better than the others. Better service. Better products. Better locations. Whatever. So that’s where the irony comes in: the more you try to be different with your “better” message, the more you become the same.
My take? Thanks for asking. I think it’s extremely limiting.
So here’s what to do about it. It’s actually quite simple. Stop trying to be better. Instead, just focus on being different. After all, that’s the point of differentiation, right?
You see, “different” is memorable. It’s easy to understand. It makes it easy to see what the actual variations are between you and your competitors. And as Seth Godin teaches us in his books, different is remarkable. It’s worthy of talking about–and believe me, being talked about IS what you want. And trying to tell everyone that you’re better ain’t gonna make people talk about you. It’s gonna make them yawn as you blend right into the background.
What people usually fail to remember is that bank and credit union marketing or branding efforts are about showing the world what you stand for. Because when you make it clear what your bank brand stands for, people can determine whether what you stand for is something they care about. If they care about what you stand for, they’ll choose you. If they don’t, they won’t (and that’s a good thing).
But if they can’t tell what you stand for, they don’t know what to do. So don’t be better, be different.
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