Know your competitors
A few days ago, our office received an oversized postcard. It was advertising member retention and on-boarding through a tried-and-true methodology. Funny, since we offer something similar to our clients. My memory might escape me, especially if Star Trek, Doctor Who, Battlestar Galactica, Lord of the Rings, Harry…wait, what were we talking about? Oh yes…advertising. So, I’m positive this piece was not ours. We had competition!
It’s good to have competitors. In a way, it legitimizes your own business practices. Otherwise, you are bound to encounter the, “well, who else is doing it? If no one else does it, and it’s as good as you say, then what are we missing?” Competition also keeps you on your toes. Nothing like the threat of corporate annihilation to get you innovating!
The problem here was that I hadn’t heard of them. Which is not good. Having competition is fine; not knowing they exist can be a problem.
This specific marketing slick was not descriptive, more of a, “come on over, sign up for a meeting, and learn how our services can benefit your credit union.” Good job. Better to stimulate curiosity rather than giving it all away. Think back to the last time you were directly marketed (in today’s society, that’s never long). When it appeared as if you had all the information, what was your natural response? Precisely.
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