The purple credit union?

In 2003, Seth Godin’s book Purple Cow came out. So, nothing new here – or is there?

What was the gist of this book? Why is it relevant today? Or is it? Be different. It just is. Yes.

The primary challenge of marketing in any industry, but especially in banking, is in identifying what makes what we do different? We are all basically the same. So, how do you stand out among a sea of me-too competition that looks and acts exactly like you?

Hence the Purple Cow conversation.

How can you reposition what you do in a way that matters, and in a way that can be easily communicated? If you can do this one thing and stand out – like a purple cow, you will kick-the-can on branding and growth down the road for a generation. That is unless a new technology renders almost all financial institutions, as currently constructed, impotent. I can’t solve that for you.

Still, if you haven’t asked the simple yet elegant marketing question, “what makes us different?” … then you are destined for sameness and middling revenue and earnings growth. Where is the magic in that? You get to keep your job, yes, but you won’t make the Credit Union Hall of Fame (is there one?) by being so meh.

Your client support is probably very good. But it isn’t that unique. This is what most community- based financial institutions all think is their secret sauce. It isn’t. Further, most of what you do in product development, or in enhancing delivery channels, is “me-too” stuff as well. Nothing very “Purple” going on there … so … what to do? I suggest you start by educating yourself on what “different” looks like. Get Seth’s book here.

Seth Godin is the author of 15 international bestsellers that have been translated in over 35 languages, and they have changed the way people think about marketing and work. So why would I shill for Seth? I don’t know him personally. I even like some of his other books better. Yet in my opinion, marketing – or, better said, strategic marketing – must be elevated as a TOP PRIORITY in banking. And marketers need to be held accountable to execute their plan and prove that what they spent precious marketing budget dollars on delivered leads, revenue and profit growth.

Want to learn how you and your institution can do this? Download my book Marketing Execution here.

What makes you different? Is your credit union purple?