I love early morning trail runs! The best part? Serenity ... peace ... solitude. The worst part? Spiderwebs!
The point? There are great benefits to getting out the door first.
We have a client who offers instant issue debit cards. When we shopped their branches, the staff talked about the benefit of receiving the cards instantly ... which, to us bankers, is really cool. What they were missing was the true, differentiating benefit to the consumer. With the instant issue debit, they also offered card customization. Their members can have a debit card with a picture of their wedding day, a close up of their brat's mug or a shot of their refurbished hot rod ... whatever they want! Sure custom cards aren't "instant," but they are darn fast (a few days wait). The unique benefit is emotional.
Now, I don't know about your specific market (yet!), but in this market, while other banks have "free checking," no other competitor is marketing personalized debit cards. It's a unique product, it's tied to the almighty checking account and it has emotional appeal. It's the perfect storm! We rolled the print campaign out last week and will be focusing there for some time.
By getting out the door first with custom debit, I expect that this client will enjoy the serenity, peace and solitude of a less crowded competitive marketplace. And I'm sure it'll be better than running back in the crowded pack of "Free Checking."
Take care,
Eric
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