Three Words

It’s a very simple question; yet, it proves to be a challenge for many community bankers to answer:

What three words best describe how your institution is different from the competition?

We love this question because it is a challenge. It’s even more challenging when we let people know that their answers can not include words like: local, good service or community bank. And this was exactly the question Joe Sullivan posed to the audience this morning during his session: “How to Differentiate Your Bank” at America’s Community Bankers’ Great Exchange Conference in Orlando.

The question encourages people to get down to the core; to emphasize their institution’s strengths; and it starts to inform the first steps of a differentiation strategy. The session was very well-attended this morning, which is an indication to us that differentiation is becoming a more pressing issue among today’s community banks. In addition, the participants asked some great questions which I hope to post here with respective answers within the next few days.

Until then, what three words best describe how your institution is different?