Tom Broughton’s small bank is striking it rich

This was the byline from an article about Birmingham, Alabama based ServisFirst Bank that appeared last Friday on CNNMoney.com.

Now, replace Tom’s name with yours in this statement – sounds good, doesn’t it. How are you going to “strike it rich?”

Tom Broughton is striking it rich because his bank is clearly different from the competition; and, most importantly, ServisFirst Bank is offering distinct and real value to a specific target.

The target: “busy small-business owners who want fast, personal service and are willing to pay for it.”

Now, we all know that there are plenty of financial institutions that specifically target small-business owners. And, many of them promise fast, personal service. But much like Starbucks has demonstrated with high-priced coffee, ServisFirst knows there are people out there who are “willing to pay for it” – they’re willing to pay for the real, personal service offered by the bank. And, the bank has used this focus as a framework that informs everything from its products and services to its marketing efforts to its delivery channels.

“At his Birmingham, Ala., company there are no tellers. No ATMs. No advertising. No teaser-rate CDs. No fancy offices. No lollipops in the lobby. In fact, dear customer, these bankers don’t even want to see you in the lobby. Stay in your shop. ServisFirst will come to you.”

ServisFirst serves a specific target with a specific value. And this is a great example of a team that has looked critically at all the elements of the bank and its brand – even those that are often times considered to be an expectation (i.e. ATMs, rate ads, tellers, etc.), and has made some tough, but logical choices to organize around its core value – service for small-business owners at their place of business.