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Your competition has targeted your prospects too, but what are your competitors saying?

If you sell financial services the last thing you want to be to your prospect is “just like Citibank only better.” That sentiment applies whether you sell corporate banking, investments―anything really if you are not the leading brand. Before you craft a position for your brand, it is imperative that you understand what your competitors are saying about themselves; only then can you position your product to be the more attractive alternative.

One simple trick for gaining a quick grasp on the competition’s marketing is to collect their ads, brochures and direct mail pieces and mount it all together. If you buy broadcast, create a loop of competitive spots. Build a second board of all the ads that are running in the magazines and newspapers you are buying. Remember, everything in the publication is begging for the reader’s attention. In the financial services industry, you”ll find no shortage of interest rates, promises of dreams fulfilled and overcrowded ads afraid to commit to any one idea. When you put your ad beside all the others does it fade into the landscape or demand the attention of your eye? At least you’ll get a quick idea of what not to do.

The greatest marketing nightmare is to launch a new campaign for small business banking services only to discover your competition is using the same pitch and spending three times as much as you. Know your enemy and this need never happen to you.