Website Competition | Are You Losing Out to Yours?


– It feels reliable. It’s pretty, it’s safe. This car is gonna get you from
point A to point B. (laughs) (upbeat music) (car engine revving) Who is your perceived competition? Not your actual competition,
’cause I bet you think you know who those are already. Your perceived competition, ’cause if you’re anything
like credit unions, you’re probably losing tons of business to your perceived competition
for one simple reason and you don’t even know it. So, today on The Loyalty
Loop, we’re gonna go back to a few weeks ago when
I asked and you answered. We wanna switch banks, so what bank do you trust with your money? Thank you to all of my
Loyalty Loop subscribers for all the great bank and
credit union suggestions. I so appreciate it. Yes, after I shared my terrible experience with our big bank, so
many of you suggested we should check out a credit union because you’re so passionate about the personalized experience those credit unions give you. So, I did. I went online to compare
the big bank that I hate to the credit unions
that you said you loved, and this is where I hit a perception wall. A perception wall is like that. It’s a wall, a really solid
objection that the consumer gets in their mind just from the impression they get from your website. (upbeat music) (tires squeal) To illustrate, let’s take
a look at my big bank which is this car, but
it’s a big bank. (laughs) You’ll notice the car is
big, it’s slick, it’s fancy, it’s nicely finished, it’s even got a leather interior in here. This car is pretty, and
safe, and it’s reliable. This car’s gonna get you from A to B, and I bet if you look under the hood, there’s a bunch of moving parts. This car looks like it’s well engineered. This is the perception
you get when you surf those big bank websites: reliable, safe, like this website you’re looking at right now from Capital One. It’s exactly like my big bank. It looks exactly (pounds
car) like this car, which is not what I want. I don’t want another big bank. (upbeat music) So, I started checking out
all the credit union websites like this, and this is my
perception of their experience. Their websites feel
pedal-powered, and rinky-dink, and they’re flimsy, and feels like there’s nothing under the hood. They’re old and tired. Now, I have no idea if
this is true or not, but let’s just compare
one specific example. Check out Capital One’s page
just about their mobile app. It feels like this! It feels like this car! This car has power windows, power seats! I’m reclining! It even has features that looks like I’ll never use, like
this thing. (kicks car) You can just kick the
back and the door opens. I never use that but it’s cool. Now, let’s look at my
perception of the only website from a credit union that I
looked at that had pictures on their page about their mobile app. My perception is that it’s pretty lame. I mean, it might get from
point A to point B, (laughs) but it doesn’t seem like the steering wheel does much. (laughs) Here’s the one simple reason
you may be losing customers to your perceived
competition every single day. There’s a sophistication gap. A sophistication gap is just a crevice separating the perception
of your company’s degree of refinement from the competition. You see, big banks look well thought out. They look reliable, they look credible, and they look sophisticated and refined. Every single credit union I looked at seemed to be the complete opposite. They look simple, and flimsy,
and crude, and outdated. You see, if credit unions
want to win over business from big banks, all they have to do is look just as
sophisticated, but they don’t. By the way, none of
this has helped me find a new financial institution,
but I hope it helps you. Take a second and look at
your perceived competition. Ask yourself, is there
a sophistication gap with our potential target market? If so, close it. Close it. It’s slow just like
this electronic closer, but you got to close the perception gap. There’s another problem with every single credit union website I visited, and it’s a problem I see marketers like us execute every single time. Next week, I’ll tell
you what the problem is and I’ll show you how you
can address it immediately. If you don’t wanna miss that
episode of The Loyalty Loop, you can subscribe right here. I’ll send you The Loyalty Loop one day before everybody
else in the world. In the meantime, I’m gonna get out my little credit union car and drive around the neighborhood. I’ll see ya next week in my Loyalty Loop. Come on flimsy car. (drops car on ground) Here we go! (upbeat music)

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