Are you trying to capture as much of your customer’s wallet as possible?
Or are you focused on capturing the pieces of the wallet that you can best deliver on?
When you try to capture as much as possible from your customers,
You end up trying to be all things to all people.
Adding new offers,
Custom offers,
New products,
Whatever it takes to bring in more revenue.
That doesn’t work in the hyper-specialized world we now live in.
It doesn’t make sense for your product to do 30 things pretty well when other products do each of those things better than yours because it’s their only focus.
Sometimes less is more.
That’s why specialized products win.
Why is Chime growing customer accounts faster than your local community bank?
Why do Capital One and Ally originate more auto loans than your bank?
Why does American Express originate more credit card receivables and fee income than your bank?
Why didn’t your customer finance his latest excavator purchase with you but instead used CAT Financial or a specialized equipment financing provider?
One word: SPECIALIZATION.
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