The stand out issue

A compelling value proposition hinges on differentiation that matters to clients.

Read on to learn why:

① Simply standing out from your competitors isn’t enough.

② Standing out compellingly demands research, analysis and testing.

③ Asset managers trying to stand out are clinging to private equity at scale.

④ Payment tech providers could stand out by offering more traditional products.

⑤ The BBC should stand out by focusing on news.

⑥ Good leaders stand out by clearly communicating their tough calls.

⑦ Impartial, fact-checked journalism is more critical than ever.

What's new

Nationwide has pledged to keep all its branches open until 2030, Finextra reports.

In short:

“Nationwide has announced that it will continue to keep every one of its 696 Nationwide and Virgin Money branches open until at least 2030, despite many other banks closing theirs.”
“Nationwide’s move comes as other banks continue their bank branch closure programmes. Figures from consumer group, Which? show 6,561 branches have been closed since January 2015.”
“The building society says the latest data from its branch network shows increased branch usage and account openings through 2025, particularly in areas where Nationwide is the ‘last branch in town’. Since January, another 33 Nationwide branches became the last in town when other banks closed their branches. Nationwide is now the last branch standing in 133 UK towns and villages.”

Why it matters

This story shows us at least one critical element of a compelling value proposition: differentiation. Nationwide has found a way to stand out from its competitors, it’s found a way to zig while others are zagging. As its competitors are closing branches in favour of digital channels, Nationwide is doubling down on an expensive bricks and mortar presence. They haven’t just put out a press release about it, they’ve made it the lead messaging on their website.

Do customers care though? I can’t remember the last time I walked into a bank branch. I can’t imagine ever needing to. I can’t, for the life of me, understand why anyone would want to. I’m much happier dealing with a good app, website or AI chatbot. But, here’s the thing, I’m not a Nationwide customer. Although I was dismissive of their positioning when I first read about it, the venerable building society seems to have clear data suggesting its customer do care: being ‘the last branch in town’ leads to more account openings.

① The timeframe is specific - and hardly long term. This new positioning only needs to last five more years. At which point, a sceptic might suggest, the segment of customers being targeted here will - literally - die out. But five years is a perfectly reasonable timeframe in which to run a customer acquisition campaign. So, bravo Nationwide. Not only have they identified a clear differentiation from their competitors but they’ve understood the second critical component needed in a compelling value proposition: they’ve checked that it matters to their customers.

What to do about it

Take action

② Some ideas for you to implement this week:

Find out what your clients care about: Interview 15-20 existing clients this month about their three biggest unsolved problems - not about your product, but about what keeps them up at night in their role. Look for patterns in problems that at least 60% mention. If your current differentiation doesn’t address these top issues, you’re differentiating on something they don’t actually care about. Your marketing team should own this research, with recorded calls and a one-page summary of findings.

Identify how you can help where others can’t: Map what you’re genuinely better at vs what clients will actually pay for. Have your marketing team create a simple two-column document: left side lists your true operational advantages, right side shows which of these advantages customers mention in win/loss interviews or during sales calls. Anything in the left column that doesn’t appear in the right column is a capability, not a differentiator worth marketing. Focus all positioning on the overlaps.
Try it out: Test your differentiation claim in 10 sales conversations before building campaigns around it. Before investing in new positioning, have your sales team explicitly lead with your proposed differentiator in their next 10 qualified prospect calls. If prospects don’t ask follow-up questions or don’t mention it as a factor in their decision-making, you haven’t found something they value. Your marketing team should listen to these calls and only proceed if the differentiator creates genuine interest or objection-handling opportunities.

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Top stories

The other articles that are worthy of your time.

FINANCIAL SERVICES

The $590bn Californian investor betting big on private equity

③ Asset managers trying to stand out are clinging to private equity at scale.

Source: The Financial Times, 13 November 2025

“Private equity is in the doldrums, with groups struggling to exit investments and raise fresh capital. But one of the world’s biggest investors is doubling down on the sector. Even as many of its peers limit their exposure to about 10 per cent of their portfolio, the $590bn California Public Employees’ Retirement System (Calpers) concluded its 13 per cent private equity allocation fell short. Last year it lifted its target to 17 per cent. This year, its allocation hit 18 per cent.”
“Sceptics - including some former board members - question whether such a high weighting is wise given the illiquidity and opacity of such investments. Critics also question the valuations of private assets whose true worth can be ascertained only when they are sold or listed.”
“[CIO Stephen] Gilmore believes Calpers’ long history in private equity - as well as its long investing horizon and low liquidity needs - gives it privileged access to opportunities with managers in the sector. ‘Size gives us a comparative advantage . . . we can be first call when it comes to co-invest,’ he told the FT. Other investors, such as endowment funds, have by comparison come under pressure to sell because of a need to realise cash, presenting an opportunity to snap up investments on the cheap.”

TECHNOLOGY

PayPal relaunches in the UK with debit and credit cards plus rewards

④ Payment tech providers could stand out by offering more traditional products.

“PayPal customers across the UK can now access the new PayPal+ loyalty programme, with PayPal Debit and Credit Cards also available.”
“The launch of PayPal cards marks a step forward in PayPal’s transformation from an online payment service to a seamless way to pay almost everywhere. For the first time in the UK, PayPal will launch a PayPal Debit Card for consumers, which can be used worldwide without PayPal transaction fees. When linked to PayPal+, customers can earn 10 times the points by using the PayPal Debit Card when paying for everyday purchases.”
“The new PayPal Debit Card will link directly to the PayPal wallet, making it easy to track everyday spend and maximise rewards in one place. The free PayPal Debit Card will be available via the PayPal app and can be added to make contactless payments with a smartphone.”

MEDIA & MARKETING

How the exasperating, indispensable BBC must change

⑤ The BBC should stand out by focusing on news.

“The BBC is one of the world’s biggest sources of original reporting. As newspapers wither and television is swallowed by streamers like Netflix that don’t do news, a future with a smaller or non-existent BBC News would be one in which less was known about the world. The BBC provides what America sorely lacks: a central repository for fact. The BBC has even greater value abroad, where it is a source of soft power for Britain and a standard-bearer of liberal values more broadly.”
“That is why the BBC should be reimagined to focus on the vital public-service output that the market does not provide. In the streaming age, audiences are spoilt for choice when it comes to entertainment, so it is absurd that Britons are forced to pay for BBC shows such as ‘Strictly Come Dancing’. Better to turn its entertainment arm into an opt-in service and bolster its news operation with stable, arm’s-length public funding, whether from a licence fee or general taxation.”
“A more sharply focused BBC would be better equipped to navigate a media landscape evolving at dizzying speed. The corporation has been slowed down by bureaucratic inertia and a cumbersome governance structure. A shake-up might usefully include replacing its warring top brass with people who are interested in improving the BBC’s coverage, rather than merely defending or sabotaging it.”

WILDCARD

How to make a seemingly impossible leadership decision

⑥ Good leaders stand out by communicating their tough calls.

Source: Harvard Business Review, 11 November 2025

“Today’s leaders face many complex, high-stakes decisions that can’t be managed through traditional risk frameworks alone. When leaders feel paralysed by ambiguity, they need a framework that balances operational, legal, reputational, and cultural factors and supports principled, decisive action, even when every option feels impossible.”
“There are four guidelines leaders can apply when making high-stakes decisions:
- map the tradeoffs,
- pressure-test the plan,
- use principles to guide decisions, not just policies, and
- name the change.”
“When leaders don’t name what’s happening and why, people fill in the gaps themselves. That’s how rumours and misinformation take hold, eroding trust fast. Leading the narrative before someone else does means saying out loud:
- here’s what’s happening,
- here’s why it’s happening,
- here’s what we know and what we’re still figuring out, and
- here’s how we plan to move forward and what we’re asking of you.
- Transparency is essential, but empathy makes it effective. The goal isn’t just to share facts, but to help people feel anchored, supported, and seen, even in uncertainty.”

Off cuts

The stories that almost made this week’s newsletter.

The last word

⑦ Rachel Corp, ITN CEO, on Trump’s threatened lawsuit against the BBC:

Rachel Corp at Web Summit 2025. Source: Press Gazette, 13 November 2025

“There’s never been a more important time for impartial fact-checked news. It’s vital that we hold on to that ecosystem and the BBC is part of that. A weakened BBC is not good for anybody and not good for the world.”

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Wishing you an interactive week,

P.S. Happy Birthday, Internet! 🎈