Hi {{ first name | there }},
Happy New Year!
What makes someone feel they need a private bank? It’s not just that they have money. Plenty of mainstream banks can serve wealthy customers perfectly well.
So what actually triggers the search?
What’s the moment they think: “I need a different way of doing this?”
This week I found myself chatting with someone who works at a private bank, and—inevitably—we ended up talking about their customers and marketing.
Because before anyone starts comparing providers, something has to spark the thought.
And that “first thought” is what starts a chain of events that helps them make progress.
The problem: most marketing arrives too late
A lot of marketing is built for the moment someone is already “in market”.
They’ve named the category. They’re comparing options. They’re reading credentials and case studies.
But by then, two big decisions have already been made:
what problem they think they have
what kind of solution they believe they need
If you only show up at shortlist-time, you’re not shaping demand.
You’re just competing for it.
The moment the “file” opens
Bob Moesta (Co-creator of JTBD) describes the first thought as the moment there’s finally “a place in your mind to file the information”.
That’s a useful way to see it.
Before that moment, your messaging has nowhere to land.
After it, people start noticing, learning, and connecting dots they ignored before.
What that first thought sounds like
People don’t usually wake up thinking: “a private bank.”
The first thought tends to be messier and more human:
“This is starting to feel more complicated than it should.”
“I’m not sure I’ve got a proper grip on everything anymore.”
“Everyone’s advising me… but no one’s joining it up.”
That’s the start of demand.
Not a purchase decision—a shift in how someone sees their situation.
The domino effect
Once that first thought appears, people often move through a few recognisable phases:
Noticing mode: they pay attention to things they previously ignored
Exploring mode: they start to see options and imagine a different set-up
Trade-off mode: they choose what matters most and what they’re willing to give up to get it
And what moves them along isn’t “better marketing”.
It’s usually a real-world trigger—a big domino in their life that tips the next one:
A major change in circumstances.
A shift in responsibilities or workload.
A new constraint (time, regulation, risk).
A loss of confidence in the current set-up.
A moment of “I can’t keep coordinating all these moving parts myself.”
How this changes your demand motion
If you’re trying to generate more demand, the work is upstream.
Help people make sense of the situation before they start comparing providers. Here’s how:
Help people name and frame the discomfort (a short diagnostic quiz works well).
Reduce anxiety with shared language—a vocabulary that makes them think, “Oh, that’s what this is.”
Lay out the realistic paths forward, and become the guide who helps them choose a route — not just “pick us”.
Make the trade-offs explicit with a simple “gain vs give up” table.
That’s how you build confidence earlier—and avoid ending up in a late-stage comparison where the only levers left are surface level (logos, credentials) and price.
Four ways to spark the first thought
You can’t manufacture the events in someone’s world. But you can create moments that prompt reflection and make the first thought more likely to surface.
Here are four levers to try:
Ask a sharper question (and resist the urge to answer it) In your next customer conversation (sales call, discovery, interview), ask something that helps them diagnose their own situation.
Tell a concrete, credible story A short, relatable case study that helps them think, “That’s us.”
Introduce a simple quantifier “How many hours a month are you spending coordinating this?”
Name the truth out loud “This isn’t just annoying — it’s creating risk.”
If your sales and marketing teams can do those things, you’re not just “raising awareness”. You’re showing up at the moment the mental file opens, and sparking the first thought.
Speak soon,
Peter
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