Thu, Jul 13, 2017
written by Tiffany McEachern, PSCU; blog post published by Callahan and Associates.
Storytelling in marketing is growing in popularity. Storytelling is exactly what it sounds like: the action of telling a story. Freytag’s Pyramid, also called dramatic structure, is used in many plays and films, with an exposition, rising action, climax, falling action and a resolution. The only difference between storytelling in general and storytelling in marketing is an element after the resolution known as a call-to-action.
Adding a call-to-action is crucial because without it, consumers do not feel a need to take immediate action. Storytelling gives brands a human element and brings them to life. Consumers do not fall in love with products; they fall in love with brands. Marketing a brand’s story is the perfect platform to let the brand’s personality shine and show consumers what the brand stands for.
Why is storytelling important for credit unions? A story about your credit union’s brand gives your organization human characteristics while connecting with members on a relatable level. According to a study conducted by Greenberg Quinlan Rosner Research, the words “greedy,” “unethical,” and “makes big profits,” were all strongly associated with banks. Taking this information into account, it is more important than ever to incorporate the credit union difference into your story. More awareness for your credit union’s brand and its unique offerings will lead to more engaged members and ultimately higher revenues.
The impact storytelling can have on your credit union’s marketing plan is powerful. A good story is always easier to remember than facts and figures, in part due to the emotional connection a good story elicits. Good storytelling can lead to member loyalty and trust, two things money cannot buy. When members are connected to your story and believe in your brand, they will become loyal credit union members with an inherent trust in your products and services. Trust and loyalty will also lead to positive word of mouth.
So, how do you tie storytelling into your digital marketing strategy? First, remember to keep your story consistent across all platforms. Conflicting and inconsistent stories leave members confused and disengaged. Your credit union’s story should connect with members on a personal level through every interaction. When telling your credit union’s story, think specifically about your members’ personal lives and the challenges they face. Incorporate how your credit union makes their lives better, and the lengths your employees go to help them problem solve.
According to Pew Research, a whopping 69% of Americans use some form of social media, so leveraging social media to tell your credit union’s story is imperative. PSCU’s Engagement Builderhas proven to be a useful tool that helps credit unions engage with their members on social media while telling a consistent brand story. Through Engagement Builder, credit unions can listen to the conversation surrounding their brand and their members, publish content directly to their social channels, and analyze results on one interface.
Today’s consumers want a more personal connection to the way they gather information. Incorporating storytelling into your credit union’s digital marketing strategy is a great way for your brand to connect with consumers on an emotional level and can be key to differentiating your brand ― and your credit union ― from the competition.