The impact of powerful digital storytelling

Storytelling in marketing is exactly what it sounds like: the action of telling a story. Freytag’s Pyramid 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. Without a call-to-action, consumers do not feel a need to take immediate action. Storytelling gives brands a human element and brings them to life, and more and more marketers are using it to their benefit. Consumers do not fall in love with products; they fall in love with brands. Marketing a brand’s story is the perfect way to let the brand’s personality shine.

Why is storytelling important for credit unions? A story about your brand gives your credit union human characteristics while connecting with members on a relatable level. According to a study conducted by Greenberg Quinlan Rosner Research, terms like “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 following are a few tips to help tie storytelling into your digital marketing strategy:

• 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.
• Create a call-to-action that ties into your story to encourage members to engage with your credit union’s brand.
• According to Pew Research, a whopping 69 percent of Americans use some form of social media, so leveraging social media to tell your credit union’s story is imperative.

PSCU’s Engagement Builder has 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.

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 two things money cannot buy: member loyalty and trust. 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, further differentiating your brand – and your credit union – from the competition.