A recent study from Deloitte showed that businesses who interact with consumers as humans—not as consumers only—are outperforming their competitors at a rate of 2-1 over a three year period.
The reality is, your consumers don’t see themselves as consumers. They see themselves as people. Interacting with your credit union or bank is just one small part of your members’ and customers’ lives. Your job is simply to make those lives better.
How do you prove you can make their lives better…and in doing so ultimately grow your financial institution?
In his book “Building a StoryBrand,” Donald Miller says, “Story is the greatest weapon we have to combat noise, because it organizes information in such a way that people are compelled to listen.”
Today’s media savvy world is wrought with noise. You must tell stories if you’re going to stand out. Of course, all this is great in theory, but let’s get specific and talk about how to apply story to your credit union or bank.
Here are five types of stories that will earn you more checking accounts, more loans and more deposits.
Superlatives are extremes. Think firsts and lasts. These are big milestones in a person’s life, and for your credit union or bank to be a part of these moments is huge. It’s one of the biggest opportunities we have in this industry. But it’s only an advantage if you tell the story.
Examples of superlative stories at your credit union or bank:
- First car or home loan
- First checking account
- Last mortgage payment
- Last student loan payment
Transformation stories are the ones we live for most. Think a before and after, or from something bad to something good. TV shows like “The Biggest Loser” made their success through transformation stories.
The key to an effective transformation story for your brand? Show that you are the thing that helped the member or customer transform. We rarely change on our own strength. We need someone—like your credit union or bank—to help us make that transformation.
Examples of transformation stories at your credit union or bank:
- From thousands of dollars in debt to debt-free
- From financially dependent on parents to financially independent
- From paying unnecessary fees at another financial institution to paying no fees at yours
Achievement stories are those “top of the mountain” stories where the hero reaches his or her goal. Think dreams realized and goals reached.
As a bonus tip for achievement stories, help your members or customers set these goals. A recent study shows that people are 42% more likely to achieve their goals when they write them down…which means you are 42% more likely to get a great story for your brand if you can help your people set their goals.
Examples of achievement stories at your credit union or bank:
- Taking a trip abroad
- Sending each kid to college
- Buying a home
- Reaching a savings goal
There’s a reason Avengers: Endgame was the highest grossing film of all time, capping off at just under $2.8 billion. We love stories of people coming together around a common purpose. For community stories, think hard work and kumbaya. It’s important to remember that community stories must center around a higher purpose, not your own success.
Examples of community stories at your credit union or bank:
- Sponsoring a local elementary school fair
- Raising money to support cancer research
- Walking in a holiday parade that supports the local food bank
In every good story, the hero must overcome something in order to be victorious. The victory could be an internal victory (i.e. overcoming fear) or an external victory (i.e. defeating the bad guys). Though similar to transformation stories, victory stories have a clear opponent who in the end gets defeated. Think arms raised and crowds cheering.
Examples of victory stories at your credit union or bank:
- Overcoming anxiety about making rent
- Overcoming a poor credit score
- Overcoming student loan debt
Before you get overwhelmed, remember these important notes on storytelling:
- Stories do not need to be long. Each of these five stories can be told in a simple Facebook post, testimonial quote, blog post or video.
- You don’t have to have the fanciest equipment. Telling these stories only requires what you already have: a phone. Film a short video, record a testimonial quote and take a picture to go with a 200-word story.
Most importantly, it’s not about you. It’s about the member or customer. Your story is their story.