In Building a StoryBrand, Donald Miller outlines how the best brands and most resonant marketing imitate the structure of traditional stories. There are seven parts to building a bank or credit union brand story. What does this look like for you? Let’s dive deeper.
1. The Hero – Who’s this? First of all, it isn’t you. It’s your members or customers. Your brand exists because of them, so they should be the center of your brand. But this looks different for everyone. SEG-based credit unions have a very specific “hero” in mind. Many community-focused institutions have “heroes” centralized in a couple cities or counties. No matter who it is, you must start with your hero to stay on track.
2. The Problem – Your heroes have problems…otherwise they wouldn’t need you. But identifying the right problem (and communicating about it) is the difference between a resonant and aloof bank or credit union brand. Don’t shy away from mentioning the problem. If your consumers are dealing with expensive auto costs, talk about it. If people are having trouble saving for retirement, talk about it.
3. The Guide – But you don’t say “sayonara” once you discuss the problem. You introduce the guide, which is…well…you! You’re there to help the heroes solve their problems. Remember: the spotlight is theirs – you’re just ushering them on stage.
4. The Plan – What do the heroes do? They’re not going to know if you never tell them. The guide must provide the heroes with a plan. And there may be multiple plans depending on the product marketed. Let’s look at an example - applying for a loan. Your plan might be: (1) fill out the application, (2) submit any necessary identification or financial documentation and (3) wait up to 48 hours for a response. Note the three steps. Keep it simple with three-to-five things to do…any more than that seems burdensome.
5. The Call to Action – Even after presenting a plan, people still don’t act without a call to action. Your bank or credit union brand must prompt people to do something. Some hesitate at this piece, worried about being “pushy.” But asking for the business is not being pushy. It’s a continuation of your role as the guide. You can lead consumers to water, but what do they do when they get there? Swim? Fill up buckets? You must lead them to water and tell them to drink.
6. Avoiding Failure – You have some members and customers who hop aboard at step five. Others need more convincing. Tell them what happens if they don’t act. Now, there’s a fine line here between informing and fearmongering. Stay far away from fearmongering, but don’t be afraid of stating negative consequences. Your brand can save them from those bad results…why not say it?
7. Achieving Success – Lastly, tell people what happens if they work with you. And make it interesting! Don’t just say they get such and such a rate. What will their life look like? Less budgetary stress? A home they love with no irksome landlord? Those are convincing brand promises.
This blog post has some homework: go through the seven steps with your own bank or credit union branding to see where you land. Discover where to improve. And if you need help with those improvements, On The Mark Strategies is happy to guide you on bank or credit union rebranding. Book a free consultation now.
