By Morriss Partee
What’s your story? We’ve all heard that line before. But what is it really? Do you have a good answer? A unique answer? A compelling answer? A memorable answer?
“Why do I need a story?” you may be asking yourself. “I don’t have time to be telling stories. Stories don’t add to my bottom line anyway.”
Well, I respectfully disagree. Creating, crafting, and honing your story is the most important thing you can be doing for your credit union. And if you already have a great and unique story, making sure that story is told consistently and on-brand throughout EVERY aspect of your credit union is your most important job.
Five reasons you need a great story:
- Without a compelling, unique, and memorable story, our members have no reason to do business with us over any other financial institution.
- Without a compelling, unique, and memorable story, we are in serious danger of being no different than banks. ESPECIALLY community banks.
- Stories are fundamental to how we human beings relate to one another. Stories are how we navigate our way through the world and through our lives. All great brands relate to great stories. And the more powerful story, the better. Some great stories include the story of David vs. Goliath, or Moses going up the mount to receive the ten commandments. Another memorable one is how the modern day marathon was created in honor of a soldier who ran the distance after a battle in Greece in 490 B.C. to tell the news that the battle was won.
- Everything you are currently doing IS telling a story, whether you are aware of it or not. If your credit union smells like dank, moist, moldy paper, you are telling a different story than if your credit union smells like pine or new carpeting. If your member is greeted by a different teller each week she enters the credit union because your front line is experiencing severe turnover, that is a much different story than if the member is so happy with a particular employee that she belongs to that employee’s fan club.
- Without knowing and conveying your organization’s story to your employees, they don’t have a coherent sense of who you are as an organization. Morale is lousy, turnover goes through the roof, and members see no reason why they should do business with your credit union. WITH a great story, your employees are eager, excited, and enthused to come to work each day. And that enthusiasm is READILY apparent to your members, and generates loyalty and repeat business.
Let’s examine the stories of some successful brands. Nike’s story is a classic one of heroic conquest. The athletic hero, such as Michael Jordan, is able to perform heroic feats armed with the latest footwear technology. That’s far more compelling than a piece of cowhide glued to a slab of rubber. Apple Computer’s story has always been the kids in the garage revolutionizing the world by challenging the status quo and making products that are insanely great and easy to use.
In the credit union world, Progressive Credit Union (3.6% ROA, 4997 members, $288M loans) has an effective story being the place to go for NYC’s taxi medallion loans. That story may not be the sexiest around, but it is 100% unique, and therefore quite memorable. Whitefish Credit Union ($574M loans, $63,000 avg loan balance, 1.1% ROA) in Montana is another example of a highly unique story. They are the largest credit union not to offer checking accounts, but are the place to go for agricultural loans.
One of the common misconceptions about the importance of your organization’s story is that it means articulating a stale history lesson for fifteen minutes. Yes, it’s true that most members don’t have time to hear a long-winded story every time they come in to deposit a check. But knowing your organization’s story allows you to make the story come to life in every touch point you have with your members. Every last detail should be reinforcing one single story. Every decision you make should be done to reinforce and enhance your credit union’s story, beginning with each employee you hire, to how you branches are designed and located.
And having a consistent story means putting an end to the silo-approach to management – the confusing and disjointed scenario that ensues when marketing, operations, lending, finance, human resources, and IT are working on separate projects and agendas. A powerful story unites the entire organization for better internal effectiveness, and better external memorability.
Another misconception that needs clearing up: Your credit union’s story is not the same as the story of the credit union movement as a whole. In case you didn’t notice, CUs in your area are now competing directly with you. Frequently, I ask credit union executives, “what makes you different and special?” Often the answer is “our people” or “our service."
Well, that’s exactly what other credit unions in your area are saying too. Whenever I give a talk, I ask the audience, “who here has great service?” Usually 90% of the hands in the room go up. (The other 10% are working on it.) Great service does not make you unique. Everyone says they have great service. Great service is the starting point. We need to dig much deeper to find your unique and differentiating story.
Your story is the heart of your brand. Your story is where your brand begins. Ultimately your brand ends up in the minds of your customers. What your customers think of your brand IS your brand. There are two ways they form their opinion about your credit union. Primarily it is through their interactions with you. But it is also what their friends tell them about you. But that’s a story for another time.
Your members and potential new members are hungry for a great story. What is YOURS?
Morriss Partee is chief experience officer for EverythingCU.com, the online community of 4,444 credit union professionals focused on marketing and branding, and would like to meet you at Branding, Bonding & Brew, the credit union industry’s only branding event, in Baltimore, Sept. 20–22. Read more from Morriss in his CU branding blog, EverythingCU.com Brand Adventure.
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