Storytelling increases brand value

The results of recent consumer choice experimentation conducted by advertising agency Hill Holiday confirms the rising tide of grassroots data about brand storytelling – products and services that have a story are worth more to consumers than those without.

The research in question looks specifically at four consumer purchase options: hotel studies, works of art, wine and items listed for sale on eBay. In every instance, those items backed up by some sort of personal testimonial had a greater perceived value in the minds of consumers. For example, works of art that included a brief personal story about the artist were deemed 11% more valuable. Similarly, items listed on eBay that included brief descriptions (rather than just pictures) attracted 64% higher bids.

There is a direct application here for credit unions and their brands. Namely — your brand is worth a lot more to consumers if you take the time to tell its story. This is not necessarily the story of your brand as detailed in messaging like vision, mission and tagline statements (although these are important). Rather, the story here must be about your consumers and how they benefit from interacting with your financial institution.

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