Unleash the power of storytelling: How video can amplify your credit union’s mission

Every credit union has an interesting story to tell. No matter where they are based, whom they serve, or how they frame their purpose. These stories matter to your communities and they resonate in particular with younger audiences.

As an alumni of the Michigan Credit Union League (MCUL) and its service corporation, CUSG, I have spent the better part of two decades working with credit unions throughout Michigan and nationally, respectively, across a number of marketing and technology programs and initiatives.

While many interactions with credit union leaders and their teams have been both memorable and meaningful, a comment from the CEO of a small but mighty credit union has continued to live rent free in my brain for nearly 10 years now.

“Credit unions don’t tell their story; they should.”

In the years that followed that comment, I have been witness to some inspiring storytelling efforts, and frankly, an awful lack of effort from many more.

In fact, storytelling has evolved in so many ways over the past 20 years that it certainly will continue to evolve in ways we can’t anticipate or imagine.

Even for me, it’s easy to conjure up images of people sitting around a campfire whipping up tall tales as the epitome of storytelling, but alas, these are simply memories associated with my own upbringing across many Michigan summers.

Storytelling is more than that, it’s a medium that now consists of established and experimental methods and channels. While video remains very central to that, it is not the end all, be all, especially as new technologies come online and begin to see widespread adoption.

Take for example MCUL’s award-winning ‘Try a Credit Union’ cooperative advertising campaign. Consistently viewed as one of the most impactful cooperative advertising campaigns in the country, it is a storytelling initiative that has come a long way since its inception.

Formerly known as CU Link, it was a campaign where two 30 or 60-second spots would be produced and run in 24 month cycles across expensive broadcast channels. While agencies and themes have come and gone, the drive has always been similar: promote general awareness and product consideration for and on behalf of Michigan credit unions.

Today, the campaign is nearly 100% digital and MCUL’s partners, including Storyfi, adjust the messaging and media buy spends on an ongoing basis. On top of that, MCUL produces supplemental messaging around the holidays to augment the primary campaign. The makeup of this collective storytelling for Michigan credit unions has evolved, and to much success I might add. Michigan presently enjoys a 60% credit union membership rate amongst its population.

Most of us are aware that stories have the power to build brand awareness, drive adoption of a product or service, and instigate an even more targeted action. That’s the starting point. If you aren’t mustering that in some way, I strongly suggest a level set amongst your leadership team and partners.

That said, using the right story can be ten-times more powerful than telling any story, and the right story on the right channels can be a hundred or a thousand-times more powerful and impactful to your organization.

The right story has the power to move the needle with attributable lift for both membership acquisition and reengagement; it can increase community visibility in ways that complement, grow, and position your brand competitively within a crowded marketplace; and, it can bring about both product and service education and eventual consideration to drive your sales strategy.

Beyond the competitive edge that comes from telling your own story, there are many ancillary benefits to purposeful and high-quality storytelling, namely, advocacy. At a national level, credit unions have enjoyed strong advocates in the teams at CUNA and NAFCU prior to their merger – but that’s only part of the greater credit union story. How do we advocate locally, regionally, and at the state level? Where does that responsibility fall?

The credit union story starts at your shop in the communities you serve; it always has and I hope that never changes. The individuality present in each community lends itself to what makes us as a movement unique and stand out, and those can represent a powerful distinction over our banking and fintech counterparts.

Many years ago my college journey concluded with a degree in film, video, media studies, and political science. Just how I intended to monetize that degree into a career was a mystery, even to this day. But at the root of that strange, blended academic focus was a singular and fundamental purpose, “it was using art and science to tell a story.”

Through the lens of political science and debate, I learned how to establish foundational arguments that could be built up and directed toward a certain outcome. Through film and video, I learned how we might use the science of yesterday, today, and tomorrow to drive those arguments through the most powerful storytelling mediums on the planet.

I am grateful to be at the helm of an organization focused on transformative storytelling. The Storyfi approach, blending art and science, is rooted in the philosophy of identifying and crafting extraordinary narratives that may already exist.

Storytelling, much like sales, is not for everyone. It’s a specialized skill set. In the wrong hands, it can be money down the drain, conversely, in the right hands, it can be everything including revolutionary steps forward for your credit union and brand.

The ultimate question you must ask yourself, “What’s our story?”