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Like many of us, credit unions are also caught up in our digital, mobile, "SnapChatty" world. It's fun, effective and really cool. Sometimes, though, it's easy to lose sight of being human with this digital barrier. Social media is a cool way to connect, but you're still removed from the people or person with which you're connecting. Mobile, too, is so convenient - texting or Facetiming on the go. Just about all of us have semi-mastered these tools, along with your credit union.
So as we become more and more immersed in our digital, mobile world, how can we stay human? That's easy on a personal level. But if you're a credit union - or any organization, it can be a challenge. There's one word that can open the doors to humanizing your credit union: emotion.
Like any good book, movie, or play, if you can move your audience to laughter, anger, and/or tears, you've captured them. So let's spin it to the financial sector. Yes, that may be a stretch, but hang on.
What's a really emotional experience that relates to finances - besides winning the lottery, finding buried treasure on a deserted island, or announcing your start-up's IPO? But let's face it, how many of us will experience any of these rare lightning strikes?
So, what about buying a house? If you've been blessed (or cursed) to experience this process, you know how emotional it is: excitement, frustration, relief, fear, etc. Sounds like the recent Pixar movie "Inside Out."
So let's see, just as an example, how the mortgage lending process can humanize your credit union, making it an attractive place to get a loan and help your members become proud homeowners.
Like we already mentioned, buying a house is an emotional, roller coaster-like experience. There's the elation of finding the home of your dreams, the painstaking process of applying for a loan, the pins-and-needles-anticipation of qualifying, and back to the elation of signing the papers and moving in. Overall, it's quite a rewarding experience. So why aren't more financial institutions, credit unions in this case, capturing these emotions to connect with potential home buying members?
Perhaps with interest rates as low as they have been the last few years, it's been a promotional default to push those. But most lenders tout essentially the same rates. So that leads us back to square one: What's your differentiator?
Time to be human. Time to be real. Time to be you. So how do you do this?
First, stop leading with "low interest rates" in your messaging. Nearly everybody shopping for a new home these days knows how low the rates are. No secret there. But that doesn't mean leaving the message out. It's always nice to close a promo with a low interest rate number to complement your "human interest" story. Just stop leading with it.
Now let's get to the brass tacks: story telling. That's your differentiator. Stories, especially human interest ones, have always been able to connect with audiences in nearly every industry. For example, if you look closely, Apple doesn't really sell their products; they sell the experience the product provides. So why isn't your credit union doing the same?
Financial institutions basically have the same services - just like the smartphone and tablet markets right now. But what sets them apart are the unique experiences they provide. Here are a few stories almost any credit union could find within its mortgage loan portfolio.
First-time homebuyer: Your credit union lending to a first-time homebuyer is huge because it's such a life-changing experience. So capture that experience from both the homebuyer and your credit union's loan officer. Build a campaign around that story.
The debt turnaround story: Here's another human interest angle: your credit union helps a member get out of debt and rebuild their credit to qualify for a mortgage loan - ultimately buying a home. A feel-good, turnaround story if there ever was one. These stories are full of emotion because everybody likes an underdog, comeback story. Again, build a campaign that revolves around this turn of events.
Parents and kids: How about this angle: parents help kids (most likely newlyweds) purchase a home? Or vice versa: kid becomes a success and buys parents a home. Pretty cool either way, but these stories aren't as common as the others so they might be more challenging to come by.
Veterans: Probably the king of all human-interest stories is the "returning military from action overseas and how your credit union was there to help him, her, or their families qualify and buy a home." There are so many emotional layers to this type story that really connect with the general audience. Can't lose here.
Ok, we've sparked a few ideas that can easily lead to others - as you know your field of membership better than anyone. But what are some effective ways to deliver these compelling stories?
Obviously, short case study-type stories posted/promoted/archived on your website or placed in your newsletter are ideal locations. Don't forget pictures to accompany these pieces. You can even tweet links to the stories on Twitter or post on Facebook and Instagram - wherever your credit union's social media presence may be. Social media is very important to distribute and complement your tradition marketing efforts because of the human element. Social media was built to humanize your organization.
An often-overlooked channel is the local media. Make it a priority to get these lending stories placed in the business section of the local newspaper or business journal. Consistently being mentioned in the media positions you as a trusted leader for finance - or, in this case, mortgage lending. Plus, editors love financial human interest stories that benefit the community.
Let's talk video. It's probably the most powerful way to humanize your mortgage lending success stories. Interviewing members and staff involved in the loan puts a face on the process. Viewers can see how this purchase affected a member's life or brightened a loan officer's day. Viewers can watch and see how your credit union stepped up to help make a sometimes arduous task easy and rewarding - life changing, which compels action. That's powerful. Short and simple two-minute pieces are all you need to convey a compelling message than can be spread via social media networks and, again, posted on your website and linked in your newsletter.
Overall, sharing the emotion of such a major milestone in one's life is infectious. Buying a home is human because of the process. It takes work to attain a dream and buying a home is a prime example of perseverance - not just the lending/closing process but the working and saving that leads to the opportunity to buy. And guess who's in the middle of it all: your credit union. Don't you want to be there, too?
What mortgage-related stories have humanized your credit union that led to a lending increase?
Mike Lawson, principal and founder of the PR/marketing firm DML Communications and the online CUbroadcast show, has two decades of journalism, public relations and marketing experience. His unique and robust knowledge allows him to meet the varied needs of editors, end-users and clients. Lawson's expertise enables him to enhance his clients' market exposure through media relations, social media tools, advertising efforts, target marketing strategies and more. He also speaks on PR, marketing and media issues to audiences nationwide.
Credit Union Management’s “Inside Marketing” column runs the third Thursday of the month.
