How can financial services companies use storytelling more effectively in their marketing campaign strategy?

Storytelling is a powerful way to strengthen your brand. It’s one of the major components of a personal content marketing approach. Through personal stories, you can take your target audience on a journey they yearn to discover and experience. In order for prospects and clients to form a strong connection with your brand, your company storytelling must be authentic, compelling, creative and fascinating. As Philip Pullman said, “After nourishment, shelter and companionship, stories are the thing we need most in the world”. This article focuses on financial companies challenges. Discover how to distinguish your financial company and stand out using the power of storytelling.

Be human

For financial services businesses, cultivating their narrative and telling personal stories about their brand is challenging. However, if they do it well integrating their clients' stories, they can attract more interest therefore prospects. Through telling stories, financial services companies can humanise their brand. Prospects focus more on the experience and less on the financial products being offered as the product differentiation in the financial market is very low. They can bring their work to life through realistic content that will connect with their audience’s emotions.

Hiscox created videos which pull the heartstrings. One of their videos named “10 Little White Lies of Christmas” was widely viewed. The company does not display its products or services at all but relies on the emotional connection and brand impact communicated through the video.

They brought their products and services to life in ways that resonated with current clients. They were able to attract new clients who are not just looking for financial advice from professionals but also want to be understood on a personal level. Storytelling helps you build a strong relationship with your stakeholders that goes beyond financial transactions. Capture your audience's attention and keep them engaged.

Understand and demonstrate the personal impact of your brand

Financial products can be difficult to understand for your prospects and no one likes to look or feel stupid. Consumers are really interested in learning how to manage effectively their money. Creating practical guides for different target audiences will demonstrate great customer service while positioning your financial company as an expert, a thought leader with personal stories to illustrate all the facts. 

Financial storytelling by Penn Mutual & KPMG

In 2016, Penn Mutual used short narrative videos to educate and inform individuals about the advantages of life insurance. These videos demonstrated the important role of life insurance for their prospects and their families. The campaign through testimonials and the stories of the clients made the brand human, credible and personal. Their storytelling campaign had a great impact and allowed Penn Mutual to strengthen their position in the life insurance sector.

Another example is KPMG. In 2014, the company encouraged their employees to share stories answering the question: “What do you do at KPMG?” Surprisingly, the firm collected 42 000 stories from 29 000 employees. According to KPMG’s annual partner survey, this initiative increased employee engagement and pride to record levels.

To conclude, financial companies shouldn’t neglect the importance of building connections and relationships with their target audiences. If you are an underdog or an established brand, storytelling can help you connect on a personal level with your ideal prospects and existing clients. Start sharing stories today.

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