The most impactful brands on the planet remain memorable due to compelling stories crafted to build a physical, emotional and psychological connection with their customers. Nike’s “Just do it” inspiring audiences for excellence in sports and other endeavours, Coca-Cola’s commitment to ensuring happiness, and Apple’s innovation, creativity and simplicity in designs represent and reinforce the importance of an emotionally connecting story for brands, particularly in this age of over-saturation of information and robotic messaging.
Brands repeatedly try to connect with their audience to make them feel, relate to their messaging and believe that customers are the reason for their existence. This has been done through one-on-one experiential engagements, personalized messaging, and digital engagement. The message is clear: “My customers need to connect with my message.”
Storytelling can help position brands favourably in customers’ minds. Trust, relatability, and emotional connections are the main ingredients of compelling stories that convert. This is important in storytelling across all industries and sectors.
In the financial sector in Nigeria, for instance, which mainly involves safeguarding people’s finances and investments, trust is paramount. Organizations have, in this sense, crafted compelling stories to ease the minds of their customers and clients; case in point, Fidelity Bank’s slogan, “We are Fidelity, we keep our word,” uses the meaning of the word to both speak to the bank’s trustworthiness and also to the customers, indicating a commitment to maintaining emotional and physical relationships.
Further narrowing on the microfinance banking institutions that cater to the mid-lower class of the population, trust is the most valuable currency as these people are usually depositing their life savings.
WHY DOES EMOTIONAL STORYTELLING RESONATE IN MICROFINANCE MARKETING
The everyday man has insatiable needs, physical, psychological, and emotional needs that require satisfaction and they go about in search of things that can alleviate the need, and once one is satisfied, they move to the next one. That is why people say, “I didn’t even know that I wanted it till I saw it…
With brands (products and services) springing up every day for every imagined and yet-to-be-imagined problem, normal communication in selling these products is becoming lost in the crowd. Brands have employed personalized storytelling that speaks to the emotions of their audience, creating a kind of comradery between the brand and the customer.
Emotion storytelling in marketing resonates because it taps into fundamental human emotions that transcend logic and fact. How, you may ask?. Emotional storytelling;
1. Engages the Brain on Multiple Levels
- Emotions over Logic: Neuroscience shows that humans make decisions based on emotions and justify them with logic afterward. Stories that evoke emotions activate the limbic system, essential in microfinance customer acquisition.
- Memorable Impact: Emotional narratives enhance retention, making microfinance customers more likely to remember the services that resonate emotionally.
2. Builds Trust and Authenticity
- Relatable Experiences: Real-life stories of customers who have achieved financial goals through microfinance loans not only inspire action but also establish the institution’s authenticity.
- Authenticity: A genuine, emotionally driven story signals that the brand values people, not just profits, fostering loyalty and increasing customer retention.
3. Inspires Action
- Call to Empathy: Emotional stories often lead people to feel empathy or identify with the subject, prompting them to act by engaging with the brand or purchasing its product.
- Personal Motivation: Seeing someone achieve a financial goal or overcome adversity inspires others to envision their success, driving conversions.
4. Humanizes Complex Concepts
- Breaking Down Barriers: Finance can be intimidating or impersonal. Stories simplify abstract terms, helping audiences relate to products or services in tangible ways.
- Personal Context: Highlighting life scenarios (saving for a master’s, overcoming debt) shows how solutions apply in an individual context.
5. Fulfills Universal Emotional Needs
- Hope and Aspiration: Stories about overcoming financial struggles offer hope and inspire audiences to dream bigger.
- Belonging and Connection: Sharing stories of shared struggles or values (e.g., securing a family’s future) fosters a sense of community.
Case in Point
- A microfinance ad showcasing a business owner who secures a loan to grow his business connects emotionally to trader audiences and entrepreneurs, showing the potential for financial empowerment.
- A savings app campaign featuring a young professional who hit a financial milestone resonates with urban millennials juggling debt and aspirations.
Customers connect to these emotional stories as they indicate the brand being warm and approachable, seeing all the possibilities that abound with association with the brand
HOW AUTHENTIC STORIES MAKE FINANCIAL SERVICES APPROACHABLE.
Telling authentic stories in the financial sector can be daunting as finance is more about numbers and stats than human interaction. Employing emotionally relatable storytelling here would help the finance brand build trust and connection with the client. Finally, it should be relatable so they can connect with the customers. Storytelling in finance has some key pointers for writing authentic stories in finance;
- Focus on Real People:
- Highlight stories of customers overcoming challenges with the help of the brand’s financial services. For example, a microfinance institution could share how a small loan enabled a struggling entrepreneur to build a thriving business.
- Showcase Aspirations and Achievements:
- Use relatable scenarios to celebrate success stories, such as individuals achieving dreams like homeownership, education, or business expansion.
- Tap into Universal Themes:
- Themes like security, hope, ambition, and family resonate widely. For instance, storytelling about saving for children’s education or ensuring a family’s future through insurance connects emotionally.
- Create Relatability:
- Share narratives that reflect everyday financial worries and how they can be solved. For example, a savings app might tell the story of a young professional overcoming the stress of budgeting and achieving financial freedom.
- Incorporate Visual and Sensory Elements:
- Use compelling videos, images, or illustrations to enhance the story’s emotional depth. A financial brand can showcase an elderly couple enjoying retirement with peace of mind thanks to prudent investment planning.
EMOTIONAL STORYTELLING STRATEGIES & TECHNIQUES
In telling emotional stories, the following techniques are used to reach audiences;
- “Before and After” Journeys: Show the transformation that occurred due to financial planning or investment services.
- Example: A video showing a single parent who secured their children’s education through disciplined savings.
- Testimonials with Context: Highlight individual stories, not just testimonials. Provide a background that includes challenges and resolutions.
- Example: A farmer accessing credit for modern equipment to triple harvest yields.
- Seasonal Campaigns: Tie emotional stories to seasons like Christmas or New Year, emphasizing themes of generosity, security, or fresh starts.
- Example: A bank encouraging customers to give meaningful gifts of financial security, such as savings bonds.
CREATING SUCCESSFUL STORYTELLING CAMPAIGNS FOR MICROFINANCE COMPANIES
The key to creating successful storytelling campaigns for brands in microfinance is crafting compelling narratives that resonate emotionally with the target audience while aligning with the brand’s core values and objectives.
Microfinance marketing success hinges on crafting emotionally engaging narratives that support acquisition, activation, retention, and referral strategies. Consider these approaches:
- Define the Core Message: Here, you have to determine the key message your brand wants to communicate to connect with what is relevant to your audience.
- Know Your Audience: Create detailed profiles of your target audience, including demographics, values, and pain points, leveraging analytics and market research to understand what content formats and themes resonate with your audience.
- Build the Narrative: Craft a relatable plot using universal storytelling structures like the hero’s journey or before-and-after transformations. Create stories that evoke emotions like joy, nostalgia, or empathy to create lasting impressions.
- Incorporate Visual and Audio Elements: We use engaging media to combine video, images, and sound to create a multi-sensory experience, leveraging technology to Incorporate AR/VR, animations, or interactive tools to enhance storytelling.
- Align with Authenticity and Trust: You must show real stories using testimonials, user-generated content, or authentic experiences to build trust and ensure the story reflects the brand’s identity and promises.
- Optimize for Channels: Use omnichannel strategies to tell the story consistently cascading across platforms and tailoring the format for both online and offline campaigns
- Encourage Participation: Create opportunities for audience interaction through polls, hashtags, or user-generated content challenges. For instance, creating a photo diary for consumers that documents their business lives to emphasize the difference your services make.
- Measure and Iterate: With set metrics, define KPIs to evaluate the campaign’s success. You should also use analytics tools to track performance and refine future campaigns based on insights.
IMPACT OF VIDEO, IMAGES AND AUDIO IN STORYTELLING FOR MICRO FINANCE CUSTOMERS
Audio-visual stimuli in storytelling are key to building strong emotions and interaction with the audience. The choice of voiceover, music(sound) and imagery (still and motion) creates an immersive narrative that resonates emotionally, enhances retention, and influences perception. Here’s how they impact storytelling:
1. Video in Storytelling
- Visual Engagement: Videos combine motion and visuals, making it easier to capture attention
- Emotional Connection: Facial expressions, body language, and dynamic elements evoke empathy and deeper emotional responses.
- Retention: People retain 95% of a message when watched in video form versus 10% when reading.
2. Images in Storytelling
- Instant Communication: Images convey complex ideas quickly, often more effectively than words.
- Memorability: Studies suggest that humans process images 60,000 times faster than text and are more likely to remember visual content.
- Emotional Impact: Photos can provoke strong emotions, making them powerful in campaigns or brand storytelling.
- Visual Metaphors: The strategic use of imagery helps create symbolic connections and enhance the narrative.
3. Audio in Storytelling
- Enhancing Mood: Background music and sound effects set the tone and amplify the emotional impact.
- Voice and Tone: A narrator’s voice adds authenticity and relatability to the story.
- Psychological Impact: Certain soundscapes and frequencies can evoke nostalgia, excitement, or suspense, enriching the storytelling experience.
CONCLUSION
Emotional storytelling appeals to people’s values and aspirations, making them more likely to trust and engage with a brand. By framing microfinance organisations services as life-changing, these campaigns build loyalty, attract new clients, and strengthen brand identity, creating emotional and compelling storytelling that engages your audience, particularly in today’s fast-paced market.
We at PURPLE STARDUST have garnered the experience, are in tune with the culture and aligned with the audience’s insights to craft stories that enable businesses to thrive in this uncertain market. Contact us today.
