MADISON, Wis. – Credit unions trying to market to low- and moderate income families tend to use a limited range of metaphorical imagery in their advertising campaigns, according to a new study produced by the Filene Research Institute.
The study of 22 credit unions identified only two major categories and four minor themes used by credit unions, compared to more than 15 core metaphoric categories identified by researchers that evoke emotion across cultures.
Many of the metaphors used by credit unions evoke limited emotional responses, and since emotions often drive the subconscious human decision-making process, evoking emotion in marketing is crucial to engaging current and potential credit union members, according to the study, The Mind of Low–to--Moderate–Income Savers.The study was authored by Nick Maynard and Jeff Zinsmeyer, of the Doorways to Dreams Fund and uses a marketing research tool known as the Zaltman Metaphor Elicitation Technique, which reviews the relationship of human decision-making through metaphors and storytelling. The technique recognizes that 95% of human decision-making and thinking occurs in the unconscious mind.
In the corporate world, ZMET studies are used to design products, position or reframe products, reveal themes and imagery for marketing campaigns, and generate consumer feedback to develop new business strategies.
The researchers found that the credit unions they studied tended to use only two major metaphorical categories: utilitarian, which is rational, functional and straightforward, reminding people of savings; and aspirations, like planning for the future.
The researchers conclude that credit unions have a great opportunity to expand the use of metaphors in marketing imagery and messages.
They list a number of both positive metaphors, like games, journeys, protection and worry-free retirement, a well as negative metaphors, like showing empathy with low-income families or instilling fear of poverty, that may be also used by credit unions to reach low- and moderate income savers.
