The ability to tell stories is an important business tool that any business looking to build a lasting and powerful brand should be able to master.
Since the dawn of time, stories have been part of everyday communications. If done right, storytelling can make a difference for a business. It can help turn a brand into an iconic brand, build a strong marketing strategy, generate profits, and win the affection and loyalty of customers, to name a few. Stories communicate purpose and are what make businesses stand out.
These are the four reasons businesses that want to grow should have a strategy storytelling practice.
A clear story is the foundation of a strong marketing plan.
Every business has a story. However, many fail to communicate that story effectively with clear marketing communication. Clients often have big ideas and visions for their brand, but their content when communicating it via online channels is often confusing and inconsistent.
There are two main reasons, businesses should develop a clear story. First, stories provide a framework to organize content that might otherwise feel disorganized and unorganized. Every piece of content created by a brand should have a purpose, a value proposition, and support the overall vision.
Secondly, a brand story is a way to simplify complex visions and communicate a company’s purpose to the world. In Corporate culture & performance, John Kotter demonstrates that companies with purpose and value outperform those without them by a factor 12 and have a profit ratio of 750x greater than those who do not share the same values.
This means that a business must have purpose and values that are attractive to customers. However, it needs to communicate them with compelling stories that grab people’s attention.
Humane storytelling is both profitable, and heartfelt.
Many of the most successful companies around the globe have deep stories that are often deeply connected to their founders. These stories instill a sense a greater purpose and meaning in what they do. Apple, Tesla, and Google, for example, are more than just companies. They are legacy brands that were created by visionaries who wanted to make a difference in the world.
It is possible that a business does not aspire to become the next Apple. But it is worth asking the question: Should the business be just a service or product provider or should it be a vision that an audience believes and subscribes too?
It is no coincidence that the brands mentioned above were ranked among the top 10 most empathy-oriented companies in the Global Empathy Index. They are also among the most profitable and fastest growing companies in the world. The top 10 companies in the index had 50% higher earnings and an increase in value than the bottom 10, indicating that empathy is closely linked to commercial success.
People will invest more in people than in companies. In fact, many of most respected and financially successful companies have a reputation for providing financial returns as well as building people and societies. Businesses should make every effort to be humane in their communications. This is both an ethical as well as strategic decision.
Telling stories can be a competitive advantage
Every day, there are millions of content pieces created and shared. Information overload is a problem for consumers. It’s easy for businesses to get lost in the noise.
While a business might have a superior product or service to another, decision making is more emotional than logical. It is crucial that a business can tell a compelling story. This will determine how successful it is in the marketplace and whether or not it makes a profit.
Just like individuals can become more influential and fast-track professionally by having a strong personal brand, a business with a remarkable story can win over its audience and raise the perceived value of its brand.
Some years ago, researchers Rob Walker & Joshua Glenn demonstrated the power of storytelling by listing small objects on eBay with a short, heartfelt, well written, and purposeful story about the item. These items were originally bought at a garage sale for $1.50 each. They were resold for almost $8,000, which shows how smart storytelling can increase the perceived value of an item, and generate massive returns on investment.
Stories connect people emotionally and build brand loyalty
Storytelling helps us connect, makes sense of the world and communicates our beliefs and values. A good story can make us feel and think, while data and slides can only communicate our thoughts.
People believe in businesses when they hear strong stories. They feel connected to them and their emotions. Businesses shouldn’t be afraid to share their entire story, including the setbacks, triumphs, and struggles. To help people understand the passion behind building and creating the brand.
Businesses that are able to understand the human desire for connection and can create long-lasting brand loyalty by communicating their vision in a compelling story with their audience through an effective marketing strategy.
Ready to tell your own story? Get in touch with us and learn how to use our tools to create your personal business story.