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Lisa-Marie Hatcher, August 5 2020

The Importance of Storytelling in Growing Your Business

Storytelling has been used as a means of communication and entertainment for humans ever since ages today, but stories have a value beyond everyday entertainment. It can serve as a very important tool in growing your business.

Crafting a story around data may seem like an unnecessary, time-consuming effort. The insights and data may seem to be sufficient to stand on their own when depicted clearly. However, storytelling is all the magic you need to build a strong, personal and long-lasting relationship with your audience.  But, why is storytelling important in growing your business?

1. Conveys Purpose:      

Storytelling provides purpose to your business, and a business with a purpose is noticed and win the   loyalty of customers. It is not enough to just build a wonderful product, to draw attention, your business   has to stand out. 

 2. Business decisions are not based solely on logic: 

 Most business executives think analysis drives business thinking. Which is very true but in times when corporate survival demands constant changes, power points won’t create impact. When you tell your story with your data, you create a shared human experience.

3. Helps in business development: 

 Confused about how that could be possible? Well, when you come up with a story behind the idea of your business, it helps set the context. Your idea has been created from a problem- so tell them the story on how you were affected by the problem and how it led to creating your product/service. Ensure that you’re making the story relatable to the audience by adding real-life examples as this makes it easier to believe why your product would add value in their lives.  

4. Numbers are not memorable: 

Statistics may not be memorable but stories are. Messages delivered as stories can be 22x more memorable than just facts. Customer data is anyway pretty bland in itself. Stories help add color and help unite customer demographics, tracked behavior and nature.  

5. Competitive advantage: 

There is so much information that consumers are exposed to so it's easy for a business to be lost in the noise. A business may be selling something that is better than its competitors but decision-making is more emotional than logical so telling a story can help distinguish your company from competitors.     

6. Helps in marketing and advertising: 

 Storytelling can form a powerful marketing strategy - people want to connect with brands and businesses and the best way to do this is by being relatable. Advertisements need to be more than just cheap tactics, it should be able to evoke emotions in your audience. The best example for this is Coca-Cola, which has now become synonyms to happiness.       

7. Boosts the decision-making process of your customers:

 People look for stories to make decisions, for example, when you think about buying a product you look at   reviews which are essentially stories and not just facts and features. This is the same for looking at   businesses - when people think "why should I get involved with this business?" they are trying to think of   the reasons so they look for stories. 

8. Humanising a brand and increasing profit: 

 People look for stories to make decisions, for example, when you think about buying a product you look at   reviews which are essentially stories and not just facts and features. This is the same for looking at   businesses - when people think "why should I get involved with this business?" they are trying to think of   the reasons so they look for stories. 

 People want to buy from companies that they believe care i.e. empathetic companies. The most successful companies have deep and thoughtful stories behind them that stir a sense of larger purpose and meaning into what they do, such as Google and Apple who are not just businesses, they are brands made by visionaries who want(ed) to transform the world. If your business has a vision that audiences can believe and buy into then you are more likely to be successful.     

9. Emotionally connect people and create loyalty:

 The best stories evoke emotional reactions - people genuinely relate and connect with these stories and they believe in the company and what it stands for. When people listen to a story, they feel what the protagonist of the story is feeling so a good way of using a story to connect with an audience is to tell a story about a mistake you/the company made, a failure or maybe life wasn't going well for you or the company in the past. People connect it with all the mistakes they’ve made in the past and see it as an opportunity to outgrow from it. They connect better with your product and your vision and tend to be loyal customers.       

10.  Maintains attention and eases understanding:

 People are most likely to listen to you better when you’re telling a story. Be it in your pitch, ad or anything. This is why public speakers most often start their set with a story. Stories engage better and help create a deeper understanding of your vision amidst your audience. 

Connect with us at communicate4IMPACT to grow your business using business storytelling!    

Written by

Lisa-Marie Hatcher

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