We, humans, have a knack for compelling and emotional stories. This is what brands are leveraging and are keen to share their stories with their target audience. Businesses are now shifting to storytelling marketing with the idea of appealing to customer sentiments. They want to attract and retain their customers through stories that bring value to their target markets. Amid all this competitiveness, are you reaching out to your potential customers with intriguing stories?
You already know how pivotal marketing is for your business. While the ultimate objective of entrepreneurs is to drive sales, marketing is essential to take a business among people. This is the pivotal reason why businesses allocate large sums of money to marketing. However, what is important is how you diversify and divide your marketing budget. As per Forbes, marketers recommend that 30 percent of the marketing budget be allotted to content marketing. So, are you spending enough on your content marketing strategies?
People love original, fresh, and value-oriented content. This is why story marketing is becoming a big thing. In fact, some proclaimed marketers claim that storytelling could well be the future of marketing. It is interesting to note how the appetite of people for positive stories amplified during the pandemic. As per Twitter statistics, 70 percent of consumers opined that brands should share positive stories amid the COVID-19 pandemic. This speaks for the influence that brands can have on people by the simple yet classy act of storytelling.
To further elaborate, this blog sheds light on the various benefits that you can seek out of storytelling for your business. A few good stories can take your marketing game to the next level. All you need is to have great content strategies and think from the consumer point of view while structuring your stories. Let us find out how it works.
Why storytelling marketing holds the key to future success
It helps you take your brand’s story among people
Every brand has a story that illustrates the vision and the dreams linked to it. These stories are often centered around dimensions of value that businesses want to extend to their customers. This is where Airbnb is on the top of its marketing game. Airbnb is a vocational rental company, but its marketing is all about stories of experiences from guests and hosts. These stories tell people about the places they must visit and the restaurants they should go to. Furthermore, the stories also share the experiences of the hosts at various rental locations. When people look at these stories, they associate Airbnb with their perfect holiday. On similar lines, there are innumerable other brands that are winning hearts with their brand-driven storytelling.
Moreover, storytelling gives you the perfect opportunity to take your company’s core values among people. Through meaningful stories, you can express the virtues and principles that are salient to your business. You can inculcate all the unique propositions of your business into emotional stories and make your business more lucrative for your target audience. You must know that customer preferences are now changing at a swift pace. They prefer to buy from businesses that represent strong cultural and social values.
To understand this better, let us understand this from the influence of sustainability on consumer behavior. As per Capgemini, more than 70 percent of consumers are changing their purchasing habits based on sustainability. To add, 80 percent of consumers want to make genuine efforts to save the future of the planet for the upcoming generations. Hence, they are ditching their usual brands are switching to brands that come with strong sustainability practices and concern for the environment. This is why it is imperative that you share the core values of your business with people. It can be one of the greatest attractions for your potential customers.
Storytelling can incorporate the buyer perspective
Humans have the basic tendency to fascinate towards stories they can relate to. No other vertical of marketing has the kind of prospects of building relatability as storytelling has. In your storytelling marketing, you can build stories around the perspectives of buyers. In fact, you can share stories of your happy customers sharing their experiences with your business. That will be the most genuine and truthful form of storytelling offering value to your customers. Needless to say, the customer’s experience and viewpoints will appeal to your target market more than your claims do.
You have to be successful in creating compelling and sentimental stories sharing customer journeys. Show people how your customers struggled with their needs and how your brand came up as the perfect solution. These stories should have unique content, genuine emotions, the ability to offer solutions to others through customer journeys, and little self-pitch. When people know about the community of happy customers you have created and their happy stories, they will gravitate towards your brand. This is what most insurance companies do while marketing their plans. They share stories of buyers and how buyers feel safe and secure after buying their plans. So, when are you up-scaling your storytelling talent? Go, win hearts and leads by sharing stories and journeys with your potential customers!
The ROI on storytelling marketing is promising
For every investment you make, the returns on it are your primary concern. Of course, no one would invest their resources in things that offer dull or no returns. But one thing that you can be sure of is that storytelling marketing comes with progressive returns. As cited by Headstream, if people find a brand’s story genuine and like it, they are 55 percent more interested in buying from that brand. Moreover, 15 percent of customers are likely to make an immediate purchase with that brand. Also, when people love a brand’s story, they are 44 percent more likely to share it with others.
So, as you can see, good stories can also add to your word-of-mouth marketing and influence immediate buying. This should make you feel a lot more confident about the ROI of storytelling marketing. However, the ROI will depend on the content and messaging of your stories. The ROI is high for stories that people admire, appreciate and adore. You have to ensure that the content is not repetitive, the stories are unique and the messaging is clear. Storytelling should facilitate your brand’s messaging and not overshadow it. Storytelling is all about being as creative as you can get. So, empower your marketing team with creative liberty and let them explore their creative potential to the fullest. Or in this era of freelancing jobs and remote work, you can also hire some freelancers to give you the best story structures.
Storytelling is an inexpensive yet impactful marketing vertical
Do you need to hire any celebrities to feature in your brand’s story? Do you need sprawling locations or fancy cars to create emotional stories people can relate to? No, all you need is good content and genuine stories that can warm hearts and drive people to action. You can do that simply by sharing stories of your employees and customers. You have already seen above how great storytelling can offer a high rate of investment. The best part is, you can achieve that high ROI by dedicating only a small part of the entire content marketing budget to storytelling. So, why not leverage such an inexpensive form of marketing to the fullest?
Furthermore, social media gives you an incredible opportunity to share stories at minimal costs. You should know that as per Hootsuite, 81 percent of Instagram users research products and services through the platform. The same goes for other social media platforms like Facebook, Snapchat, and others. To add, more than 500 million people post or view stories each day. Imagine how much exposure you can give to your business on Instagram alone! Then you can add more to your social media marketing through other platforms too. Isn’t it a win-win situation by all means? Storytelling can optimize your social media marketing strategies and make the brand viral in a matter of a few minutes. The opportunity and scope are massive, you must know how to convert the prospects to your advantage!
Storytelling can assist you in creating a happy tribe of clients
Client retention is a key concern for all businesses. Once a brand wins a customer, there is no reason why they will let that customer drift towards other brands. Having said that, retention of customers would be a key concern for you as well. In this objective, storytelling marketing can prove to be a great facilitator. When you share the stories of your present customers with others, they will feel valued. They will feel a sense of belonging and allegiance to your brand. This will further inspire in them a greater sense of loyalty for the brand. They will feel as if they are a part of the brand’s community and you will be able to create a tribe for your brand.
The overall impact would be seen in high customer retention rates. You make your customers a part of your marketing, share their stories with others and give them reasons to stay. In addition to this, you also need to ensure that you deliver on all other parameters of customer service. The perfect blend of excellent customer service and their inclusion in your marketing strategies will promote deep connections. Also, you should know that in contemporary times, customer experience is a greater concern of people than product and pricing. You cannot let your guard down on customer service dimensions. If you do, you may lose your worthy customers forever. Let stories be a significant part of customer experiences delivered by your business! It is one of the easy tips to attract and retain loyal customers.
To conclude, you have already seen the great prowess that storytelling holds. With changing customer patterns and interests, it can be projected with confidence that storytelling marketing will become an even bigger thing in the future. The most successful brands are already winning the market with meaningful and out-of-the-box stories that appeal to the conscience and interests of people. Having said that, you too should have firm storytelling marketing strategies in place before it’s too late. You have to take your brand’s story among people in heartwarming ways before other brands with similar stories make your niche repetitive. Marketing, after all, is about doing the best and the most creative things before others do them. You are up for a race against time, go win with state-of-the-art storytelling.