Storytelling in Dollars and Cents
Invariably, when speaking to new corporate clients they have one question; what is the ROI? Founders want to know how to quantify spending money on storytelling. They want to know the metric for justifying what seems to be a nearly invisible art. They soon find out, the financial results of storytelling are everywhere.
Let's look at three companies whose mastery of storytelling has yielded substantial rewards and increased their valuations.
Love him or hate him, Elon Musk has spun a tale of sustainable transportation, igniting passion in environmentally conscious consumers. Through captivating presentations and media appearances, Musk conveys the urgency of combating climate change, while positioning Tesla as a key player in the struggle.
His corporate narrative, combined with his maverick personal narrative, have transformed Tesla into more than a car manufacturer; it represents a movement towards a greener future, enticing consumers and investors alike.
In 2010, before widespread storytelling, and exposing the world to Elon's personal vices, Tesla was valued at $1 billion. By 2023, it had skyrocketed to over $700 billion.
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The Airbnb story revolves around connecting people through unique travel experiences. Emphasizing the idea of belonging anywhere, the company has managed to create an emotional bond with its users. Airbnb's narrative focuses on the connection between hosts and guests. A connection that transcends traditional lodging options. The company's growth attests to the power of a well-crafted story, propelling Airbnb to become the global leader in alternative accommodations.
In 2011, Airbnb's valuation was $1 billion; by 2023, it had soared to approximately $80 billion.
Nike's unforgettable slogan, "Just Do It," encapsulates the company's story of empowerment and self-improvement. Through emotionally charged advertisements and partnerships with influential athletes, Nike has crafted a tale resonating with its customers. By linking personal achievement to its products, Nike has built an enduring bond with consumers, going beyond the realm of mere athletic gear and becoming synonymous with the pursuit of excellence.
In 1990, before their widespread use of storytelling, Nike was valued at around $7 billion; by 2023, its valuation had reached over $200 billion.
What is the value of your company today? What will it be in ten years if you intentionally push into strategic storytelling?
Stories increase value. Begin today.