Storytelling is the new recipe for success

A good place to start for a CEO is having a well thought out value proposition to guide the company strategy. When done right, a business’s value proposition tells potential clients the story of why they should do business with you rather than your competitors – and makes the benefits of your products or services crystal clear from the outset.

A great value proposition serves both customers and employees alike by setting up their expectations.

It should lay out three important components.

Firstly, functional benefits – how your product/service performs; these benefits tie your offer to the outcome the customer wants. Secondly, product attribute benefits – this is what makes your product stand out from the crowd; these benefits should give a credible point for comparing your offer to competitors' offers. Thirdly, personal benefits – these account for emotional connections tied to the purchase decision; when it comes to luxury sales this is often particularly important.

There’s another important piece of the pie, one that in 2023 big global brands will spend billions on as they fight for market share – and that’s storytelling.

In such a fiercely competitive global marketplace, gaining and holding attention – especially online – means it’s not enough to have a good product or service; you must be able to market it in a way that sets you apart. That’s why business narrative is essential.

Today’s ‘brand storytelling’ is an extremely sophisticated form of advertising and employs a deep understanding of human psychology to engage the audience.

Smart companies understand that it’s no longer enough to bombard customers with information, figures, and testimonies. Information needs to be delivered in a way that elicits an emotive response (without being too obvious) while still intertwining the above-mentioned value proposition. ?

According to research by marketing consultancy Headstream “if people love a brand story 55% are more likely to buy the product in future, 44% will share the story, and 15% will buy the product immediately.”

So what’s the secret?

The art of storytelling is based on authenticity. Rather than ‘selling’ in the traditional sense, you explain to people who you are as a company, what your journey has been like (including bumps in the road), what your vision is, and what you stand for.

Get all that right, and you’re on to a winner.