Storytelling: Not just a good old practice
“The mistake people make is thinking the story is just about marketing. No, the story is the strategy. If you make your story better, you make the strategy better,” said a venture capitalist. Here’s why every business needs a storyteller and how to identify the right one
The human brain likes to structure, store, and recover information in the form of stories. Maybe that's why tales of different Gods, kings, leaders, and animals are used to shape behaviours, cultural norms, and core values in children. These days storytelling has also become an essential skill in the business world. Stories work in business because audiences may not want to hear hard facts, but they give attention to the information communicated through stories –which also establishes an emotional connection.
Let me give you an example. If a company says, we have excellent customer service, then customers will not feel anything special. But, if the same company shares stories of its customer intimacy, then the audience will internalise that the company will do anything for its customers. Consequently, the company's fame for its excellent customer service will rise, loyalty from existing and new customers will increase, and profits will grow.
Just in case you are not leveraging stories for your business, by now you would have realised the importance of storytelling and might be planning to engage a storyteller. But remember one thing, the way you prefer a specialist doctor over generalists to treat health complexities, you need a business storyteller rather than a general content writer to craft a meaningful business story. Let me share with you a few tips that would help you to choose the right fit:
A business story is not about a controlled creative world; it is about the uncontrolled real-world where various factors such as business models, industry trends, organisational culture, and competition in the market influence the story arc. A storyteller would need to gather accurate facts and convey a fair and reliable context of them. If you don’t want an inconsistent or superficial story, then look for some domain expertise and not just excellent writing skills in a storyteller. To help you visualise, let me give you a few examples of the background of people behind some famous business stories. Nearly 80 percent of cases used at business schools worldwide are developed by Harvard Business School faculty. The author of The Everything Store: Jeff Bezos and the Age of Amazon, Brad Stone, is senior executive editor of the global technology group at Bloomberg News. Jim Collins, the author of books like Good to Great, has a background in consulting with McKinsey and teaching at Stanford Graduate School of Business.
Ben Horowitz, the co-founder of Andreessen Horowitz, a Silicon Valley-based venture capital firm, says, “The mistake people make is thinking the story is just about marketing. No, the story is the strategy. If you make your story better, you make the strategy better.” He believes that if you take the time to refine your story, you refine your thinking and the company's strategy. If your strategy is essential, then the storyteller working with you on your business story is also vital.
The writer is an author of 'Booming Brands' and co-author of ‘Booming Digital Stars’.