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Brand story matters because you can get a lot of things wrong in marketing but if you have a story you can still do amazingly well. Apple, Nike, Coca Cola, IKEA, to name just a few, all have amazing stories.
Studies have found that people spend more when products or promos are paired with a story. A character-driven story can even cause people to donate up to 56% more money to charity than they might otherwise have done (French, 2019).
A brand story must inspire an emotional reaction. Things like your product, price, history, quality and marketing are certainly important for your brand story. However, more importantly, your brand story is articulated around your purpose, authenticity, your unique set of values, the experience people have with your brand (on social media, in your store, over the phone, etc) and these should be centered on your customers. So brand story is not about telling your company story. Customer’s usually don’t care about your story, they care more about their own… You should therefore ask yourself the question: ‘why do customers need my product in their lives?’ (Hope, 2018).
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You are not the only author of your brand story, other people are too. In fact what others say about your brand actually has more effect on consumer purchase decisions than what you have to say about it. This narrative exists whether you like it or not.
Nowadays, a brand sits in conversation with those who experience it. Authorship of your brand story doesn’t sit in the Chief Marketing Officer’s office. It sits in the hands of your social media followers, your customers, your intern, your shop clerk (Hope, 2018).
- French, 2019 (2019)The 5 Ingredients You Need to Tell a Brand Story That Resonates [Online] Available: https://www.columnfivemedia.com/how-to-tell-a-brand-story [Accessed: 10 March 2019].
- Hope, J. (2018) What’s a brand story, and why does my company need one? [Online] Available: https://www.echostories.com/whats-a-brand-story-and-why-does-my-company-need-one/ [Accessed: 10 March 2019].