Brand storytelling is the art of using a cohesive narrative to connect your brand with customers. The key to successful brand storytelling is to clearly communicate your brands’ core values in a way that resonates with consumers.
A recent study found that 55% of people consider buying a brand if they love their brand story. Of those people, 44% will share that story with others, and 15% will immediately purchase the product.
It appeals to consumer’s emotions
It is scientifically proven that human emotions are impacted by stories. Our emotions play a significant role in our daily lives, which also affects our buying decisions. When your brand tells a great story, you are speaking to the underlying reasons why a consumer might buy your product or service. A successful brand story goes well beyond just talking about the product, it’s about making a connection with your audience.
It humanizes your brand
In a heavily digital world, the human element can sometimes get lost behind a brand. Think about the emotions, values, and ideas your company offers to consumers and incorporate those elements into your brand story. A great brand story is always authentic and knows how to relate to consumers on a personal level. When consumers see that your company is made up of real people, it helps to build trust and customer loyalty.
It makes your brand unforgettable
Your brand story can give your company a unique edge and stand out in the crowded marketplace. With so much competition in the digital space, it can be very difficult for brands to stand out. It’s not enough to have a good product or service, you need to have a story that sets your brand above the rest.
Studies have found that storytelling will not only increase your brand favorability to your audience, it can also be up to 22x more memorable than facts. So rather than just sharing facts about your product, tell a story that clearly communicates your company values.
Using storytelling to get to $1 billion
The Dollar Shave Club exploded into the retail market with the launch of a hilarious video that creatively told their brand story with a direct aim at one of the biggest razor blade providers in the world- Gillette. This startup company tapped into a 30 billion dollar industry with Gillette owning about 70% of it. In March 2012, this video was released and went instantly viral – getting more than 12,000 orders in the first 48 hours. Just five years later in 2016, the Dollar Shave Club was purchased for $1 billion.
The Dollar Shave Club brand story was ingenious because it not only built a brand that inspired customer loyalty but it also simultaneously disrupted the brand story of a massive company. The Dollar Shave Club proved that brand storytelling isn’t about the massive budget, it’s about the strategic brand narrative – one that communicates a meaningful message that immediately resonates with consumers.