Why You Need A Brand Story Not Just Data To Market Well

We all have a story to tell. It ties where we’ve been, where we are and where we envision ourselves to be in the future. If you are an individual, think back to perhaps certain life events that might have inspired your personal or professional evolution - a career change perhaps (as many are doing in this Great Resignation era) or a childhood experience that shaped you to become who you are today.

Just like people, brands have a story. It’s an account of how a business is born (a founder’s story). It’s the narrative that describes the deeper why behind their products and services. It helps define identity, purpose, values and mission. It’s also how a brand creates a powerful emotional connection with its target audience and moves them into action.

If you’re a founder of a B2B SaaS Ecommerce technology brand, storytelling can feel challenging. You understand complex technology, data, numbers and ROI well. You may think that your B2B buyer’s are interested in - capabilities, product features and pricing but that’s just one piece of the puzzle.

You see your buyer's are people just like you and me. While they buy so they can innovate, achieve operational efficiency and grow their business, they also buy for emotional reasons. And this is where your brand story comes in.

Power Of Storytelling Statistics

Storytelling in marketing plays a critical role for any business. Often, what a powerpoint presentation cannot accomplish, a story can. Hard to believe? Here are some statistics to consider -

• Stanford’s Graduate School of Business found that when people listened to pitches, either containing facts and figures or a story, only 5% recalled a statistic, but a whopping 63% remembered the stories

• If people love a brand story, 55% are more likely to buy the product,44% will share the story, and 15% will immediately buy the product

• Stories are 22 times more memorable than facts and figures

Why Storytelling Is Important For Business

Modern brands use their story to drive growth. Whether it is expanding in new markets or acquiring customers and retaining them in existing space, simple, human narrative is used to build a connection with buyer personas as well as business partners and persuade them towards purchase.

Let's look at why storytelling is important for your business -

1.Provides a deeper understanding - Often when people think of a brand, they think of it in one dimensional terms - that they exist for the sole purpose of selling their products and services. While this is true, it’s not the way to appeal to today’s modern buyers. What buyers want is - relatability, emotional connection and alignment in values. A brand story provides meaning and details behind the business - why does the brand exist? What is their overarching vision? How do they view the future of the industry they are in? What do they value and why? What contribution do they hope to make to the larger good?

Example: Fabric's founders - Ryan Bartley and Faisal Masud, describe meeting at Staples in their signature story.

Brand Values include -

Their overarching vision -

2.Encourages Empathy - If you visit a business website, on the About page, there is usually a founder’s story that explains the birth of their brand. Perhaps they were experiencing a pain point that they were trying to solve and couldn’t find a suitable solution. Reading the backstory can encourage empathy in your customers by helping them visualize the challenge or problem and how they sought to overcome them.

Example: Shopify's founders - Tony Lutke and Lake launched the business because they wanted they couldn't find a solution they liked to sell snowboard equipment. So they decided to build an ecommerce platform that was simpler, faster and more visually appealing.

3.Fosters Differentiation - Narratives help brands be unique and standout. For example - think of all the car companies that are in the market. When you think of purchasing one, do you remember them all? Probably not. You see your competitors can have similar products, story, or even brand values, but it is your narrative that gives you an advantage in that you can never be copied. How you tell your story, your brand voice, how you make your customer's feel, how you strike a relationship with them creates differentiation in your customer's mind.

4.Helps Build A Community - A well crafted story along with exceptional product and customer experience (CX) can help you build brand advocates. When customers find themselves aligned with your purpose, mission and the overall worldview, they are happy to join the discussion. Loyal customers don't hold back on showing their product love. Because they trust you, they tell others about it and your tribe continues to grow.

We live in a data-driven world, however statistics alone aren't enough to sell and market effectively. You need to appeal to both sides of the brain - rational as well as creative/emotional, in order to create resonance. And a powerful brand story weaved into your messaging and content can help you do just that.