Why Business Stories Drive Success
Why don’t more entrepreneurs use stories to explain their business? The reasons maybe they don’t understand how powerful stories are and defining, and crafting a story takes time. Another misconception is that stories are what the marketing department does. True.
But your story needs to start long before there is a marketing department. If it doesn’t, you could be trying to wordsmith your sales communications later for short-term tactical gains because you don’t have a competitive advantage. Why? Most companies have competitors and everyone is selling the same product at the same price with the same service.
Here is what Ben Horowitz, venture capital firm, Andreessen Horowitz 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 your strategy better.”
The story is the engine that drives successful companies. And with today’s technology, you can tell your story, many times for free, to individuals anywhere in the world. That makes stories more important than ever.
Benefits Of A Story-Based Strategy
Stories will help you build and grow your company and your brand. According to Kevin Smith the world’s most valuable, innovative, and fastest-growing companies, regardless of age, industry, or size – know the story behind the brand. (Airbnb, Apple, Facebook, Tesla, etc.) delivers success.
Simon Sinek, author of the book “Start With Why” described the value of your story another way. He stated that “people don’t buy what you do; they buy why you do it, And what you do simply proves what you believe”.
The following are some benefits you will get from a well-crafted story
Stories help you develop and sell your idea
- Stories simplify big ideas in a way that sticks in one’s mind.
- Data can persuade people, but data doesn’t inspire them to act.
- Stories help you attract and keep talent
- Stories help you transfer your beliefs to your audience
- Stories help you keep all employees on the same page and focused on the same mission
- Stories give your company a short- and long-term advantage over competitors
- Facts are important, but stories connect and motivate people
- People remember stories but not many facts.
Stories help you build a brand
- Stories will build a foundation of trust, but a customers’ personal experience will cement that trust into something that lasts,
- Buyers often look to the story to justify the purchase
- Stories can raise the value and therefore the price you are able to charge. If you can’t get a higher price for your brand, you need a better story.
Stories help you market your brand to potential customers
- Stories when done right can significantly boost lead generation by many times normal.
- Stories grow your sales pipeline
- Stories shorten your sales cycle and increase sales ratio
- Stories make it easier for your ideal customer to recognize your value
- Stories Improve the quality of your sales forecast because they attract better-qualified prospects.
If you are looking to take your startup to the next level, stories are a great way to accomplish that objective. More information on stories is available on our advisor platform.
Also, see our blog,” Five Quick, Effective Ways To Tell Your Business Story”
Jim Zitek/ Harbor Capital Group
We empower entrepreneurs with the information, insights, and conviction they need to turn their ideas into a successful business.