Storytelling as Business Strategy
Storytelling in business refers to the art of sharing the experiences behind a company’s brand, employees, customers, and advocates (Moin, 2020). Using storytelling as a business strategy is important because it allows the company to build a narrative and connect with its audience on an emotional level. Storytelling can be deemed an obvious advertising strategy, and many businesses ought to have taken advantage of it; however, this has not been the case as many companies still struggle to grasp the potential value of storytelling in business. There are various advantages of storytelling as a business strategy and which can help the business succeed.
A major advantage of storytelling is that the audience tends to stick with the told message. People like stories because they make sense of things (Ben, Leicht & Marongiu, 2019). The human mind cannot process masses of details and facts at once, but storytelling finds a way of summarizing the information in a manner that is easily understandable by the target audience. Based on this, stories become easier to process as they are condensed, memorable, and can convey a variety of emotions. While facts and statistics are important in advertising, people forget them very quickly, and this explains why storytelling in business is more effective. Another advantage of storytelling in business is that it allows a company to create a better understanding of its business (Hakala et al., 2020). It can be difficult for people who are not part of the business to understand its culture, mission, and vision. However, using storytelling as a business strategy can help these individuals connect and understand how the business works as well as what the company stands for; and this makes it a perfect way for a business to build its brand.
Ben Youssef, K., Leicht, T., & Marongiu, L. (2019). Storytelling in the context of destination marketing: An analysis of conceptualisations and impact measurement. Journal of Strategic Marketing, 27(8), 696-713.
Hakala, H., O’Shea, G., Farny, S., & Luoto, S. (2020). Re‐storying the business, innovation and entrepreneurial ecosystem concepts: The model‐narrative review method. International Journal of Management Reviews, 22(1), 10-32.
Moin, S. M. A. (2020). Introduction: The Ancient Art of Storytelling and the Language of Marketing. In Brand Storytelling in the Digital Age (pp. 1-17). Palgrave Macmillan, Cham.