How 1 simple writing strategy can increase the ROI of your product by 2381.39%
I hear it all the time “But we need to put the data” or “We need to quantify the results” or “Storytelling is for B2C, not B2Bs”
It’s a hard one to sell to your CMO when you tell them you should be writing more compelling stories in your corporate communications.
Storytelling is often seen as a nice to have rather than the power tool in your marketing box of tricks.
I could go on about how storytelling creates an emotional connection between a company, its products, and its customers but most managers just want to know the ROI.
Or how effective storytelling increases engagement between a brand and its audience, which helps drive conversions and, ultimately, revenue growth.
But none of that means anything if you can’t prove it…
One social experiment did, however, set out to show the impact of a story on the perception of value.
In 2009 Rob Walker and Joshua Glenn went to the thrift stores and flea markets of New York City, looking for the type of objects that are often found in your grandparents’ attic — the type of objects that had no obvious value.
They bought 100 “insignificant” objects ranging from novelty pens, snow globes, plastic toy planes, unused boxes of birthday candles, pez dispensers, and lost keys. All for a total of $129 with each item acquired for an average price of just $1.29.
These weren’t antiques, you wouldn’t have been impressed.
And by November 2009 the two had successfully sold every single item on eBay for the total price of $3,612.51 a 2380.62% increase.
Here’s what they did:
Walker and Glen’s goal, as authors, was to run an experiment to measure the impact of storytelling.
They had a daring hypothesis that the emotional value that comes from attaching a story to an everyday object is so strong that it can be measured in terms of objective, actual value.
They wanted to know:
Could adding a background story to an otherwise useless object change the subjective value of that object for bidders on eBay?
And if so, How much more would people pay for an item if there is a good emotional story to go along with it?
Walker and Glenn asked 100 creative authors to write a short story for an item.
They then put each object up for auction on eBay, but instead of the usual factual description, they attached the fictional short story.
The effect on the amount that people were prepared to pay was spectacular.
A ceramic horse bust, painted by somebody at home, listed with a story by the writer Beth Lisick about how two people met through a very risqué university hazing ritual, was bought for 99 cents — saw its value increase by a staggering 6,258%, to $62.95.
The experiment also showed the monetary value of heart-breaking stories.
The devastating tale about a pink plastic horse by Kate Bernheimer delivered the biggest increases in value: from $1 to $104.50.
And with that Walker and Glenn managed to put a price tag on the value that a story creates.
So What does this mean for marketers and Corporate Communicators?
Here’s a few things you can do today:
- Don’t dump data on your audience.
Data dumping can cause instant disengagement and confusion.
The first interaction with your audience isn’t about trying to impress them — what you want to do is build a connection — because a connected audience will want to learn more about you.
Stories are a good way to simplify all your facts and specifications.
If you have to present your data surround it in a story — make sure it’s clear and easy-to-understand.
You can use metaphors to tie those abstract numbers and technical specifications to something tangible, something that they can picture.
2. Don’t Tell me — Show me.
Don’t tell your audience how your solution works — show them through your customers’ stories.
Highlight the real people and their problems. Show how your solutions helped them overcome their frustrations and achieve their goals.
Write about what you do for your customers rather than the how.
3. Stop talking about yourself, and start focusing on your customer
Many brands struggle to create content that resonates, simply because they fall into the trap of focusing on what they offer and what they want to say. They build a story around them rather than making their customer the hero.
Something I tell my clients is that it’s not about you; it’s always, always about the customer. Write stories that they can relate to.
Create content that solely provides value to your audience.
And that’s a wrap.
By crafting narratives that resonate with the values and aspirations of your target audience, you can differentiate yourself from your competition and foster a sense of loyalty and trust.
Storytelling allows you to create an emotional connection with your audience, making your message more memorable, impactful, and persuasive.
Did you find this issue helpful? If you want your team to find their own A-ha moments — I write a weekly newsletter Why Our Words Work for those who want to write for their customers. You can subscribe here
