A brand story is considered to be one of the most valuable and important things for a company. A brand is an intangible asset that helps people Identify a specific company and its products. According to the brand story market people love a brand story, 55% are more likely to buy the product in future, 44% will share the story, and 15% will buy the product immediately.
By creating a captivating brand story, your business can increase the perceived value of your product or service, and clearly communicate your vision and purpose to the outside world. For example, Amazon is the number 1 brand value of $684 billion in a new Brand Z report released by Kantar. The market report lists the world’s most valuable global brands, across a total of 13 categories.
Brand storytelling is a strategy used in brand marketing to increase brand awareness. Brand storytelling can strengthen and increase your audience by creating an emotional connection to your audience.
Here are some of the basic things you need to keep in mind while embarking on a journey as a brand story:
- What other people say about you:
You can talk up your own brand all you want, but that doesn’t mean your audience is going to believe it. For a fairer assessment of your brand, you’re going to want to solicit testimonials and reviews from your customers.
- A Hero’s journey:
By using a hero’s journey narrative in your brand storytelling particularly one where the consumer shines, you are able to deeply connect with your consumers. We all love stories of heroes and courage, and when you tell a story that spotlights the consumer it shows that you care more about serving the people than you do about making sales.
Authenticity is most important than uniqueness. You can also be derivative with your ideas, strategies, and overall branding story but it needs to be authentic always. Authenticity comes from honesty, so make sure you have an honest approach to your brand story.
- A connection with the Audience:
A crucial component of a captivating brand story is being able to connect it back to your audience at the end. Everyone loves an inspirational story, but using it to connect with your audience helps them feel linked to your brand. The easier it is to form that connection, the sooner you can grow your business and its conversions.
- An engaging narrative:
The engaging narrative is more important for your brand. The brand narrative is a concise, streamlined story that acts as the platform for an organization’s marketing and communications. A brand narrative is a not a script for you to repeat verbatim.
Your brand value can be managed just as you manage a brand of a product or service. Brand value is all based on image or perception, an end-to-end experience, trust and a promise of consistent value, and an emotional connection and relationship.