I’ve long been discussing the importance of storytelling, but it’s not just important on social media or if you’re a public speaker. Storytelling in business is essential, too.

This is because stories can change how people think and feel about a particular thing, which you want to harness when it comes to any business.

For as long as humans have existed in the world, stories have been an essential part of our communication. They’ve been passed down through generations and often have a lasting impact on our thoughts and feelings. 

When it comes to business, having an effective storytelling strategy can help people remember your brand, win the loyalty of your consumers, and even help you create a long-term marketing strategy.  

However, there’s a big difference between good storytelling and bad storytelling.

 

Storytelling in Business is Important

While different things influence all of us, nothing turns most people off more than feeling like they’re receiving a sales pitch. Some stories can make you feel like you’re being talked at rather than talked to, which turns people away. On the other hand, engaging in compelling storytelling allows you to share your business’s story and vision without coming off as fake or disingenuous. 

Storytelling in business serves three essential purposes;

1. to connect meaningfully with your audience
2. give you a competitive advantage
3. increase customer loyalty

Allows You to Connect Meaningfully with Your Audience

Sincerity is the key to storytelling both in business and in general, and your stories must provide context as to why your product or business is worth being invested in. In addition, it has to be relatable, easy to understand, and personable so that your audience can feel connected to you and see themselves as a character in your story. 

Especially since COVID, lots of research shows that people are more interested in supporting small businesses and will even spend more if it means supporting a “mom-and-pop” business over a multi-billion dollar conglomerate. So connecting meaningfully with your consumer is a key business strategy, and storytelling is the number one way to improve.

Gives You a Competitive Advantage

There is so much saturation out there and so many options for where consumers can invest their hard-earned dollars. So why should they choose you?

A winning story can help push those unsure customers over the hump and set you apart from your competitors — a.k.a. those who don’t know or understand the power of storytelling. 

Increases Customer Loyalty

In business, it’s not just about getting customers but about keeping them. We naturally feel connected to people when we relate to someone else’s story, so once someone feels connected to you and your brand, they’re much more likely to return. 

Share your wins and losses, too; people love knowing that there’s a real human behind it. The more your audience relates to or understands your story, the more likely they will support you.