Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

whatsyourstory12021

It’s no secret that we have come to live in the attention economy. Marketeers are fighting it out for a viewer’s attention with various forms of stimuli. In such a world where instant gratification has pretty much become the norm, advertising has mainly been relegated to short snippets that are intriguing and endeavour to reel in and hook potential customers in a jiffy. It’s all about action and consequence.

While such an approach can be effective to a degree, it falls short of long-term customer retention, loyalty, and brand positioning ambitions that brands and entrepreneurs aspire towards.  As an entrepreneur you are expected to leverage creativity to develop ideas, execute strategies that can make an impact on the business landscape and the world.  Storytelling could be an important tool in your arsenal that can be used to make yours and your organization’s presence felt, especially as we move to more audio-visual formats like Videos.  Based on insights, let’s take a look at how storytelling  can make a difference in your entrepreneurial journey.

 

Image source: echostories.com

You remember stories

There is research that depicts that our brains when told a compelling and character driven story release chemicals like dopamine, oxytocin, and endorphins that enhance our feelings of being connected via empathy and love. A good character driven story engages us by making us see the world through the eyes of the character.  According to the Journal of Cognitive Neuroscience, there is new research that highlights that despite the varying forms in which a narrative is depicted — pictorial, gestures, or via words – our brains are wired to relate to the most compelling characters and we ourselves in the shoes of the character. Which is why, a good movie or book makes us focus on the feelings and thoughts of the main character sin the story. Another research consolidates this view by highlighting that other areas of the brain  apart from the language processing parts are activated with a good story.

Facts and information by themselves are not compelling enough. However, when wrapped in a good story with appropriate analogies or storytelling references, the audience can imbibe such information better. Storytelling, in all its forms, can not only help entrepreneurs engage their target audiences better but also enable them to create more compelling pitches for potential investors. Storytelling has myriad uses and can be used in various facets like marketing and negotiations among other use cases.

Stories become viral

A study reveals that the brain is capable of assessing the worth and value of certain stories and sharing them over others. This leads to the viral phenomenon of stories that we see on social media. If you experienced something that you think is profoundly engaging, you’d want your friends, family, or peers to experience it as well in a storytelling format. For instance, as a business owner if you engage your audience with a good story and break down complex concepts with analogies then would be able to communicate the specifics of your business more easily to colleagues or partners, granting you access to a bigger audience.

Sans a good story, even if your business idea is fundamentally strong then it may not sell. Further, stories can inspire action. They can move people, attract new audiences, and intrigue them.  It will at the very least help them remember and capture hearts. Which is why audiovisual formats like videos are gaining more traction today. According to Hubspot, videos are being used by 81% of businesses as a marketing, an increase from 63% last year.

The road ahead

Telling good stories isn’t nearly as complex as it may initially seem but you have to take the first steps towards mastering storytelling today. Once you master the art of storytelling, the possibilities for your entrepreneurial growth are endless.

– Lionel Alva

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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