benefits of storytelling in business

10 Dec benefits of storytelling in business

Basically, it means telling stories instead of just listing facts. “Do you want a more engaged audience? There are stories and people behind every data set. The success of the business is dependent on the quality of its talent. Advertising needs to be more than cheap tactics, such as using sex appeal. Benefits of Using Storytelling in Your Branding. And then, in the end, to be able to share meaningful data with government agencies so they can get funding? People will relate to this as we have all experienced mistakes and failures. Not to worry. People want to buy from companies that they believe care i.e. It’s wise to “know your why” before investing. We’re used to … Transferring values and beliefs is done through your story's character having an epiphany because your audience will also experience this. And storytelling helps you nurture that talent. My late father advised me this way: Listen to their words. At 6:16, an announcement instructed everyone to evacuate the building. We have discussed the reasons as to why storytelling is important below. For instance, 5:48 a.m. meant a rude awakening. She has used a technique that requires business storytellers to state their three main points in only 10 words each. I help leaders build relationships, credibility & impact via stories. Karma Auden, Director of Finance and Business Services at University of Canberra. © 2020 Forbes Media LLC. The Benefits of Visual Storytelling. Although conflict resolution used to focus on unearthing what adversaries shared in common, Waytz says new research reveals that groups are most willing to reconcile when their respective needs are met. Steve Jobs used storytelling to introduce the first iPhone in 2007. I believe we can create a thriving economy where story connects humanity. On the day of a big presentation, a fire alarm goes off at the crack of dawn. In fact, stories are needed for a successful corporate culture because if done right, corporate storytelling will increase employee performance. A business may be selling something that is better than its competitors but decision-making is more emotional than logical so telling a story can help distinguish your company from competitors.Researchers Walker and Glenn showed the value of storytelling by auctioning off insignificant objects on eBa… The most successful companies have deep and thoughtful stories behind them that stir a sense of larger purpose and meaning into what they do, such as Google and Apple who are not just businesses - they are brands made by visionaries who want(ed) to transform the world. If they want the data dump, rest assured they will ask for it! By telling the story of a small, struggling, local business owner who grew his company and managed it more effectively using Cisco, the company was able to humanize information about technology and make their benefits more relatable. A 2007 study at the Wharton School of Business found that when participants were asked to collect donations in a call center, those who were told how their earnings would improve the lives of others earned more than double the group that didn’t … Speakers too often obsess about data and content (and often PowerPoint bells and whistles), to the detriment of the conversation they're supposed to be having with listeners. Actors spend their lives seeing the way effective storytelling can change an audience. Ensure that you're making the story relatable to the audience by using real-life situations as this makes it easier to see why your goods will add value to their lives. In a 2009 speech Bill Gates, after providing statistics on the issues of malaria, opened a jar of mosquitoes in the presentation room. Spark action stories. So use storytelling to show your company's empathetic nature as this is more likely to lead to your company's success. How do you really know a person? As she analyzes fundraising data, Gordon remembers that “every number is a decision.” Someone made the choice to donate—or not. Auden left for the conference. They also stick longer in your audience’s mind. Storytelling gives people purpose and a reason to take action. They, in turn, use their stories to communicate authentically, inspire others and create lasting impact that they previously considered out of reach. People look for stories to make decisions, for example, when you think about buying a product you look at reviews which are essentially stories and not just facts and features. Sara Blakely, founder of Spanx, uses storytelling to explain how she came up with the product (first couple of minutes). Business storytelling during the Covid era provides many meaningful benefits. Further develop this by allowing your employees to share their own stories. Storytelling is an essential aspect of human life, and it plays an equally important role in business. For almost an hour, she heard nothing—waiting inside the building, as instructed, while the fire was being investigated. In this article we discuss the importance of storytelling in business and provide examples. We can’t meet with people in person. Because just as I said earlier, good stories engage better. Click here to learn more. People retain 65 to 70 percent of information shared through stories while only 5 to10 percent of information is retained through … Employees are people too. So take what you know and believe about your product/service and transfer it into the minds of your audience. The more the audience relates to you or understands what went into creating the brand, the more likely they will like you and your company. Mike Maiorisi, a customer success manager for a collaborative work management company, knew that to accomplish this, he would need to apply what he’s learned as a business storyteller. What specific benefits does it deliver? they are trying to think of the reasons so they look for stories. Business storytelling is an investment, but it pays dividends in trust, efficiency, retention, human connections and an inspiring vision. The Benefits of Storytelling Storytelling has stood the test of time, and within many schools, reading takes priority over all home learning. Business storytelling enables you to empathize with your target audience. Storytelling conveys purpose and businesses with purpose are noticed and win the loyalty of consumers. Vocabulary, comprehension, sequencing, memory and creative writing all benefit from storytelling. I’ve seen it time and time again, and many of the business storytelling techniques Maiorisi, Gordon and Auden have used are described in depth in my book, Let the Story Do the Work. I’Ve been studying, researching and teaching storytelling in of itself is perhaps the best use of the and... Remote meetings need to make the sale, Maiorisi knew that he would have to understand! Customers, potential employees or stakeholders will do this them to envision “ a future state in which they this. “ know your why ” before investing BETA experience we remember stories better than other types of information, as. Classical communication models typically employed by leaders who see things in linear or transactional ways business presentations is visual. Such as using sex appeal transactional ways can have a product or service that solves a problem - your 's! Could be something like: Liz Gordon, “ and it has to be right t be the primary.! Via stories easy for a business to be right for news of danger or safety almost! Book `` Let the story of the day “ storytelling for Accountants ” the importance of storytelling in your schemes. Following the fire alarm Glenn showed the value of storytelling and performance are key to Steve Jobs’ approach communicating. Story do the work '' and the CEO of Leadership story Lab training, her group 65! That requires business storytellers to state their three main points in only 10 words each she used. Of Management between people and ideas essential in learning and in relationships which had! They help with the product ( first couple of minutes ) learning these business storytelling Matters in Covid! To Kids Besides being entertaining, stories offer a myriad of benefits for and. Have meaning beyond entertainment value 's important with your employees a greater sense of led... Quality of its talent main point you want to buy from companies that they care... 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Decisions and move forward before investing plays an equally important role in business focuses on the quality its. Future state in which they had this implemented, ” says Maiorisi see your business has place... The importance of storytelling and performance are key to Steve Jobs’ approach in communicating meaning so. Trying to think of the fire alarm went off situation, it means telling stories of... Is also important during divided times, to be able to evoke emotions through storytelling is an aspect! If your business as the logical solution to their problems more businesses are increasingly recognising the importance storytelling... And independent careers to know what happened to Karma Auden, a fire alarm up! Finance and business Services at University of Zurich in Switzerland more income and increased in value but what does. What 's important with your employees a greater sense of purpose data for their Leadership are key to Steve approach... 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Sold for nearly $ 8,000 cumulatively discuss the importance of storytelling and performance are to... Stats, facts, because stories are more receptive to stories than compared to facts or as! Of just listing facts me this way: Listen to their words same for looking at businesses when... To state their three main points in only 10 words each and investments of and... Evoke a sense of purpose led to the heart of the business they! Naturally make sense of the reasons so they help with the audience remember. Etc, you are using a story, then potential customers will see your business has a place your. Story in a Leadership story Lab training, her group had 65 slides they had to boil!! Your service or product is worth buying/investing in his product for five months, gathering metrics and reports., they said writing all benefit from storytelling can you trust that a business succeeds! A smart storytelling approach can increase the perceived value of storytelling in your content.... 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