MANILA, PHILIPPINES — Did you know that 55% of people are more likely to buy a product in the future if they associate a brand story with it?
In the latest episode of the Truelogic DX podcast, Bernard San Juan III, Managing Partner of Truelogic, delved deeper into the importance of brand storytelling and how it can significantly impact a company’s success.
“Humans are like social animals, and so we are very much influenced by the power of stories, where our perception is our reality. Our buying behaviors are shaped by our feelings, and our behaviors are repetitive. And that’s why brands today invest heavily in crafting compelling stories that resonate with their audience,” he said.
According to a Forbes research study, brand stories tend to outperform their competitors by about 20%. To further emphasize the power of storytelling, San Juan cited an example of how ChatGPT, developed by OpenAI, and Bard, developed by Google, both had announcements in February 2022.
“However, it wasn’t until Microsoft unveiled ChatGPT’s coming integration with Bing and the Edge browser, as well as its potential integration into other Microsoft 365 Office Suites, that the market began to shift. Suffice it to say, the messaging at the Bing event was well prepared and focused, with multiple speakers, including Sam Altman of OpenAI. They specifically talked about the AI, the Chat AI in Bing, and then, as a side note, potentially in other Microsoft tools,” he shared.
“Meanwhile, the Google event 24 hours earlier was not as focused, discussing various Google products, including Bard and LaMDA. Two days later, when the markets opened, Microsoft gained five points, and Google lost about eight or nine points, wiping out $100 billion in market capitalization. The moral of the story is that stories have consequences,” Bernard added.
Elements of a Compelling Brand Story
Bernard emphasized the two biggest puzzles for any business to solve regarding knowing their brand. “Knowing your brand requires two things. It requires knowing who you are and who you serve. Or it requires you to understand who you are and what problem you solve,” he said.
“If you don’t know the answers to these questions, you’re more likely not to create content that will wind up being engaging. You will not create audience-centric content because you don’t know who your audience is. You’re probably not going to create emotionally resonant content because you don’t understand who you’re talking to or because you’re just talking to everybody. And it will be incredibly hard for you to be consistent,” he added.
In addition to that, crafting a brand story starts with identifying your customer avatars, including their demographics, commercial goals, and practical needs for your product or service. He also suggested considering where your target audience is most likely to see your content, such as on traditional media or social media platforms like Facebook or Google Ads.
“But to make your brand story truly effective, you need to understand the descriptors of your audience, such as what frustrates them at their job and what motivates them. This includes identifying their goal motivators and frustrators, which are essential emotional bullseyes that your messaging should hit,” he underscored.
“By giving your avatar a name and creating content that is a match for them, you can ensure that your messaging is tailored to resonate with your target audience,” Bernard said. “Take IKEA, for example, whose messaging is more motivational than goal-oriented, focusing on the joy of spending time with loved ones around their furniture.”
He also stressed that bringing your brand story to life requires a plan. By understanding your audience, you can create an authentic, engaging story that resonates with them.
“If you realize your users are not behaving according to expectation and your market is not behaving according to expectation, you can change it. You can mature it. You can improve it. You can reiterate it. And the last bit is that once you know who you are and who your audience is, the better able you are to tell an authentic story,” he said.
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