“This is the defining moment of our lives“, said the CEO of Textile Finesse, Wale Lewis.
He continued, “Everyone, including Dana, my indispensable secretary; John, my undaunted disciple; and every staff on my payroll. You’ve all done well. And this is the time we’ve been waiting for. Hurray!”
The 21st of August 2012 was an eventful day at Textile Finesse, a company geared towards improving the wardrobe of every American, especially those of low-income families.
Wale has ordered every unit to give reports pertaining to the feasibility of his idea, the public demand for cheap wears and most importantly, the positioning of Textile Finesse in the Textile industry. Indeed, this is a moment worth reckoning.
On launching, Textile Finesse stocks rose a bit; however, something unprecedented happened at 01:00 GMT-5.
The stocks started plummeting and every Textile Finesse worker began breaking everything breakable in anguish, including phones and laptops.
The air inside the company building was so tense that the CEO passed out.
“Stay with me sir. Somebody help” shouted Dana, the Secretary.
The CEO was rushed to Bellevue hospital. After which, he was revived. But that was the end of Textile Finesse.
Why Did Textile Finesse Fail?
I would be telling a big lie if I pinpointed only one factor. Reality, whether good or bad, depends on a lot of factors.
Among these factors, some have more impact while others are negligible. The big factor is in the story.
The CEO belonged to a cult of entrepreneurs, who believed that “good product sells itself”.
He assigned 76% of Textile Finesse capital for product testing and staff management while neglecting the most important branch of business: brand marketing.
Don’t get me wrong; product testing and staff management are needed.
But an under-budgeted brand marketing team ruins a product more often than not.
Does Storytelling Work in Brand Marketing?
Having written about many small and mid-size businesses (SMBs) at StartupTV and State of Digital Publishing, I’ve discovered the power of Storytelling.
I’ve seen it work in companies such as Gear Patrol, Agritecture, Petit Pli, Nike, Apple, Tesla among others.
Brand marketing has shifted from installing a logo on a cow to projecting a perspective or better still, a narrative about a product or company.
The “just do it” campaign sponsored by Nike and the “think different” campaign created by Apple are proof that storytelling actually works.
There’s noise in every niche or industry. And you have to define your products and services in a unique way to stand out.
Believe me, no one cares about the specs though you do need to add them in your product description.
The product description is what people check after developing an interest in your brand.
So ask yourself honestly…
“What does my brand stand for?”
“How do I want the public to perceive my product once the advert is over?”
These two questions should help you discover or remember your values and goals.
Then, after meditating and providing tenable answers to these aforementioned questions, you’d realize the true essence of your brand beyond specs.
And this is the beginning of your brand’s story.
Four Ways Storytelling Aids Brand Marketing
Stories motivate consumers to press the ‘buy’ button.
People seek motivation to do the simplest tasks like cooking, exercising, or visiting a health practitioner regularly.
So the factor stopping consumers from getting your gym sneakers could be the uninspiring look of exercising.
A branded video showing an influencer motivating people to stand up to their fears and work out would be more effective than just displaying your sneakers on a 30 seconds YouTube advert.
Stories bring an idea to life. An advert could be useless if the public can’t grasp your ideas.
People fear complex ideas because that’s the way humans react to the unknown.
Stop selling a brand X; instead, demystify your idea and explain until it is comprehensible enough for a baby. (Just kidding.)
Stories make people more interested in a product. Interest is a very dicey word to use, but it’s important in branding.
There are consumers who buy products because they need them while others get products because the stories behind such products melted their hearts.
To make immense profits, you must look beyond needs and entice people with heart-melting stories.
Stories help brands build consumer base. All big companies have one thing in common consumer base.
If your startup would survive the tides and waves of the global economy, you must build a dependable consumer base.
This is best done by piling up user generated stories, and recycling them for as long as your company lasts.
Million Dollar Advice
You see, story is what you sell; the product is just a basis for your story.
Its high time you stopped struggling with your competitors to get your product(s) out.
Start selling your story because at the end, that’s all that truly matters.
Image and top infographic source: Venngage. Originally published Mar 2, 2020; edited 5/5/21 to add lower infographic and remove broken link.
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