Creating a good business story is very important today. The Internet is today filled with an incredible amount of content, and organisations and brands are aggressively competing for customers’ attention. After all, our customers are humans, and businesses will be able to differentiate themselves based on the stories they tell, especially when product differentiation is decreasing. A good story can help to engage and persuade audiences, establish and strengthen branding, differentiate your company, engage and motivate employees, and effectively communicate with investors and other stakeholders.
Why should you invest in a good business story ?
Creating a good business story is important for several reasons:
Building connection
A good story can create an emotional connection with your audience, which can help build trust and credibility with potential customers, partners, and investors.
Communicating effectively
A story can help you to communicate complex ideas and concepts in a way that is easy for your audience to understand and remember.
Differentiation
A well-crafted story can help to differentiate your business from your competitors and make you more memorable in the minds of your audience.
Persuasion
A good story can be used to persuade your audience to take a specific action, such as making a purchase or signing up for a service.
Brand building
A good story can help to build a strong brand identity, by communicating the values, mission, and vision of your company.
Employee engagement
A good business story can be used to engage and motivate employees by giving them a sense of purpose and connection to the company.
Creating culture
A good story can help to create a company culture that aligns with the company’s values, mission, and vision.
Steps for creating a good business narrative
Creating a good business story involves several steps:
1. Define the problem or opportunity
Identify the problem or opportunity that your story will address. This could be a business challenge, a new product or service, or a change in the market.
2. Having a clear message
Make sure your story has a clear purpose and that the message is easy to understand.
3. Identify the key characters
Decide who the key characters in your story will be. These could be employees, customers, or other stakeholders.
4. Create a narrative arc
Develop a narrative arc that takes your audience on a journey, from the problem or opportunity through to the solution or outcome.
5. Use concrete examples and data
Use real-life examples and data to support your story and make it more relatable and credible.
6. Appeal to emotions
Use storytelling techniques such as imagery, metaphor, and emotional appeals to engage your audience and create an emotional connection with your story. Be authentic, speak from the heart and be genuine in your delivery.
7. Keep it simple
Use simple language and avoid jargon. Keep your story focused and avoid including unnecessary information.
8. Have a call to action
End your story with a call to action that encourages your audience to take a specific action, such as making a purchase or signing up for a service.
9. Practice and refine
Practice telling your story and refine it as needed. Get feedback from others and continue to improve your story over time.
Overall, to create a good business story, it’s important to define the problem or opportunity, identify key characters, create a narrative arc, use concrete examples and data, appeal to emotions, keep it simple, have a call to action and practice and refine it.
Popular frameworks for storytelling
Here are a few story frameworks that can be used to create a good business story:
The hero’s journey
This framework is based on the classic story structure of the hero’s journey, which is a journey of self-discovery and transformation. The hero’s journey is divided into three parts: the call to adventure, the journey itself, and the return home. It can be used to tell stories about a company, a product, or an individual overcoming obstacles and achieving success.
A short example :
A small startup company called “Green Energy” was facing a problem with high production costs and lack of customers. The founder, John, was the hero of this story, who took the call to adventure and decided to find a solution. He researched and found a new, more efficient production method, and also implemented a marketing campaign to attract new customers. He faced many challenges and obstacles during his journey but was able to overcome them and successfully implement the new method, which reduced production costs and increased sales. The company was able to turn around its fortunes and John returned home as a hero, having saved the company.
Problem-solution
This framework is focused on identifying a problem or challenge and then presenting a solution. It is a simple and effective way to tell stories about a product or service that addresses a specific problem or need.
A short example :
A new product called “Smart Thermostat” was developed to address the problem of high energy bills. The product was designed to automatically adjust the temperature in a home based on the weather and the occupants’ schedules. The story highlighted the problem of high energy bills and how the Smart Thermostat was the solution to this problem. The story also showed how the Smart Thermostat has helped customers save money on their energy bills and increase their comfort in the home.
Before-after
This framework is centered around a before-and-after scenario, where the story highlights the problem or challenge before the solution or product was introduced, and the positive outcome after it was implemented.
A short example :
A company called “Streamline Logistics” was struggling with inefficiencies in their supply chain. They had a difficult time keeping track of inventory and were losing money due to stockouts and overstocking. The company then implemented a new software called “SmartTrack” that helped them to streamline their operations. The story showed the problems they faced before implementing the software and the positive outcomes they achieved after its implementation, such as increased efficiency, cost savings, and improved customer satisfaction.
The “How I Did It” story
This framework is centered around the personal journey of the storyteller, detailing the challenges they faced and how they overcame them. It can be used to tell stories about the founder of a company, an entrepreneur, or a business leader.
A short example :
The founder of a company called “Eco-Friendly Cleaning” tells the story of how she started her business with a small loan and a vision to create cleaning products that are better for the environment. She faced many challenges, such as competition from larger companies, and a lack of resources. But she was determined to succeed, and through hard work, creativity, and perseverance, she was able to create a successful business that is now known for its high-quality, eco-friendly cleaning products.
The “Rags to riches” story
This framework is focused on the journey of an individual or a company from humble beginnings to success. It can be used to tell stories about startups, small businesses, or entrepreneurs who have achieved success against the odds.
A short example :
A small startup called “SaaS Technologies” began with just a few employees working out of a garage. The company’s founders were determined to create a software that could revolutionize the industry. The story highlighted the struggles and challenges they faced, such as limited resources and intense competition, but through sheer hard work and determination, they were able to create a successful software and grow the company into a successful enterprise.
The “Against all odds” story
This framework is focused on a person or a company that has overcome significant challenges and obstacles to achieve success. It can be used to tell stories about overcoming adversity, perseverance, and determination.
A short example :
A company called “Medi-Tech” had to face a difficult market, where new regulations and a shortage of funding made it hard for them to develop and launch their new medical device. But the company’s leaders didn’t give up, they developed a new strategy and worked hard to overcome the obstacles. They were able to secure funding and navigate the regulatory hurdles, and finally launched their device, which helped many patients and saved lives.
These are just a few examples of story frameworks that can be used to create a good business story. The key is to find a framework that best fits your story and the message you want to convey.
Storytelling is an art – and an important one for entrepreneurs as well. Nothing sells like stories. Overall, creating a good business story is important because it helps to build connections, communicate effectively, differentiate from competitors, persuade, build a strong brand, and engage employees to create a strong culture.
Here are 22 rules of storytelling by Pixar – master the art and be a phenomenal storyteller –