Brand storytelling for your B2B business? Yes!
The speed at which media is changing calls for a major revamp in B2B advertising techniques. Currently, over 50% of B2B buyers are more likely to purchase the brand if they connect with it emotionally. So, it is no longer about how well you can advertise but how much connection you can build with your audience.
Studies have shown that most audiences' attention span has drastically reduced. So, your business now has just a limited time frame to grab and retain attention. Furthermore, many users find traditional ads disruptive and irritating.
Additionally, based on recent Twitter statistics, consumers think that brands should share positive stories in this critical period of the COVID-19 pandemic. People staying home and spending most of their time online are looking for positive stories to provide them with hope and inspiration.
This is where brand storytelling steps in. You should know how to hook your audience with non-conventional brand stories to keep them engaged with you.
B2B businesses use corporate storytelling more than ever to inform the viewers about their brand and its purpose. For instance, over 500 million people use Instagram Stories every day, one-third of this being business.
Therefore, it is a huge opportunity for B2B business to market their services with this strategy. This article discusses why this approach is essential for you if you haven't already started.
Benefits Of Storytelling In B2B Businesses
Connect with your audience
When your brand heavily highlights your story in communications, you invite the audience into your world, allowing them to connect with you emotionally. Over time, you become a part of "their world."
Such scenarios build trust, which keeps you top of mind and thus increases the rate of B2B conversions.
Boosts memorability
Brand stories are apparently 22 times more memorable than facts. As a result, the chances of instant recall over competitors at the point of purchase are much higher.
A captivating story will often draw the audience to know more. This interest will help you generate more traffic and engagements in the long run.
Creates belonging
Customers nowadays want to feel that they are a part of something good. And, brand storytelling helps you focus less on your product and services but on deeper, more "essential aspects of your brand" that the audience can relate to.
It is thus critical that when using this strategy, you develop creative and relatable content that entices the audience to participate.
Increase brand awareness
B2B brand storytelling creates an avenue for greater brand awareness. More people often find out about your brand, purpose, and future goals with an effective storytelling strategy. This could come about through compelling stories or customer brand advocates who share your materials and make you go viral.
Many purpose-driven brands nowadays have their PR done by loyal customers who buy their stories. For example, Salesforce's storytelling testimonial strategy which allows customers to share their experiences. Such campaigns increase engagement, thereby generating more leads for you.
Why Is B2B Brand Storytelling Important?
Brand storytelling should be the top marketing strategy you should be using for your B2B business. Why?
Creates competitive advantage
The business space is becoming more fast-paced and competitive. So, for your businesses to compete favorably and gain the advantage, you must change how you advertise.
Brand storytelling helps you separate yourself from the pack and offer the customers something more than "just another product or service." Such differentiation increases the chances of considering your brand higher than the competition.
Boosts brand recognition
Brand storytelling is the perfect way to make your mark in the business industry. Without spending a lot on marketing, you can easily reach a wider audience based solely on your unique story.
Your story positions you as different, making users more likely to recall your brand at the point of purchase. Where customers continue to encounter multiple options due to informational overload, brands with unique stories are more likely to draw attention and be remembered.
Enhances communication
B2B storytelling provides your brand with a basis for customer relations. Rather than making dry and lifeless product-centered communications, a brand story creates a platform to interact more personally with customers.
Data shows that customers will be more interested in brands that provide a personalized touch in all interactions. So, brand storytelling will become an essential strategy for your brand to maximize customer engagement.
Higher revenues
According to the studies, more B2B buyers are willing to pay higher prices to work with a brand they believe in. And storytelling provides an excellent opportunity to communicate your values.
Through storytelling strategies, you’ll be able to illustrate a better value offering over your competitors. This, in turn, increases customer perceived value, encouraging them to purchase even when it costs more.
Maximize brand loyalty
B2B customers are more likely to stay loyal to companies with similar values. Through brand storytelling, you provide a reason for them to believe in you, which builds trust over time.
Statistically, retaining existing customers remains cheaper than getting new ones. So, brand loyalty generated from storytelling is critical to keeping your business afloat. You can maximize profits from existing clientele while attracting new ones.
Final thoughts
Yes, brand storytelling is undoubtedly worth exploring for your B2B brand. Whereas it is no easy strategy, it has the potential to create lasting positive impacts on your brand and business revenues.
Major B2B brands like IBM, Google, and Microsoft are all evidence of the power of brand storytelling. In the era of information overload, B2B brand storytelling remains one of the few strategies you can effectively customize for your brand in almost any industry.
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