The cost to attract new customers can be five times that to retain current clients. At the same time, retaining customers can increase profits by 25 to 95%, according to Outbound Engine.
Yes.
You read those figures correctly.
One powerful tool you might use sometimes but not consistently is storytelling. Compelling narratives create deeper connections with your audience, help set you apart from your competitors, and ultimately drive growth.
Attract new customers through storytelling
Stories have the unique ability to pull emotions out of us.
And, since most buying decisions are trigged by our feelings, storytelling should absolutely be part of your marketing strategy. When your potential customers feel emotionally connected to your brand’s story, they are more likely to engage with you and even make a purchase.
It’s highly unlikely that you’re the only one doing what you do in your market and industry. So, how do you stand out? Storytelling!
Sharing stories showcases your brand’s unique qualities, values, and vision, and sets you apart from your competitors. This is the key to attracting customers who are looking for something special and different from the usual offerings.
Before anyone new will buy from you, though, they need to know, like, and trust you. Stories can get you there. Customers are more likely to trust you because you are transparent and open about your journey, values, and mission. Sharing stories that highlight your brand’s authenticity, such as behind-the-scenes looks or customer testimonials, can also help build credibility and attract new customers who value honesty and integrity.
Retain customers through storytelling
While the majority of your marketing efforts should be focused on audiences who don’t know you (yet), retaining customers is really where your money is.
Keeping existing customers engaged is more important than attracting new ones. By continuously sharing stories that strengthen your connection with your audience, you foster a sense of loyalty. Regular updates about your brand’s progress, new developments, and stories that align with your customers’ values can keep them invested in your brand.
Stories enhance your customers’s experience by adding a personal touch. Customers who feel like they are part of your brand’s journey are more likely to stay loyal. Sharing stories that highlight customer experiences, success stories, and feedback make your customers feel valued and appreciated, leading to higher retention rates.
Storytelling can help create a sense of community among your customers. By sharing stories that encourage interaction and engagement, such as user-generated content or community initiatives, you can build a loyal customer base that feels connected to your brand and to each other.
Here are five tips for sharing your brand stories
Sharing your stories can be scary. I get it.
As a reporter, I was trained to write the story and stick to the facts, to leave my thoughts and opinions out of it, and any emotion had to come from the people I talked to and quoted. I am not accustomed to, and feel more uncomfortable than I can accurately express, letting my real self be seen.
Still, I experience the greatest connection when I am real and maybe even raw, and you will, too.
- Being yourself is crucial in storytelling. Share genuine stories that reflect your brand’s true values, mission, and vision. Customers can easily detect inauthenticity, so it’s important to be honest and transparent in your narratives.
- Who are you talking to? And I really want you to think about one person, not a group. Understanding your audience means knowing what matters to them, their values, and their pain points. Your stories should address these aspects, making your brand more relatable and appealing to your target audience.
- Unlike a reporter who sticks to the facts, you must use vivid imagery and descriptive language to bring your stories to life. You need to paint a picture so your audience can visualize and emotionally connect with your story.
- Share your brand’s journey, especially the challenges you overcame and the triumphs you celebrated along the way. This not only humanizes your brand but also allows customers to find commonalities with your experiences. Stories about overcoming obstacles and achieving milestones can be particularly powerful.
- Think of customer testimonials as the third-party credibility you need to succeed. Customers raving about your products and/or services provide the kind of social proof marketing can’t. Highlighting real-life examples of how your product or service has positively impacted customers can also be a fast track to the know-like-trust factor. Always ask satisfied customers to share their stories and experiences with your brand.
Final thoughts
Storytelling is perhaps the most powerful tool to drive your business growth by attracting new customers and, more importantly, retaining existing ones. Stories create emotional connections, help your brand stand out from the crowd, build trust, foster loyalty, enhance customer experience, and create a sense of community.
You can and should leverage the power of stories to boost your business. Remember to be yourself, to tell stories that speak to your particular audience, use vivid imagery, highlight your journey, and incorporate customer stories to craft compelling brand narratives that resonate with your audience and drive growth.
If you’re ready to tell your story, schedule a call today.