THE ROLE OF AGENCY THEORY
IN CORPORATE GOVERNANCE
Storytelling is one of the most powerful brand communications tools that marketing practitioners can leverage on to breathe life into a brand. It’s inherent, but subtle emotional tones have the potential to increase revenue and customer retention.
Storytelling has always been an essential and universal human characteristic, and that the use of storytelling in organizations has experienced significant growth in the last decade, assisting in the articulation of strategy.
It has become an important skill set in 21st century.
Great storytelling does not happen by accident, but through carefully crafted and curated messaging targeting a specific audience. It is therefore critical to know your audience, and the message must resonate with them.
Herewith some key insights as to why stories trump facts in the marketing space:
- Human Beings are attracted to stories, because we are social creatures.
- Stories are remembered up to 22 times more
memorable than facts alone – Jennifer Aaker
- In a research paper by Paul Zak “Storytelling evokes a strong neurological response from its intended audience”
Zak’s work in this field indicates that our brains produce the stress hormone, cortisol during tense moments in a story, which allows us to focus, while the cute factor in the story releases oxytocin, the feel-good chemical promotes connection and empathy, and our brains reward center, dopamine, makes us feel hopeful and optimistic.
- “Human memory is story-based” (Schank, 1999). Information is indexed, stored, and retrieved for stories.
A story is useful because it comes with many indices i.e. touch points to the lives of listeners/viewers or to others that cause implicit and/or explicit awareness and emotional connection/understanding in the minds/viewers.
- Stories are superior to facts in gaining exposure, activating social media and communicating information.
- Facts, no matter how compelling, rarely gain the attention or processing necessary to emerge from a crowded media landscape.
What is Brand Storytelling?
According to Charmaine du Plessis, Brand Storytelling is an evolving branding technique, which involves continuous narratives about the brand through publishing and sharing useful brand-related content with consumers.
Brand Storytelling is a narrative that supports a strategic message that enhances the brand vision and customer relationship.
In an article published in the September 2014 Edition of the Forbes Magazine, entitled ‘How Storytelling and Data Can Lead to Business Growth’, it describes how during the 2014 Super Bowl Cup, Budweiser purchased a 60-second commercial spot that cost them 4 million US Dollars. The commercial scored top honors in two separate polls for being the most popular amongst YouTube viewers, with over 58 million views as at August 2015, and was ranked the most effective commercial of 2014.
The article goes on further to reflect that, the success could be attributed to the power of storytelling. Brands and companies have the power to stand out and connect emotionally with their consumers by telling a story relating to their particular brand or company.
According to David Aaker, facts have a tough time attracting attention, because customers and employees are not interested in lists of self-serving details your brand or firm is offering. THEY JUST AREN’T!!