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Good Companies Are Storytellers. Great Companies Are Storydoers.
"Marketing is no longer about the stuff that you make, but about the stories you tell." Seth Godin
To expand on Seth's quote, Ty Montague has a great blogpost on Harvard Business Review that highlights telling your stories through marketing and advertising is not enough.
Storydoing companies — Red Bull, TOMS shoes, Warby Parker, and Tory Burch, for example — emphasize the creation of compelling and useful experiences — new products, new services, and new tools that advance their narrative by lighting up the medium of people. When people encounter a storydoing company they often want to tell all their friends about it. Storydoing companies create fierce loyalty and evangelism in their customers. Their stories are told primarily via word of mouth, and are amplified by social media tools.
So how do you know a storydoing company when you see one? These are the primary characteristics:
Ty and his partners at co:collective initiated a project to determine whether there is hard statistical evidence that storydoing companies are achieving superior results. They created a tool that allows CEOs and other senior leaders to apply these criteria to an analysis of their own company.
Their findings are interesting. One finding is the ability to light up the medium of people in a positive way allows storydoing companies to spend substantially less money on paid media per dollar of revenue:
- They have a story
- The story is about a larger ambition to make the world or people's lives better
- The story is understood and cared about by senior leadership outside of marketing
- That story is being used to drive tangible action throughout the company: product development, HR policies, compensation
- These actions add back up to a cohesive whole
- Customers and partners are motivated to engage with the story and are actively using it to advance their own stories
See the rest of the Good Companies Are Storytellers, Great Companies Are Storydoers blogpost here.
Book: True Story: How to Combine Story and Action to Transform Your Business