Marketing News: What are the four ingredients for effective brand storytelling in 2023?

What are the four ingredients for effective brand storytelling in 2023?

A new report by Amazon and The Drum reveals that 4 in 5 marketers will prioritise brand storytelling in the next 12 months as they believe it will positively impact their business.

However, more than one fifth of marketers feel they lack access to audience insights and knowledge that is preventing them from unlocking true effectiveness of brand storytelling.

The media publication and the world’s largest online retailer surveyed 250 UK-based decision makers across brands, media, and creative agencies to help bridge the gap between understanding brand awareness and the execution of effective brand-building strategies.

So, what are the 4 essential ingredients that marketers can include in their brand story telling strategy?

Is it happily ever after?

Rather whimsically the report’s four core pillars reflect a fairy tale starting with the first chapter – ‘Once upon a customer…’

At its essence, this is knowing who your audience and hence your customer is before you can engage with them through effective story telling.

The bottom-line for this is insight with most marketers (82%) confirming that knowing your consumers is essential to start a narrative.

But why is it so important? Underpinning the rationale for brand storytelling is creating a relationship with your customers and therefore trust, with the report revealing this is considered more important than revenue in today’s economic landscape for a staggering 94% of respondents.

And certainly, brands such as Apple, Google and myriad of others prove the point that a great backstory is essential to endure and prosper.

A creative hook
The next key ingredient is ‘The creative hook’, which is what will intrigue and interest customers so that they will engage.

Most respondents felt this should be emotional (79%) and who can disagree. Think of the John Lewis Christmas advert which is seen by many to herald the start of the festive season and has become an annual event since its first outing in 2012.

Now copied by many competitors, John Lewis remains in the top spot and has engaged with customers not only through the adverts themselves but with over four million YouTube hits for ‘The Beginner’ campaign last year.

Being seen and heard
The third pillar is the ‘Channel connection’ which is choosing the right platforms to tell your stories. Nearly three-quarters (72%) of those surveyed said this is getting harder than ever thanks to the plethora of ways consumers, well consume, their information.

The biggest barrier to getting your brand story heard, seen, or read, is budget in what the report dubs the fragmented media landscape. Around 40% of those surveyed had experienced a reduction in marketing budget.

One big winner is Connected TV (CTV) with over 70% saying they are increasing budgets on advertising on such systems. These are basically TV’s that are smart, connected to game consoles, mobiles, and other devices, where brands can follow customers and serve their story as customers use their connected TV.

The final chapter
The report’s last chapter is ‘Commerce ever after’, which is a little like saying the proof will be in the pudding.

Most will judge the success of their brand storytelling on retaining and keeping customers, while 82% say attracting new customers will be their most important measure of success.

And with nearly 8 in 10 marketeers planning to prioritise brand storytelling in the coming year, it sounds like a ‘never-ending’ story for brands and marketeers.

Further reading:
The Story of Brand Storytelling The Drum
John Lewis drops the special effects for purpose-fuelled festive ad Marketing Week
What is connected TV (CTV)? Adjust