A Great Way to Drive Your Product Value Way Up? Tell A Story.
What makes an article of clothing, or an electronic device special? It’s generally not the object itself; it’s the story attached to that object.
And that same concept works in the business world too. A compelling story sells products, and even more importantly, a good story allows businesses to create value for their product according to that narrative.
How many times has a story been the driving force behind a purchase?
It’s probably more often than you think. A recent social experiment proved attaching a story to an object can drive the actual price up tenfold. (1)
It becomes pretty clear pretty quickly, there is enormous value in the story.
Think About It
Oftentimes, a company calculates its prices by examining the cost of the product and services, the price competitors charge, target demographic, or a combination of all components. However, toss in some solid story, and you can add a personal human value to your products that become priceless.
Blogger Ty Montague explains, “In a world of abundance, what your product does for your customers is important, but not nearly as important as what your product means to them. And this second part — the story of your product — is what yields the greatest pricing power of all.”
In other words, the story is what allows companies to create serious amounts of value for products that are meaningful to both the creator and the consumer.
So, our advice is to take advantage of that story. Chances are, your product has a story. Use it.
Ways to Get There
1. Personal Story: Use an experience to explain how you created or improved the product you’re offering.
Example: The college guys behind Harry’s razors were tired of choosing between paying a lot for a razor or sacrificing a good shave. They thought about the things that were important in the shaving experience: a good blade, an ergonomic handle, shaving cream with quality ingredients, and a fair price. They spent a year teaming with German engineers and shaving cream companies designing and testing the perfect products. Finally, they were satisfied with their contribution to the shaving world. So they decided to sell directly from their website, kept costs low, and share the story as much as possible.
2. Historical Story: Humans are instantly fascinated with mythology. So product mythology is an easy and fantastic way to create interest and loyalty.
Example: The purpose of a watch is to tell time. A watch that costs five dollars at K-Mart can tell time, but there is no story behind the watch. An Omega watch, on the other hand, tells time, but it also offers a history of dive voyages, space landings and it happens to be the watch 007 trusts. That’s why Omega can charge thousands of dollars.
3. Human Context: Give products life in terms of their relationship to users. The story might not even be about the objects, but they give the object’s context in terms of everyday use.
Example: A pair of underwear costs about $5.00. Elvis’ underwear: $15,000.00. Enough said.
The lesson from all this is that meaning matters.
In our fast-paced and digitally-driven world, brands need to find ways to connect with audiences. Using stories in marketing, advertising, and public relations provides ways to deliver a narrative about your products and services and build audience relationships.
If your brand needs help with its storytelling, let’s chat. Echo-Factory is a marketing and advertising agency in Los Angeles with over ten years of storytelling experience collaborating with brands to drive brand awareness and grow revenue.