Blockchain businesses are still in their infancy and there is a lot of uncertainty surrounding the technology. It can be difficult to explain what blockchain technology is and how it works. In such a volatile environment, a good story is a great way to communicate your message so you can make a complex topic more relatable, increase your audience's understanding and ultimately make your business more profitable.
By telling stories about how blockchain is being used to solve real-world problems, it becomes easier for people to connect with your brand and understand your organization's goals and mission. Stories can also help people see the potential of blockchain and get excited about its possibilities.
As the blockchain industry continues to grow, effective storytelling will be essential for blockchain based businesses that want to stand out and make an impact.
Why is business storytelling important?
Many types of businesses use stories to communicate their message and connect with their audience. Stories make it easier to explain complex concepts, build trust and foster relationships. Businesses use storytelling because it effectively helps people get excited about the possibilities of that business's solution to the customers' problems.
In the blockchain industry, stories help potential customers visualize how blockchain technology can solve their specific problems in an exciting new way.
What is NOT effective business storytelling?
The most important thing to remember about stories is how they help spark an emotional connection between your brand and your audience.
So a story is not just the history of your company, but an important reason "Why?" It defines your core beliefs in a way that resonates with your best customers.
While logic and data can be used later to support your audience's emotional connection, they are not the starting point in a story.
Business storytelling isn't just another way to create an ad. It's a narrative about your customer as the hero, and your brand as the helper they need in order to achieve their vision or solve their problem.
A story isn't just about your company, or even about you as the leader. Only use your personal story if your best customer can image living and experiencing it.
Drive customer behavior with "emotional motivators"
Typically, one of the factors businesses focus on to drive customer behavior is "customer satisfaction." There is a slew of methods used to measure the impact customer satisfaction has on the bottom line.
But research described in the Harvard Business Review (1) provides a counter-intuitive explanation of what they call "emotional motivators". The researchers found that creating an emotional connection is a far more effective strategy even than focusing on customer satisfaction.
The top-10 high-impact emotional motivators for driving profitable customer behavior include the desire to:
As you craft a compelling story for your audience, make sure you include at least one of these motivators.
What storytelling challenges does the blockchain industry face?
One challenge is that there is a lot of uncertainty surrounding the technology and digital currencies. In such an unsettled environment, it can be difficult not only to explain the technology and how it works, but also to assuage fears and clarify ambiguity.
Another challenge is that the industry is still in its early stages. This means there aren't a lot of examples yet to draw upon when crafting a story. This can make it difficult to create something that is relatable and relevant to your audience.
A third challenge is the need to keep up constantly with the latest news and advancements. Because the technology is still very recent, there are always new developments and changes taking place. This can make it difficult to maintain a narrative that is consistent over time, or for your audience to feel like they are able to keep up.
Despite these challenges, the blockchain industry has still been able to produce some great examples of storytelling. These stories have effectively communicated the value and potential of the technology to a wide audience.
One example is the story of how blockchain is being used to create a decentralized marketplace for buying and selling solar energy. This story effectively communicates the value of blockchain technology in creating a more efficient and transparent marketplace. It also highlights the potential of the technology to help support the growth of renewable energy.
Another example is the story of how blockchain is being used to help people in developing countries get access to banking services. This story effectively communicates the value of blockchain technology in providing financial inclusion. It also highlights the potential of the technology to help reduce poverty and improve economic conditions in developing countries.
How can you make sure your stories are effective?
To make your stories more effective:
- Focus on stories that are high-interest and informative: Make sure your story is something that will capture your audience's attention and hold it. The story should also be informative, teaching them something new about your company or the blockchain industry.
- Make them easy to understand: Use clear and concise language that can be easily understood by your audience. Avoid using technical jargon or confusing terminology. Turn a long and complicated story into something more relatable.
- Simplify complex concepts: The blockchain industry can be confusing for many people. Use metaphors and stories that help your audience grasp the basics.
- Make them emotionally engaging, especially by using some of the emotional motivators listed above. Stories that create an emotional connection are more likely to be remembered and shared.
- Make sure they are directly relevant to your audience: When your story speaks to their needs and concerns it is more relatable.
- Demonstrate how you have solved a real-world problem: People are always looking for solutions to their problems. Show them how your company or even the blockchain industry as a whole has solved a real-world problem.
- Be genuine: Tell your stories in a way that is authentic and believable. Be careful not to make false promises or exaggerate the benefits of your product or service.
- Edit, edit, edit: Make sure your stories are well-crafted and free of errors. Take the time to edit and revise each story until it is the best it can be.
- Practice, practice, practice: If this story is how you plan to consistently follow up your elevator pitch, you need to be able to tell the story "in your sleep". Rehearse your story before you tell it to potential investors and customers. This will help you to deliver it in a way that is clear, concise, and convincing.
- Be confident: Remember that you believe in your company or the blockchain industry and that you are passionate about what you do. This confidence will come through when you tell your stories and will make them more convincing to your audience.
Using storytelling as part of your marketing and messaging is critical to the success of the blockchain industry as a whole and will help your organization bring in new customers and investors too.
Connect with your audience on an emotional level, keep things simple and easy-to-understand, and sprinkle stories throughout all your talks, presentations, casual interactions and marketing. The more your audience can relate to and understand what you do, the more you'll help build greater interest and excitement for your brand and your mission.
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