How Investing In Storytelling Can Make Your Business More Profitable CSQ
Let’s eliminate a few assumptions: you have a good product or service, you’ve done your market research to make sure you have a consumer base, and more importantly, you have sales. Now you want to increase your profits. How do you do? Hire a storyteller.
I know what you are thinking, “If I hire someone, it takes money from the coffers, not money from it. And thinking that you are probably lining up with most of the American companies today. Instead, see storytelling as a path to greater reward down the line, just like a good story.
And every post helps build and protect your reputation. Bad reputation? Here are your profits!
I’ve been in more than a few downsizing situations, such as the dot-com collapse, multiple recessions, and being shut out of mergers and acquisitions. In my experience, human resources (HR) and public relations (PR) are the first to be cut. After all, HR hires and fires, so why do you need it if you’re not hiring? What about the public relations people? Well, they don’t make any money and are just a cost center, right? Wrong.
A good PR professional doesn’t just send out press releases or write good speeches for the C-suite. If you have the right person, they’re a seasoned storyteller who can write a message for each part. engaging. And every post helps build and protect your reputation. Bad reputation? Here are your profits!
I’ve seen CEOs and other senior executives write their own content. Because after all, they are the most knowledgeable, they understand the technical details and they are the pros! But they are not necessarily gifted communicators or storytellers, and these shortcomings can arise at a critical time.
Let’s take the following situation as an example. XYZ Company has discovered a brand new use of an existing drug (ABC Rx) that will cut the burn healing process by more than half. It is currently in the process of FDA approval for this new use and should proceed without issue.
A simple press release headline might be “ABC Rx Soon Approved For Burn Cure.” But it doesn’t really tell the story, and it certainly doesn’t generate interest or action or impact the company’s reputation or bottom line. Here’s how a sophisticated PR person might tell the same story in different ways, depending on the audience or stakeholder:
1. Investors: “New use of existing drug opens billion dollar market – FDA approval expected by end of second quarter” (result: increased investment).
2. Patients: “Burn injuries can now be healed in half the time, reducing the cost of treatment and a faster return to normal activity” (result: increased sales).
3. Doctors or major burns centers: “Burn patients have a new option with an existing drug: faster healing” (result: increased sales).
4. Regulators: “The FDA approved drug has a new use – with no new side effects – and will eliminate the need for traditional and expensive treatments” (result: faster time to market).
5. Employees: “” Éumé “â (result: improved employee morale).
You can see how the same message delivered in different ways can not only lead to increased profits, but also a lasting boost to the company’s reputation.
This is just one example, but it makes it clear that skimping on telling your story is a bad idea. Hire an expert. The return on investment will more than pay the cost of a storyteller. A good story is just a good deal.
Patty Deutsche is a corporate affairs, government relations and communications professional with experience in several public and private companies and in government.
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Top image courtesy of Patty Deutsche.