Storytelling For Businesses: How Do You Win Customer Loyalty & Trust?

Storytelling For Businesses: How Do You Win Customer Loyalty & Trust?

Many of our interactions with the rest of the world are based on the stories we tell one other or the news stories we see on television. There are narratives we tell ourselves in order to make sense of how we relate to others and to businesses.

When we tell stories and explain our reasoning to our customers, we build consumer loyalty and trust, which are two of the most important elements of a successful brand. When a customer’s narrative isn’t supported by a brand’s experience, they’re more likely to look elsewhere. Perhaps they are committed to a zero-waste world and feel that their favorite brand is contributing to the problem. It is possible that an unpleasant encounter with a regular supplier has eroded their trust. According to a recent PwC study, 1 in 3 customers would leave a firm they “loved” after only one bad experience.

Digital experiences need to incorporate consistent narratives if brands want to build loyalty and trust with their target consumers. Here are four ways to start.

1. Change the narrative when you can.

At this point in the pandemic, consumers are cautious about empty promises, so firms need to find opportunities to change the traditional narrative.

In the car insurance industry, both the customers and the insurers lack faith in each other. Customers are apprehensive of insurers’ willingness to cover legitimate claims, while insurers are leery of customers who file false claims.

With this weak foundation, new businesses like Lemonade have developed to disrupt the current quo and rise beyond low expectations. But the brand’s creative use of AI/data analytics isn’t only a useful strategy for resolving conflicts in an industry that tends to assume guilt over innocent. A whole new narrative about how to make decisions quickly and fairly in a way that encourages trust was also established.

Adding a feeling of community to Lemonade’s business model, the company asked users to sign a pledge that they would not make any false claims and then promised to contribute part of their revenues gained to a charitable organization. Lemonade was able to turn its consumers into advocates for a cause many people believe in, simply by including them in its justice story.

2. Provide consumers with trustworthy digital experiences.

Having fun with fresh and distinctive digital experiences is a favorite topic of conversation for consumers. However, they will also tell you about the times when things went wrong. The usage of social media, review sites and online forums may improve the quality of storytelling. Recent Statista research shows that this is a very depressing situation to be living in right now.

According to this report, around 80% of all online transactions worldwide will be abandoned by March 2021. It’s an 8 out of 10! Various factors, such as exorbitant delivery costs, excessive transaction complexity, slow delivery, or a lack of reliability in the payment method, might lead a client to cancel their purchase.

Customers must have faith in the security and convenience of a digital transaction before it can be trusted. This trust-technology connection is only going to get stronger. One of the most critical issues in the digital age is reusability in IT design.

Adopting API-enabled composable design has various advantages, including improved agility and ecosystem management. Consumers may benefit from a simple omnichannel purchasing experience, as well as customized marketing initiatives from companies. The key is that consumers want to welcome innovation and provide trust-based experiences in such a way that they do not fight against it.

3. Make your storytelling more powerful by collaborating.

As much as people like discovering new brands, new businesses have a tough time gaining a following and building a level of confidence and awareness in their goods. This is where forming a joint venture with a strategic partner may be really advantageous. Partnerships with existing companies that share their stories and platforms may help new firms create a “circle of trust.”

As an example, take the Chinese coffee firm Yongpu, which has collaborated with more than 400 other brands during the course of its first six years in business. Because of these partners and their combined storytelling ability, Yongpu greatly enhanced the reach of its tale and built trust across a far larger client base than it could have accomplished alone. Collaborations with other companies aren’t only for the sake of building confidence with a new group of customers; they’re also a crucial competitive advantage.

4. Be consistent with your digital voice and storytelling.

It’s no longer enough for companies to just convey tales about themselves in these days of social purpose and brand activism. It’s becoming more crucial for corporations to become engaged in issues that their customers care about in order to connect with them and influence their purchasing decisions. 62% of those who took part in the Institute of Customer Satisfaction Survey said they were attracted to businesses for at least one ethical reason.

In contrast, a company’s social mission and brand activism narrative necessitate that it advocates problems that are in line with and relevant to its brand. Brands risk being viewed as “tokenism” if their actions don’t fit with their claimed purpose. Your brand’s social attitude must be represented by a single digital voice across all of your social media channels.

Your chivalry would help you break barriers!

Time to take action

Consistent narrative, teamwork, and simple digital interactions are just a few of the elements that help build consumer trust. If firms can match and support the stories customers tell themselves, they can easily justify their purchases. Those who are pleased with their choices are more likely to spread the word about them. When it comes to digital marketing’s illusive holy grail, I’m at a loss for words.

Cooperative Computing consists of storytellers and brand advocates with a customized Branding & Marketing solution for every business. 

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