When you read the title, you probably though: What does storytelling mean? Storytelling is a marketing technique that
is based on the creation of stories about an experience, a product or a brand
in order to make it more attractive.
Fashion and luxury brands use the strategy
of storytelling in a particular way. When a customer buys
a luxury or a fashion item it is because this person wants it and not because
he or she needs it. Here, storytelling is crucial, as it has already created
some value for the consumer that goes above the product itself, it is more about the
brand, the story of a brand, or even the story of a product.
When a company is developing a branding
strategy, there are some elements that should be included: a competitive
analysis, the key competitors and what can the company learn from them; market,
the target the brand wants to reach and their interests; position, where does
the company want to be in consumers' minds; and finally, the barriers to
success which are the struggles to overcome in order to anticipate the
obstacles.
Why should fashion and luxury companies use storytelling to influence consumers? I made an experiment to know what was the real relationship between storytelling and consumers. After carefully reviewing the results, I have finally found out that thanks to this technique, consumers rated the product or the brand higher, as well as they increased their willingness to pay for it.
Everyone
has always loved a story so, why not using stories to love a brand?
