Editor’s note: Abizer Shaikhmahmud is content writer and editor at Future Market Insights, a market research and consulting market research company.
Brand storytelling has always remained central to an enterprise’s marketing success. Gone are the days when business decision makers and consumers were susceptible to banner advertising and sales promises – a typically conventional marketing trait. People exhibit greater interest in a brands narrative, from its genesis to the point it manifests itself into the final product.
Studies have suggested that corporations that invest in brand storytelling exhibit a more than 20x increase in the value of their product or service. Brand storytelling is a powerful marketing tool, and every venture seeking to establish a robust brand presence should master this approach.
During the COVID-19 pandemic, there was a paradigm shift in how businesses modelled their brand storytelling approaches, passing through three distinct phases. These included the education phase, acquainting consumers with basic hygiene practices; the solidarity phase, encouraging individuals to combat the pandemic collectively; and the new normal phase, which involves real-time marketing, addressing new social issues and restating brand purpose.
In a gradually unfurling post-pandemic world, the importance of brand storytelling is expected to be further heightened to make a clear connections with consumers. Consequently, enterprises are relying extensively on market research for this.
Typically, data-driven insights involve presenting voluminous numbers and figures, to the point of making the entire research exercise highly monotonous. However, contemporary market research has discovered ways to debunk this trend – incorporating approaches to facilitate a connection with target customers and forge long-term relationships.
Simply speaking, data represents the “what” while the s...