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As a business advisor, I always recommend making yourself and your business more memorable with a personal story that constituents and investors can relate to. We hear too many pitches about the next exciting opportunity or breakthrough technology to remember them for long. The challenge for startups is to capture attention before a crowd of competitors.
For example, when Blake Mycoskie founded TOMS Shoes, he connected the pain he experienced on his travels to South American countries to the images of people suffering without shoes and supported a business model of donating one pair of shoes for every pair sold, resulting in early startup support, rapid business growth, and significant brand recognition at minimal cost.
In fact, a memorable story doesn’t necessarily have to be related to your business. Investors will tell you that they remember and love founders who tell a compelling story about overcoming great adversity or never giving up on their passion. In my experience working with aspiring entrepreneurs, I’ve found that one or more of the following attributes will make your story stand out from the rest:
1. Highlight the problem your business is trying to solve. Every business story should appeal to people with a real need, not some new technology or entertainment alternative. That need might be a more affordable tool, a less risky solution, or the answer to a long-awaited entertainment alternative. Ignore the ease of use or competitiveness angle.
2. An inspirational event or change of mindset. Most people will empathize and remember you for an unexpected or traumatic event that had a major impact on you or changed the focus or direction of your life or career. This can result in connections that provide support and loyalty, and may even give you a second chance at overcoming the obstacles you face.
3. Incorporate a higher purpose or moral value. Everyone wants to find meaning and contribute to a better world, whether it’s helping the less fortunate or mitigating climate change. Your story needs to go beyond business and financial goals like profits and shareholder value. Make a connection in terms of your story for your audience.
4. Bring your event to life with details of place and time. Events happen every day in every corner of the world. Make your event more memorable and unique by including real details and painting a picture that helps everyone understand why the event had such a big impact. Then amplify that impact by relating it to an opportunity or a large segment of the population.
5. Use real names, not generic characterizations. As investors or customers, we see too many pitches that are little more than product descriptions or sales pitches with no real people involved whatsoever. They are hard to remember and don’t add the emotional appeal that influences the decision to invest, support, or buy from a company.
6. Include quantified, real-world examples in your story. Your opinion or someone’s abstract testimonial will not highlight the uniqueness of your business and will not be memorable. Use actual video and photo snippets from the actual event to show the event-specific business impact, not just emotional. Avoid using non-specific marketing terms and text.
7. Conclude your story with lessons learned and recommended actions. This is where you personalize and articulate your competitive advantage over your peers and existing players to close the deal, whether it be to invest in your business or buy your product. Every story or anecdote needs a beginning, middle and end message.
None of these narrative attributes are a substitute for business fundamentals such as a business plan, financial projections, and basic operations. The goal of a compelling story is to gain maximum initial attention and consideration. In an age of information overload and global competition, stories can make the difference between success and failure for you and your business.
