The missing link: How story-based marketing enhances demand marketing.
Let’s whet your appetite with four key stats you need to know how story-based marketing enhances demand-marketing:
- B2B buyers are almost 70% through their purchasing process before engaging with sellers.
- Buyers initiate first contact with sellers more than 80% of the time.
- Buyers already have a preferred vendor at the time of first contact more than 80% of the time.
- Finally, 85% of buyers have largely established their purchase requirements before they contact sellers.
(Source: 6Sense)
So what?
So let’s break this down.
“B2B buyers are 70% through their purchasing process before engaging with sellers.”
So what are buyers doing?
Research. If you’re not front and centre of your prospects with a clear brand proposition across marketing channels such as Paid Ads and Digital PR, there’s a risk you’re not going to get the chance to pitch to prospects, never mind converting new clients.
With large scale transformational projects, it’s likely buyers will commission analysts and consultants to identify the right vendors. You must be on their purchasing supplier list, and your brand message must clearly state what you do, why you do it and why they should buy from you. This ensures the consultants can make a strong recommendation to the buyers, why they should consider you.
“Buyers initiate first contact with sellers more than 80% of the time.”
So what are buyers doing?
Research.
Buyers are crawling across your marketing collateral, determining if your product or service can help solve their problem. However you must be clear.
Too many websites lead with clever straplines that we don’t understand. There’s copy that doesn’t easily tell you what they do, and industry terminology that is confusing and designed to impress.
They’ll showcase their products’ features and highlight their services benefits, however it’s rare they’ll actually tell you why you should buy from them. They leave this up to you to work out. ]
Make sense so far?
Whilst downloading your white papers, checking your brand presence on socials and verifying your financial stability, if you fail to deliver a clear brand message what you do, why you do it and why they should buy from you, that potential new client will strike you off their short-list.
“Buyers already have a preferred vendor at the time of first contact more than 80% of the time.“
So what are buyers doing?
Buyers are corralling vendors and forming a short-list.
Sorry, past-tense.
Buyers have already formulated a short list. Not on the short list?
Maybe your marketing wasn’t working hard enough. Perhaps you’re not appearing where your prospect ‘lives’. Possibly you’re not clearly delivering what you do, why you do it, and why your prospect should buy from you.
Let’s turn the tables for a moment and imagine that you’re looking for a new supplier. You conduct your research and create your shortlist. How often do you add new vendors to that shortlist? Pretty rare. Once a buyer’s preferred list has been established, it would take a lot to get you as the buyer onto that prescribed shortlist,
As the supplier, you must be way upstream on the buyer’s purchasing cycle. This gives you an even chance of pitching to the prospect.
Finally, 85% of buyers have largely established their purchase requirements before they contact sellers.
We know prospects have more than enough resources to troll through the internet and find vendors and solutions that can resolve their issues.
And we also know that by the time a prospect makes contact, they feel they have the solution battened down and simply need you to deliver it.
As the potential vendor, you can add so much value by getting under the skin of what the client really needs. Challenging what they really need, gives prospects the confidence that you are the authority. The confidence you portray to your prospects, gives you the credibility that you’re a recognised provider and can deliver what they need.
So let’s bring this back to this article’s purpose.
How does story-based marketing enhance demand generation?
Just so we’re on the same page, ‘demand marketing’ is designed to create awareness of a product or service, followed by customer engagement. This marketing strategy is targeted, designed to make potential customers aware of a solution that resolves their problem, and moves them through your sales funnel.
Implemented effectively using both inbound and outbound techniques, organisations should deploy demand marketing to:
- Create awareness that the vendor exists.
- Create awareness that the product or service exists.
- Clarify how the product or service solves customer’s needs
So why the need for demand marketing?
Whilst its bigger ‘lead generation’ cousin focuses on collecting customer details to boost future campaign performance; demand marketing helps customers to actively want and pursue a product.
If your marketing material is impactful enough, your prospect will come to you, rather than you having to go out and look for them.
Working closely with sales and tool technology, marketers focus on creating demand through full-funnel marketing, executing a mixture of paid and organic strategies, email marketing and social media, to generate leads, nurture prospects and drive conversions.
Let’s be honest both marketing strategies want the same result: to resolve the customers’ needs.
It’s the pressure on immediacy for results that drives businesses to invoke demand marketing, that nurtures a strong and measurable desire. And now we recognise in B2B selling that your prospects are already way ahead in their buying cycle, you must be on their radar now.
Whilst this approach can be highly effective in generating short-term sales and leads, demand marketing can overlook the importance of building a deeper, more emotional depth to build long-term B2C and B2B customer connections, on a personal level.
This is where story-based marketing enhance demand generation comes into play. Whilst it’s highly effective, it’s not difficult.
As our market places become more saturated and highly competitive, customers are looking for more than just a quick sale—they want to feel connected to the brands they buy from. That’s where the power of story enters the stage.
The power of story-based marketing.
Story-based marketing surpasses the traditional pitch of only focusing on the benefits and features of a product or service.
Story-based marketing taps into the human need for connection. This makes the brand more relatable and memorable, inviting your Ideal Customer Profile (ICP) to be part of something bigger than just a transaction—you invite them into your narrative.
Story-based marketing resonates with your audience’s values, desires, and pain points. Instead of focusing solely on the product or service, story-based marketing centres around the customer and how they fit into the brand’s story. Whether it’s a story of overcoming challenges, achieving a dream, or transforming their lives, stories have the power to elicit strong emotions that drive action and loyalty.
Combining demand and story-based marketing forms a powerful duo that drives customer acquisition and fosters brand loyalty.
Here’s why demand marketing needs story-based marketing now more than ever.
Why demand marketing needs story-based marketing.
1. Building emotional connections
One of the primary reasons story-based marketing enhances demand marketing is the ability to foster emotional connections. Whilst lead generation pushes a customer toward a sale, it doesn’t often evoke the emotional response necessary to build lasting relationships which is the purpose of story-based marketing, helping brands connect with their audience on an emotional level.
By weaving a story into your marketing strategy, you make your brand more human, relatable, and engaging. Emotionally connected customers are more likely to remain loyal brand advocates.
2. Differentiation in a crowded market
When prospects are bombarded with endless marketing messages, standing out has never been more challenging. Demand marketing campaigns rely on similar tactics—ads, promotions, and targeted messaging—which can lead to a sea of sameness in a crowded market.
However, introducing story-based principles into demand marketing, provides a way to differentiate your brand from competitors by telling a unique narrative that resonates with your target audience. Instead of focusing on features and benefits alone, stories give your brand personality and create a unique identity that customers can connect with. This is how story-based marketing enhances demand-marketing.
3. Boosting customer engagement
Demand marketing campaigns often drive customers to take action. They might click on an ad, sign-up for a newsletter, or purchasing a product. However, once the transaction is completed, there is often little reason for customers to stay engaged with the brand.
Story-based marketing helps keep customers engaged long after the sale by creating a narrative they want to follow. Whether it’s through content marketing or social media, stories give customers a reason to stay connected with your brand. By building a community around your brand story, you can increase customer engagement, loyalty, and repeat business.
4. Enhancing brand authenticity
Today’s consumers are more skeptical than ever before. They are looking for brands that are authentic, transparent, and aligned with their values. Demand marketing alone can sometimes feel impersonal and transactional, making it harder to convey authenticity.
When customers recognise your brand as genuine and trustworthy, they are more likely to engage and become loyal advocates.
How do we integrate story-based marketing into demand marketing?
So how can businesses integrate story-based marketing into their existing demand marketing strategies?
- Understand your audience and craft a compelling narrative that aligns with their needs and values.
- Once you have created your story, weave it into your demand marketing tactics.
- Try building a paid ad campaign that tells a story about how your product solves a customer’s problem. Incorporate storytelling into your email marketing, social media, and content strategies to engage customers at every stage of the sales funnel.
By combining the power of demand marketing’s targeted, results-driven approach with the emotional depth of story-based marketing, you create a holistic strategy that not only drives conversions but also fosters long-term relationships.
Consumers are looking for more than just products. They want connection, meaning, and authenticity, and demand marketing needs story-based marketing to truly succeed.
How brands have built story-based principles into demand marketing.
Several well-known brands have successfully incorporated story-based marketing into their demand management strategies. These principles leverage the emotional appeal of storytelling to boost engagement and drive conversions.
1. Airbnb: Creating a sense of belonging
Airbnb’s marketing strategy is centered around storytelling, with the theme of “belonging” as a core message. Instead of promoting vacation rentals, Airbnb tells the stories of hosts and travellers, showcasing unique experiences from around the world.
Their “Made Possible by Hosts” campaign, features heartfelt stories how staying at an Airbnb transformed people’s travel experiences and helped them feel connected with new communities. This storytelling builds trust and emotional connections, making Airbnb more than just a platform for renting homes—it’s about creating memorable experiences and fostering global connections.
By using story-based marketing, Airbnb generates demand while also humanising their brand, turning hosts and travellers into brand advocates.
2. Nike: Inspiration through athlete’s stories.
Nike is a master of combining demand marketing with storytelling. Their “Just Do It” campaign has become iconic because of the powerful stories behind it.
Nike frequently tells the stories of athletes—both famous and everyday individuals—who have overcome challenges, broken barriers, and pursued greatness. Their campaign with Colin Kaepernick told the story of standing up for one’s beliefs, while their ads featuring Serena Williams emphasised the journey of breaking through barriers as a female athlete.
These emotional stories resonate with Nike’s audience. Story drives brand loyalty whilst spurring demand for Nike products as symbols of empowerment, achievement, and perseverance.
3. How Apple empowers story-based marketing.
Apple’s marketing consistently revolves around storytelling, positioning its products as tools that empower people to create, innovate, and express themselves.
For example , Apple’s “Shot on iPhone” campaign features real photos and videos created by users, turning them into storytellers and showcasing the power of the product through personal experiences.
By highlighting user stories, this is how story-based marketing enhances demand-marketing enerating a demand for Apple’s, tapping into the emotional connection that people have with their devices.
Apple doesn’t just sell technology. Apple tells stories how its products help users push the boundaries of creativity and connection.
In conclusion: Why story-based marketing enhances demand marketing.
The final and most startling statistic?
Buyers had their first conversations, with the ultimate winner, 84% of the time.
I’ll say that again and underline the key word.
Buyers had their first conversations, with the ultimate winner, 84% of the time.
That’s why a combination of story-based and demand marketing gets you in front of your ideal prospects high up the buyers purchasing cycle, bonding you together with an emotional connection that helps grow sales and help retain your client base.