Lesson 10: Telling your Company Story

Telling Your Company Story

You might be wondering why industry precedes the company’s story. However, where the company’s story is about the hero, the industry story is about the world. The Hero’s Journey was discussed earlier, but that journey takes place in the specific industry you inhabit. Until you understand the universe in which you operate you cannot understand yourself. Your goals, measures of success, and limitations are defined by your industry. So now that you understand the world and can explain it to investors, you can start crafting the story of your start-ups place in it.

People care about stories not just because of the message in the story, but also the characters in it. You are the main character. Your story is going to be about how you got to where you are and what you’re going to do next.  But for them to care about you, you must be a likable character—someone they can identify with—an individual who is doing something impactful for the world and others. That character needs to be someone that they can relate to, because you share a similar history, experience, or because you’re doing something they’ve always wanted to do.

Now bring in your new product. You must emphasize how your product improves things for your audience or the space they live in.

Think about the best marketing for products.

Normally, they tell you the “what,” but what they sell you is the feeling or the benefit. For example, a closer shave gives you amazing skin, which is not just great for your touch but to the touch of someone else. That kind of marketing resonates with those who shave for their own comfort, as well as those who shave for someone else’s benefit.

If you can’t show them that your why has value to your audience, they won’t care. You need them to care, because they will only want to be a part of your opportunity if they do. Finding your why requires soul searching, self-reflection, and getting out of your comfort zone. You must be boldly critical of everything until you find the core, the one big thing that is the centre of your story. Your North Star that can guide you and keep your story cantered.

As humans we’ve been telling stories since we lived in caves. Storytelling is one of the most basic and primal means of communication. A story gives the listener the details and the experiences of the speaker, by identifying with them and sharing the story. Most of us tell stories and absorb stories without even knowing it.

In fact, the biggest brands in the world tell some of the best stories. Look at Coke, it’s not just a drink it’s an experience. It’s joy, it’s happiness. It’s being with someone on a hayride, or the love so pure that only polar bears can experience it. It’s part of being with your friends and competing in sports, or the first time you kissed that special someone. It’s everywhere. They’ve been able to tell a story and get through to customers in a noisy world.

In 1924 which was before air conditioning, Coke’s slogan was “Refresh Yourself.” In 2009 in a market crowded with different kinds of drinks from flavoured water through vitamin water to endless varieties of soda and even colas, Coke used “Open Happiness.” Coke has managed to stay at the top of the beverage industry over a century, because they manage to tap into feelings that everyone can understand. In 1924, it was being thirsty on a hot day. By 2009, where soda became something of an indulgence, it was about happiness and the feeling you get when you treat yourself. It is something we can all understand, and something we all want.

In sum, the value of your company all comes down to what story is told and who is telling it.

Creating Evangelists Invites Critics

There are two camps that will react the most strongly to your story, and they are opposites: evangelists and critics. Evangelists will believe in you and your mission and will be your greatest cheerleaders. The critics will be the detractors who don’t see the value that you see, or they may not know how to start a company or business. Critics will challenge your business model and your outlook and will see a thousand ways for you to fail. They might say your business model is broken, or your projections are overly optimistic. They may argue that you’re undercapitalized and can’t compete with the big fish.

Evangelists and critics each make up about 20% of your audience; the rest haven’t made up their minds about your story. The challenge is getting most of the 80% on the fence into the evangelist camp and proving the critics wrong. There are several different types of evangelists who will champion your company. The most obvious evangelists are the angel and seed investors who’ve been with you since the beginning. They are taking significant risks providing capital to an early-stage company that is a long way from profitability. Those evangelists saw something in your story that resonated with them.  They are pulling for you and want you to succeed. The other evangelists are the ones you must earn.

Those evangelists are the customers who love your product and tell all their friends. Every time you make a sale and provide a superior experience is an opportunity to grow your evangelist camp. Most critics are going to be competitors or journalists who don’t share your vision. They don’t understand or appreciate your business model and why it’s special. You may win some of these critics over, but some may always argue that you’re doomed to failure. The best way to handle those critics is to prove them wrong. The disagreement between your evangelists and critics may eventually spill over into the public domain. Don’t worry! It’s free publicity and the opportunity to get the attention of even more people. There’s nothing wrong with being controversial. The important thing is to stay top of mind and use that publicity to your advantage. The synergy created by your advocates and detractors fighting it out in blogs or on social networks will build awareness of your company and give you the opportunity to bring more people into your tribe.  If your story is compelling and effective, you can use the synergy to grow.