Think about some of the greatest communicators you’ve ever known. Maybe they were a childhood teacher, a favorite professor, an admired mentor, or a corporate, civic or political leader. Whatever their area of influence or activity, what made their words — spoken or written—so memorable? Why do you think of them, even years later, as such effective communicators?
One reason may be that they were great storytellers. From Homer to Steve Jobs, effective communicators have used stories to draw in their audience and drive home their message. Financial advisors can also harness the power of the story to build rapport, market differentiation and great content.
There is hard science proving that when we listen to stories, our minds, senses and emotions are engaged in a way that’s unique among all forms of communication. According to Uri Hassan, professor of psychology and neuroscience at Princeton University, as you listen to a story, your brain activity begins to synchronize with the storyteller. The more “in sync” you become, the more of the story you’ll remember, according to Hassan.
Researchers have also demonstrated with MRI scanning that different areas of the brain “light up” when we listen to a story. For example, when a character in a story makes a decision involving a change of plan, areas of the frontal cortex — which is associated with strategy and decision-making — activate more strongly.
Of course, we don’t need science to understand the power of stories. As Brian Boyd explained in his seminal book, “On the Origin of Stories,” narrative storytelling is perhaps more fundamental than fire to the development of human culture. There is no culture on the planet, whether highly advanced or still in the hunter-gatherer stage, that does not use stories to grapple with the most important aspects of life — from the day-to-day ethics of living in a community to speculation on our origins and ultimate destiny.
All of the world’s great religions have stories at their core. From Homer to Shakespeare and all the way down to Elon Musk, some of the most influential people in history and today’s society are storytellers.
Stories in the Marketplace
It shouldn’t be surprising that some of our most prominent leaders in business and commerce are known for their storytelling abilities. Steve Jobs, for example, is still renowned for his ability to spin a story and use it to capture the imagination of the marketplace as he announced the launch of a new product. This has become a foundational part of Apple’s corporate messaging: CEO Tim Cook used it to launch his presentation of the iPhone 15, this past September.
Starting with a four-minute video relating how a woman was alerted to a life-threatening condition by a warning on her Apple device, listeners heard stories of other people whose lives were saved or greatly improved because of the features of their Apple phones or watches. The implicit message? “Apple products make people’s lives better.” What company wouldn’t want to communicate a similar message? What company wouldn’t want that image as an integral part of its brand?
What’s Your Story?
So, how can you integrate stories and storytelling into your financial advisory enterprise? Answering that begins with a basic understanding of how stories work. We already know that when we listen to stories, our brains operate differently; stories literally change the way we think. Unlike PowerPoint decks or bullet points written on a whiteboard, a story pulls us out of our usual reality and places us in a sort of alternate universe: the world of the story.
Additional Reading: What Color Is Your Marketing?
As we hear about the events of the story and their effects on the people in the story, we start to “feel” the world from the perspective of the characters and the storyteller. We consider their reactions and decisions and perhaps compare them to what we would do in the same situation. In a sense, stories interact with our consciousness in a way that sneaks past most of the usual defenses we put in place when hearing new information. Hearing the story — finding out what happens — becomes an end in itself.
As you consider how to harness these qualities of storytelling, you need to think about what you want to accomplish — and with whom. Some of the obvious benefits of storytelling for those who are trying to build a brand for their financial advisory business and its impact include:
- Building rapport. Telling stories creates community. Since most of us prefer to do business with people we like and trust, storytelling can be a powerful tool for building an audience that is ready to hear what you have to say.
- Marketplace differentiation. Your story can be as unique as your enterprise. What are your core beliefs? What are your most important priorities? Your best value proposition? Build them into your stories and watch your hearers/readers take them in uncritically and empathetically.
- Create memorable content. Why do you still remember the importance of persistence? Possibly because, when you were 4 years old, someone read you the story of “The Little Engine That Could.” Would you like for your clients and prospects to carry an unforgettable image or message away from their interaction with you? Put it in a story!
What Is a Story, Anyway?
Naturally, there are two indispensable features in a storytelling scenario: the storyteller and the audience. Even when you are alone in your house, sitting in your favorite chair while reading a novel, these two elements are present. So, if you are going to be the storyteller, you need to carefully consider your audience: Who are they? What do you want them to know — to feel — by the end of the story? What are they worried about? What are their most important goals? All of these factors should shape the format, structure and delivery of your story.
And finally, never forget that ultimately, a story has to have a beginning a middle, and an end. Ideally, the character in a story needs to encounter a problem and, if they don’t solve it by the end of the story, they at least need to have learned something important. Famous novelist Kurt Vonnegut explained it this way: “Make your characters want something right away, even if it’s only a glass of water.”
In other words, to be effective, a story needs to contain three basic elements: setup, conflict, and resolution. Keep this in mind, and you’ll ensure that your story goes somewhere — and your audience will want to go with it.
As you begin integrating storytelling into your financial advisory brand, remember that your stories should resonate with your ideal client on a personal level, fostering rapport and trust. By sharing narratives that highlight your core beliefs, values and unique value propositions, you can differentiate yourself in the marketplace and leave a lasting impression on your clients and prospects.
Crafting compelling stories requires understanding your audience’s needs, concerns and aspirations, and tailoring your message accordingly. Just as every great communicator understands the power of storytelling, so too can you harness its potential to connect with your clients and build a strong, memorable brand for your financial advisory business.
So, what’s your story?
Gretchen Halpin is co-founder of Beyond AUM, a growth, marketing and technology agency that specializes in serving financial advisory firms. A strategic visionary with over 25 years of leadership and marketing experience, including a history of starting and growing successful companies, Halpin pioneers the strategy and growth initiatives that drive success across every aspect of business while ensuring that decisions are aligned with her clients’ overall mission.
