What’s the ROI of storytelling? That’s a good question… (which is actually a good phrase to use when you need to buy time for formulating a satisfactory response too).
A better answer might be: “When storytelling gets the message across more effectively, its incremental cost is close to zero, but its ROI may be massive.” Unfortunately, there’s no single metric or a formula that will give you an exact number for the money you can save or gain by telling stories.
Of course you could try to calculate how much dollars or euros your business is wasting by preparing, delivering and listening to poor Powerpoint presentations – which may add up to a mere $250 million per day worldwide, as (conservatively) calculated by Dave Paradi. But isn’t there more than that?
Measuring your ROSI (guess what the abbreviation stands for) using metrics similar to pay-per-clicks, page impressions, search ranks, social-media-shares, or any other content marketing KPI won’t give you a complete picture either.
Here’s the bottom line. The positive effects of storytelling can’t and shouldn’t be measured at all. Neither by how many people came listening to your talk. Nor by how many questions you got a the end. Nor by how many purchase orders you received immediately afterward.
Because storytelling is all about:
- Adding relevance and meaning to your brand, your company and their products.
- Getting your audience engaged beyond the rational and making them connect emotionally and/or ethically.
- Building awareness, impact and intimacy with your customers.
- Initiating interaction to better address their individual needs (and to discover unidentified ones.)
- Enabling a great customer experience.
- Inspiring your listeners to take action or to drive change.
- Making them want to come back for more and/or stay in touch.
And if, through your storytelling investments, you manage to achieve (even a few of) the goals above, you may still find a pot of gold at the end of the rainbow.
- Are We Wasting $250 Million per Day Due to Bad PowerPoint? (by Dave Paradi)
- The Irresistible Power of Storytelling as a Strategic Business Tool (by Harrison Monarth)
- The ROI of Storytelling (by Kay Fabella)
- How to Sell a $1 Snow Globe for $59: the Real ROI of Brand Storytelling (by Duke Greenhill)
- Keith Partridge, A Salad Bowl, and Me (by Sharlene Sones)
- It’s the story, stupid (by me)
- Profession: storyteller (by me)