I have a collection of eyeglasses, different shapes , colours, brands.
Recently I purchased an eyeglass that cost me around Rs 12,000 (160 $).
A few days later I purchased almost a similar looking eyeglass which cost me around Rs 1,200 ! (16 $)
Similar material, almost the same shape. , only the colour was different.
Both had similar finish.
What was the difference?
One had a brand logo , the other did not.
Remove the logo and you would not know of any difference in quality and finish.
Was I fooled into paying 10x for almost a similar product?
As a marketer I know the power of Brand to command a price premium.
In this case it was almost 10x !
What was I buying ? the product ?
Both eyeglasses were similar in quality only the colour was different.
The difference was in the story behind the logo.
We don’t by products, we buy the stories behind the products we buy.
We don’t buy a car , we buy the story of us when we get behind the wheels.
We don’t buy a mobile phone we tell a story of who we are when we use that mobile phone.
We don’t buy a pair of jeans we buy the story of us wearing the jeans.
A brand logo is a story that consumers believe in .
It is a statement they make and the story they tell in the world.
And they are willing to put in 10x premium on the story .
That is the power of brand storytelling .
Great brands have great stories and they include their customers in their stories.
Good marketeers are good storytellers and they tell stories that their customers already believe in.
Good leaders are good storytellers and they tell stories that their tribes already believe in .
Want to succeed in your career , think your personal brand.
Either you have a story or you are a commodity . The difference is 10x .