Speaking to the owner of a café and networking space recently, who was keen to assure me that by charging a customer by the minute, yet offering them ‘free’ coffee was bound to turn a tidy profit. As after all, we all know filter coffee only costs only pennies to produce, right?
I understood the rationale in this instance, as the minutes spent were the real transaction here. But in an increasingly saturated market, no savvy coffee shop owner would promote his coffee as a basic infusion of average filter coffee with boiling water. The provenience of the coffee bean, and the story of its journey from coffee plant to coffee cup is all, as is the theatre of the exchange as the barista creates a personalized coffee to our exacting specification. Even the queue has become part of the performance and key to the wider experience around the story of our daily pick-me-up. Because of great brand storytelling around the humble cup of coffee, we are perfectly happy to part with £3.50 for a flat white with double shot.
We all observe this type of storytelling every day, but still find it hard to communicate value when we talk with our own customers. Brand storytelling is key to the success of your brand because it is the key component to building both loyalty and trust around the brand – neither of which are commodities that can be bought.
Invest the time to think about the wider story behind your brand, and communicate it in an enduring and effective way, and it will have a huge impact on how your brand resonates in a competitive market place – which in turn, will be measurable in your ROI.