Brand Storytelling in 2024: The Latest Statistics and Trends

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Have you ever wondered why some brands are more successful than others? It’s not just about having a great product or service. It’s about telling a captivating story that resonates with your audience.

In today’s market, consumers are bombarded with advertisements and marketing messages. It’s becoming increasingly difficult for brands to stand out and connect with their target audience. This is where brand storytelling comes in.

Brand storytelling is a powerful tool that can help your brand differentiate itself and create a loyal following. But don’t just take our word for it.

In this article, we will explore some brand storytelling statistics that prove just how effective this strategy can be. 

Brand Storytelling Statistics

Brand storytelling is an effective way to engage and connect with your audience. But what are the numbers behind this marketing strategy? Here are some key brand storytelling statistics to consider:

• 92% of consumers want brands to make ads that feel like a story.
• 55% of consumers are more likely to remember a story than a list of facts.
• 68% of consumers say that brand stories influence their purchasing decisions.
• Companies with compelling brand stories have a 20% increase in customer loyalty.
• 64% of consumers make a purchase after watching a branded social media video.

So if you’re not already incorporating brand storytelling into your marketing efforts, these statistics show that it’s worth considering.

General Storytelling Statistics

1. People want brand stories to be funny

The report from Headstream on brand storytelling revealed important insights into what consumers expect from branded stories. According to the study, customers across different age groups desire stories that can elicit emotions such as humour or inspiration.

For older audiences, the desire for humour was the highest, with 57% of customers aged 55 and above, and 43% of those aged 35 and above, expressing their preference for funny brand stories. However, humour was also found to be important among younger customers, with 28% of 18-24-year-olds and 37% of 25-34-year-olds indicating that they prioritize funny stories.

In addition to humour, the second most popular genre chosen by customers for brand stories was “inspirational.” The study showed that around 27% of 18-34-year-olds desired brand narratives that could inspire them.

Overall, the Headstream report highlights the importance of creating brand stories that are tailored to meet the emotional needs of different age groups, with humour and inspiration being two of the most sought-after genres.

2. Human brains are wired to respond to storytelling

Studies reported in the Harvard Business Review have shown that human brains are naturally attuned to storytelling and tend to respond better to narratives than to other forms of content sharing. This is because stories have a unique ability to influence our brains and trigger the release of oxytocin, a hormone that promotes trust.

The HBR report suggests that character-driven narratives are particularly effective in promoting the synthesis of oxytocin. By creating stories that revolve around characters, brands can create more relatable and memorable content that resonates with their audience.

3. 70% of companies invest in at least one form of content marketing

Recent research conducted by HubSpot indicates that content marketing has become an essential part of the modern business landscape, with approximately 70% of companies investing in some form of content marketing. This can include sharing various types of stories with their audience through blogs, news posts, and articles.

As a powerful method of storytelling, content marketing has given rise to a wide range of innovative approaches over the years. Brands are increasingly using storytelling techniques to enhance their marketing strategies and connect with their target audience in more engaging ways.

According to HubSpot’s report, video is currently the most popular form of media used in content marketing, with over 20% of companies investing in video content as part of their brand storytelling strategies.

4. Personal stories and gossip make up about 65% of our conversations

Human beings are naturally drawn to storytelling, and this inclination is reflected in the types of conversations we have daily. According to a study conducted at the University of Liverpool, personal stories and gossip account for roughly 65% of all human conversations.

This phenomenon is closely linked to the way our brains process information and our innate desire to connect with others on an emotional level. Personal stories and gossip are often more relatable and engaging than impersonal or factual information, making them a popular topic of conversation in social settings.

Brands can leverage this preference for storytelling by crafting narratives that resonate with their target audience and elicit an emotional response. By sharing stories that customers can relate to, brands can build stronger connections with their audience and increase engagement with their content.

Brand Storytelling Statistics

5. Storytelling increases the value of products by up to 2,706%

The power of storytelling to impact the perceived value of products has been demonstrated in a study conducted by journalist Robert Walker in collaboration with writer John Glenn. The experiment found that pairing a story with a product can increase its perceived value by up to 2,706%.

The researchers attribute this effect to the way that stories impact our brains and emotions. Listening to a story promotes the production of oxytocin, a hormone associated with trust and connection, which can enhance our feelings of affinity towards a product. This, in turn, can increase the amount that customers are willing to pay for the product.

These findings underscore the importance of storytelling in marketing and branding strategies. By crafting narratives that resonate with their target audience, brands can increase the perceived value of their products and build stronger connections with their customers.

6. 75% of consumers think it’s important for brands to tell stories in their marketing

A survey conducted by Headstream revealed that storytelling is an important element of brand communication according to the majority of UK adults. Around 75% of consumers surveyed believed it was important for companies to incorporate storytelling in their marketing strategies, with 79% prioritizing stories in marketing messages.

The study also found that stories featuring “real people” were particularly compelling. 66% of respondents wanted brand stories to be about “regular” people rather than celebrities or fictional characters.

Despite the importance of storytelling in brand communication, the survey also revealed that not all companies are effective in their storytelling efforts. Approximately 64% of respondents believed that companies are generally effective at telling stories, while 36% felt otherwise.

These findings suggest that while consumers value storytelling in brand communication, it is important for brands to carefully craft their narratives to ensure they resonate with their target audience. By prioritizing stories featuring real people and focusing on effective storytelling techniques, brands can build stronger connections with their customers and increase engagement with their content.

7. 71% of customers buy from companies whose values align with theirs

5W Public Relations researched the impact of storytelling and transparency on sales results and found that companies can use storytelling to demonstrate shared values with their audience. The study found that around 71% of consumers purchase more frequently from businesses that align with their values.

Interestingly, the demand for shared values was found to be particularly high among younger consumers. Approximately 83% of millennials surveyed said that value alignment was important. Additionally, 76% of respondents said they appreciate when CEOs speak out on issues that they care about.

These findings suggest that storytelling can be a powerful tool for building brand loyalty and driving sales, particularly among younger consumers who place a high value on shared values and social responsibility. By crafting stories that demonstrate a company’s commitment to its values and by engaging in transparent communication with its audience, brands can build stronger connections with their customers and drive growth for their business.

8. 86% of Americans want to buy from “transparent” brands

Investing in brand storytelling has become a common practice for companies because it allows them to show a more transparent side of their business. By sharing valuable information and offering insight into their brand values, companies can build trust with their audience.

A Sprout Social survey found that 86% of Americans believe transparency is a deciding factor when choosing which brands to buy from. This highlights the importance of companies being open and honest with their customers.

The same survey also revealed that 73% of customers are willing to pay more for a product or service from a transparent brand. This indicates that customers value honesty and transparency in the companies they choose to support. By telling their brand story authentically and transparently, companies can build a loyal customer base that is willing to invest in their products or services.

Overall, the importance of transparency in brand storytelling cannot be overstated. By sharing their values and being open about their business practices, companies can attract and retain customers who value honesty and authenticity.

9. 81% of customers say they need to be able to trust a brand to buy from them

According to the Edelman Trust Barometer report for 2019, customers’ trust is crucial to business success, with approximately 81% of them requiring trust in a brand before deciding to purchase from them. Additionally, around 67% of respondents would cease buying from a business that they perceived as untrustworthy.

Brand storytelling is a crucial tool in creating a sense of trust and rapport with the audience, as it provides the opportunity for companies to showcase their work and share genuine experiences. With storytelling, companies can increase their audience’s trust by establishing authenticity and relatability.

It is worth noting that the survey also revealed that 66% of respondents felt that their relationship with brands was one-sided. They shared personal information about themselves, but companies did not reciprocate by sharing anything about their values, vision, or story. This highlights the importance of brands being transparent and opens in their storytelling to foster more meaningful relationships with their customers.

Benefits of Storytelling Statistics

10. Customers who like a brand’s story are 55% more likely to consider buying from the brand

Headstream’s report reveals that if customers are fond of a brand’s story, 55% of them will consider buying from that company in the future. Additionally, 45% of respondents said they would “like” the company’s Facebook page and 44% would share the story with their contacts. In contrast, 15% of respondents would buy from the brand right away.

Moreover, the study found that the most preferred place for customers to encounter brand stories was on the company’s blog. However, consumers also welcomed branded stories on website pages and social media advertising campaigns.

The report emphasizes the significance of storytelling for brands to engage with their audience effectively. If a brand’s story resonates with its customers, it can lead to increased brand consideration and loyalty.

11. Over 500 Million People Use Instagram Stories Every Single Day

Over 500 million people use Instagram Stories every single day. While this can be fobbed off as ‘just another social media habit,’ it’s far more than that.

Consumers use Instagram Stories to document their own life for the pleasure of others. They want to tell their tales to their very own social media audience. But, with one-third of the platform’s most-viewed Stories being from businesses, it’s clear there’s a high demand for corporate storytelling. Many companies are using the Stories feature to:

Introduce key team members. Every story has lead characters. And Instagram is a good place to introduce high-profile teams in a bid to boost authenticity and trust. After all – a brand willing to put its staff out front becomes easier to understand and connect with. to unravel the story of specific banking roles. 

12. Capital One increased its ad recall by 16% with stories

Storytelling can make a significant impact on the results of marketing campaigns, as shown in case studies. Capital One, in partnership with the T3 agency, implemented the “What’s in Your Wallet” campaign on Instagram. By working with influencers to share branded stories, the hashtag #WalletStories started trending and the company generated substantial amounts of user-generated content.

As reported by the case study, the use of stories led to a 16% increase in brand recall levels for Capital One. This demonstrates the power of using storytelling to create a lasting impression on consumers and enhance brand awareness. By engaging influencers and encouraging user-generated content, companies can create an emotional connection with their audience, increasing the likelihood of brand recall and loyalty.

13. People are 22 times more likely to remember a story-based statistic

A discussion at Stanford revealed the power of storytelling for sharing information. When statistics are presented as raw data, people often struggle to remember and understand them.

However, when stats are placed into the context of a narrative or story, people are 22 times more likely to remember them. Stanford suggests that using stories when sharing statistics helps companies to connect with customers on both an intellectual and emotional level.

This finding highlights the importance of incorporating storytelling into marketing and advertising strategies. By using storytelling, companies can improve their chances of customers remembering important information and forming an emotional connection with the brand.

It’s not enough to simply present data and statistics; brands must package this information into a compelling narrative that captures the attention and imagination of their target audience.

14. Only 5% of people remember statistics, but 63% remember stories

Researchers Dan & Chip Heath conducted a study on how storytelling influences memory recall and engagement. The findings of their study revealed that after a presentation, only 5% of people were able to recall specific statistics from the event, while 63% of attendees could remember the story told by the presenter.

The reason behind this is that stories trigger the release of oxytocin, which leads to a higher likelihood of relating and emotionally connecting to stories more than facts. Therefore, people tend to remember stories more than statistics.

15. Branded stories lead to a 4% increase in trust and brand connection

An article published on the MIT Sloan Review website discovered that branded stories can increase customer engagement and trust.

Over five years, researchers conducted field research alongside BMW and Suruga bank and found that stories significantly increase reader engagement with websites. Branded stories lead to a 4% increase in customer trust towards a company.

According to the report, stories that originate from customer experiences are particularly effective in shaping brand perceptions through social media. The study emphasizes the importance of using stories as a tool for increasing customer engagement and building trust.

16. Storytelling can increase conversions by 30%

According to a report shared in 2017 by the Delhi School of Internet Marketing, brand storytelling can increase conversions by 30% when used to answer crucial questions customers may have about a product, business, or service.

The report also notes that both B2C and B2B marketers consider storytelling to be a high-value strategy. In fact, in 2017, 62% of B2B marketers said storytelling was an effective content marketing strategy for their team. This highlights the universal appeal of storytelling and its power to engage customers across different sectors and industries.

17. Good storytelling is among the top 3 things that make content effective

The LinkedIn technology marketing community researched to identify the most significant factors that make content marketing effective.

According to the report, the number one factor is audience relevance, which was named by 58% of respondents. The second most important factor, according to 57% of respondents, is a compelling approach to storytelling.

This finding highlights the importance of incorporating storytelling into content marketing strategies to create a connection with the audience. By telling stories that resonate with the audience, businesses can create a memorable and engaging experience that can lead to better engagement and ultimately, better results.

The report also suggests that marketers should focus on creating content that is not only relevant but also compelling and engaging, with a strong narrative that draws the audience in.

18. 92% of customers want ads to feel more like a story

An infographic created by the OneSpot marketing company shows that around 92% of consumers want companies to create more ads that feel like a story. The report reveals that customers desire brands to deliver content that has a clear and linear narrative.

However, the same study also found that many consumers are seeking more visual stories, given that the human brain can process images up to 60 times faster than text. Therefore, companies need to incorporate a mix of visuals and text when telling their brand story to attract the attention of their target audience.

19. Research shows that a 5–10% retention rate for information jumps to 65–70% when paired with a story

Research has shown that human brains are wired to love stories, and incorporating stories into content can improve information retention rates. Stanford University conducted a study that found that when statistical information is paired with anecdotes or real-life examples, retention rates can jump from 5-10% to 65-70%. The reason for this is that the brain processes information differently when it is presented as a story rather than as data or facts.

The study’s findings suggest that audiences are more likely to remember content that feels like a story, as opposed to a list of statistics or facts. This is because our brains are naturally better at retaining information presented in a narrative format. Therefore, using storytelling as a strategy to engage with audiences can significantly improve content effectiveness.

Additionally, research conducted by the OneSpot marketing company found that customers want ads to have a clear, linear narrative. Consumers are also looking for more visual stories, as the brain processes images up to 60 times faster than text.

The good news is that anyone can incorporate storytelling into their content, regardless of their writing skills. Simple stories about real people or events can work just as effectively in engaging an audience as more complex narratives. By utilizing the power of storytelling, content creators can increase audience engagement, retention, and overall effectiveness.

Social Storytelling Statistics

20. 500 million people use Instagram Stories every day

The power of storytelling as a marketing and sales strategy has driven the creation of new tools and services to assist brands in the social media landscape. Instagram Stories, for instance, is a feature developed to help individuals and companies share short, fast-paced narratives on social media.

Instagram Stories has become one of the most popular tools on Instagram, with over 500 million people using it every day. Additionally, Stories have gained popularity on Facebook in recent years due to the increased integration between the two platforms.

21. 63% of Gen Z Consumers Are More Likely to buy from a Company that Contributes to a Social Cause

The importance of social responsibility in marketing is growing among younger generations. Research indicates that 63% of Gen Z consumers are more likely to buy from a company that contributes to a social cause. To capture the attention of this socially conscious audience, brands should showcase their corporate social responsibility (CSR) initiatives in a storytelling format that taps into consumer emotions.

A great example of CSR storytelling is LEGO’s #SaferInternetDay campaign. The campaign aimed to help children develop online empathy skills and become online heroes. LEGO created an interactive quiz hosted by Mr Safety, a LEGO character, that set up a digital situation that children could relate to, telling the story of online bullying. The quiz then asked children what they would do if they saw mean behaviour. This made the storytelling experience engaging and interactive.

The campaign also featured Captain Safety’s Online Heroes, which helped children relate to the story by explaining the roles of each character. The campaign was shared on social media and given dedicated space on the LEGO website. By effectively communicating its CSR initiatives through storytelling, LEGO was able to connect with its audience on a deeper level, making them more likely to purchase from the company.

Source: Sprout Social, Soocial, Harvard Business Review, Contentworks, Nutcracker Agency