A few weeks ago we’ve discussed that there are three ways to get ahead in business today: do something cheaper than the competition, do something better than the competition, or do something that no one else is doing.
We’ve also seen how going for the first option is extremely difficult, and going for the last one is very, very unlikely.
Which leaves us with the second option – doing something better.
However, what exactly does it mean to ‘do something better’ in the busy world of today? What are customers willing to pay extra for?
Nowadays, building a straight up better product is extremely difficult. Think sneakers – there’s probably a pair designed specifically for each and every possible situation in life. Heck, I’m pretty sure there are sneakers designed to be worn to formal events.
Point is – creating a better pair of sneakers is extremely difficult, if not impossible. I mean, they would have to make me fly like iron man if they’re gonna claim that they’re better.
Yet, people are overpaying hundreds of dollars for brand sneakers, like Nike. The question is – why?
Obviously, there isn’t a simple answer to this. Nike are one of the world’s top brands, and people are buying their products for a variety of reasons.
However, there is one reason why Nike have been on top of the game for decades. That reason is storytelling.
See, when you’re buying Nike sneakers, you’re not just buying yourself a pair of shoes. You’re entering an elite club of athletic and ‘cool’ individuals who associate themselves with Nike products. You’re becoming a part of the Nike’s narrative.
Storytelling can happen in a number of ways. If an influencer – say, Beyonce – uses your product in public, that’s a story on its own. You can support a charitable cause as a company, and your customers will know that by buying from you, they’re adding to a greater good. You can position your brand inside of the latest news bubbles – currently, this would have to do something with sexual harassment.
There are millions of unique ways how you can wrap your business around in a story and instantly distinguish yourself from the crowd.