Marketing is Storytelling
Do you have a good story?
Seth Godin and I agree on a lot. Not everything, but a lot. Seth wrote the book on Permission Marketing and All Marketers are Liars. You'll notice he decided that title was unnecessarily provocative and also incorrect. He revised it to more correctly state that all marketers are storytellers and I agree.
I was recently reminded of the importance of good storytelling by a visit to the Montreal Auto Show – a showcase of marketing by big spenders at the automakers. They were focused on new car design concepts and electric vehicles, not so much on the company story which for many of the legacy carmakers is not very appealing.
I liked the story of a new player in the EV market – VinFast. VinFast is the automobile manufacturer in Vietnam that is part of Vingroup, currently Vietnam's largest conglomerate, founded in 1993 by Pham Nhat Vuong, a local billionaire who made his initial fortune in Ukraine when he sold his instant noodle business to Nestle. Vingroup currently operates in thirteen business sectors in Vietnam. VinFast is dedicated to building electric vehicles, "better than Tesla, at lower prices, with longer warranties and higher performance." And with a much better story of the entrepreneur-owner than the one Elon Musk has been writing for himself lately.
How good is your story? You’ve spent a lot of time and money on branding and product development to convince your customers to stick with you, but do they also love your story? That may be the deciding factor in holding their long-term loyalty.
(FYI: VinFast is accepting orders now for delivery in Canada by April. If not their car, then maybe their stock is a good buy. They’re planning for an IPO listing on NASDAQ this month. Note: NOT a stock tip! I’m not qualified. Just sharing the information.)
Be better. Do Better. Be an Enlightened Entrepreneur.
Del Chatterson, your Uncle Ralph
Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.
Read more Blog posts at: LearningEntrepreneurship Blogs.