Humans are wired for stories. It’s a scientific fact that our brains are much more receptive to information when they come in the form of stories. Fables and fairy tales were all a means to communicate information, and it worked so well that the stories lived up until today, even when most of the message no longer seems relevant.
Even today in business, storytelling is being used in so many ways, most especially in marketing and sales. But there is one part of business that companies should apply storytelling to: data analytics.
The power of data analytics is in good storytelling
Data is the new oil. Data is the new currency. Data analytics is the future of everything. We’ve heard it all.
Startups and SMEs now have access to a lot of data; platforms like DATAVLT not only lets them easily analyse their own data, but also gives them the tools to see a bigger and clearer industry picture, data-wise.
But the truth is, data is only as good as the stories they tell.
It doesn’t matter how sophisticated your data analytics process is; if you do not understand it and know how to communicate the results of your analysis, in a way that is easily processed and that compels people to do something about it, then it’s just stagnant information.
Finding the real stories in your data helps attract people and gets them behind your strategy and key messages, whether they are your team members, investors, or customers.
Good data stories raise funds
A memorable story is great for recall; but a memorable story that’s founded on accurate data? A powerful fundraising tool.
While investors are well-versed in analysing data themselves, being able to tell the story of your data shows them that you have a good grasp of where your company stands. It also shows that you’re not just a starry-eyed startup who is out to change the world, but a starry-eyed startup enabled by clear information and sound analysis who is out to change the world.
For example, instead of simply saying that you changed product development strategy because you realised that 70 per cent of your customer are farmers, you can say that you began customising your product to address the needs of 50 million potential customers in the region, based on the data generated from your operations.
This tells your potential investors that you know how to use a narrative that shows how you would grow based on your own generated data in relation to industry data trends. It also shows that you understand the power of your data and prove that you are able to draw upon it to make sound decisions in the future.
Stories rally people behind you
Much has been said about using data to get customers, but how about team members?
One of the most important and challenging thing that startups and SMEs need to do is to hire people. Digitalisation means a lot of things to everyone and for talent, it means having access to a lot of options and the tools to gain information that would allow them to make informed decisions about their options.
For companies, this is a double-edged sword. On one hand, they have the difficult task of making sure they stand out from a decidedly large number of options. On the other, they have so much more opportunities to do that.
Why is Google, for the longest time, the most sought after company for talent? Is it because they pay well? Is it because they provide better opportunities for career advancement? Is it because of their culture?
It is a combination of many things, but the one key reason Google became a popular choice for engineering talent is because they are able to package their data points into an attractive story.
They don’t talk about the number of perks and benefits that have; they talk about how their employees are able to live more fulfilling lives because of these.
Data storytelling is not just presenting your data. It is about affecting the decision-making process of your intended audience. Just listing off percentages and numbers will not do that – you need to create a story that captures the attention and compels action.
Tap into your data and begin telling good stories
Of course, it would be difficult to tell good stories if you don’t have proper data analytics. The first step is always to ensure that the data you need is easily accessible and actually provides you with the information that would help you create compelling stories.
Platforms like DATAVLT can help unlock your data with ease.
DATAVLT is a blockchain data analytics platform, designed to deliver affordable business intelligence to small and medium businesses. DATAVLT employs correlational algorithms to integrate your enterprise data and consumer behavioural data to meet the ever-changing requirements of the business landscape. Assisted by Artificial Intelligence and Predictive Learning, DATAVLT platform enables you to tailor the data analysis to your business needs
Disclosure: This article is produced by e27 content marketing team, sponsored by DATAVLT