the best story always wins - corporate visions · 2020-06-17 · corporate visions co-author:...

The Best Story Always Wins

How to Develop and Deliver a Compelling Story

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Tim Riesterer

@TRiestererChief Strategy Officer

Corporate Visions

Co-author: Customer Message ManagementConversations that Win the Complex SaleThree Value Conversations

SEPTEMBER 8

This Day in Storytelling History

Christmas 1973

Status Quo Buy“Why Change?” “Why You?”

-3 -1 +1 +2 +3-2

Status Quo Buy“Why Change?” “Why You?”

-3 -1 +1 +2 +3-2

60% BEFORE SALESPERSON

Status Quo Buy“Why Change?” “Why You?”

-3 -1 +1 +2 +3-2

60

NO DECISION

%

60%

BEFORE SALESPERSON

Status Quo Buy“Why Change?” “Why You?”

-3 -1 +1 +2 +3-2

60

NO DECISION

%

60%

74%Create

Buying Vision

26%Competitive Bake-Off

BEFORE SALESPERSON

Status Quo Buy“Why Change?” “Why You?”

-3 -1 +1 +2 +3-2

60

NO DECISION

%

60%

74%Create

Buying Vision

26%Competitive Bake-Off

BEFORE SALESPERSON

YOUR SOLUTION

Defeating the Status Quo Bias

PreferenceStability

YOUR SOLUTION

De-stabilize their preferences

Defeating the Status Quo Bias

PreferenceStability

YOUR SOLUTION

De-stabilize their preferences

Cost of Staying same

Cost of Action/ Change

Defeating the Status Quo Bias

YOUR SOLUTION

Cost of Action/ Change

PreferenceStability

Selection Difficulty

De-stabilize their preferences

Cost of Staying same

Create enough Contrast

Defeating the Status Quo Bias

PreferenceStability Anticipated

Regret /Blame

Cost of Action/ Change

Selection Difficulty

YOUR SOLUTION

Cost of Staying same

De-stabilize their preferences

Create enough Contrast

Before and after hero Story

Defeating the Status Quo Bias

De-Stabilize Preferences

INSIGHTS THAT INCITE …

Show Cost of Staying Same

Create Enough Contrast

Before and After Hero Story

De-Stabilize Preferences

INSIGHTS THAT INCITE …

Show Cost of Staying Same

Create Enough Contrast

Before and After Hero Story

Identified

NEEDS

CAPABILITIESSpecified

Creating a Buying Vision

Commoditized Conversation

NEEDS

Identified

Specified CAPABILITIES

UNKNOWNSTRENGTHS

Commoditized Conversation

Creating a Buying Vision

+ COST +COMPLEXITY

NEEDS

Identified

Specified CAPABILITIES

UNKNOWNSTRENGTHS

Commoditized Conversation

Creating a Buying Vision

+ COST +COMPLEXITY

UNCONSIDEREDNEEDS

Urgency and UniquenessLIVES HERE

Zakary Tormala, PhD

Persuasion and negotiations experts providing exclusive research and collaboration on insights and concepts

Stanford University Graduate School of Business

Margaret Neale, PhD

Unconsidered Needs Test

Presentation Uniqueness

2

3

4

5

6

Standard Solution

Value Added Solution

Unconsidered Needs Last

Unconsidered Needs First

Statistically Significant Uniqueness Improvement 50%

Presentation Quality

5

6

7

8

9

Standard Solution

Value Added Solution

Unconsidered Needs Last

Unconsidered Needs First

Statistically Significant Quality Improvement 10+%

Presentation Persuasiveness

4

5

6

7

8

StandardSolution

ValueAddedSolution

UnconsideredNeedsLast

UnconsideredNeedsFirst

Statistically Significant Persuasion Improvement (10+%)

NEEDS

Identified

Specified CAPABILITIES

UNKNOWNSTRENGTHS

Commoditized Conversation

Creating a Buying Vision

+ COST +COMPLEXITY

UNCONSIDEREDNEEDS

Urgency and UniquenessLIVES HERE

De-Stabilize Preferences

INSIGHTS THAT INCITE …

Show Cost of Staying Same

Create Enough Contrast

Before and After Hero Story

De-Stabilize Preferences

INSIGHTS THAT INCITE …

Show Cost of Staying Same

Create Enough Contrast

Before and After Hero Story

GainLoss

Value

2-3X stronger preference to avoid loss vs. acquire gains = “Loss Aversion”

Prefer taking risk that might mitigate a loss = “Risk Seeking”

Outcome

Prospect Theory

Executive Emotions Test

Plan ASave 1 out of 3 plants and 2,000 jobs

Plan B33% chance of savingall three plants/jobs66% chance of saving none of the plants/jobs

Status Quo framed as a “gain”

Plan ASave 1 out of 3 plants and 2,000 jobs

Plan B33% chance of savingall three plants/jobs66% chance of saving none of the plants/jobs

Plan A2 out of 3 plants lostalong w/ 4,000 jobs

Plan B66% chance of losingall three plants/jobs33% chance of losingnone of the plants/jobs

Status Quo framed as a “gain” Status Quo framed as a “loss”

74%

26%

55%

45%

More than 70% increase in “persuadability”

Plan ASave 1 out of 3 plants and 2,000 jobs

Plan B33% chance of savingall three plants/jobs66% chance of saving none of the plants/jobs

Plan A2 out of 3 plants lostalong w/ 4,000 jobs

Plan B66% chance of losingall three plants/jobs33% chance of losingnone of the plants/jobs

Status Quo framed as a “gain” Status Quo framed as a “loss”

74%

26%

55%

45%

More than 70% increase in “persuadability”

GainLoss

Value

2-3X stronger preference to avoid loss vs. acquire gains = “Loss Aversion”

Prefer taking risk that might mitigate a loss = “Risk Seeking”

Outcome

Prospect Theory

De-Stabilize Preferences

INSIGHTS THAT INCITE…

Show Cost of Staying Same

Create Enough Contrast

Before and After Hero Story

De-Stabilize Preferences

INSIGHTS THAT INCITE…

Show Cost of Staying Same

Create Enough Contrast

Before and After Hero Story

NeocortexDesigned for Analysis – rationale, logicalJustifies Decisions

Limbic System/AmygdalaDesigned for Survival – emotional, intuitive

Makes Decision for Change

Craves Contrast

FUTURESTATE

CURRENT STATE

FUTURESTATE

Contrast Test

What did we measure?

Purchase IntentInterest and likelihood of making a purchase

Attitudes and ChoiceWillingness to switch and willingness to pay more

AdvocacyLikely to tell others and recommend a new product

Product PerceptionsRepresents innovation and a clear improvement

3

4

5

6

7

8

Future Only Current then Future (Same

Screen)

Current then Future

(Separate Screens)

Current and Future (Side by

Side)

+14.63%Interest and likelihood of

making a purchase

Purchase Intent

3

4

5

6

7

8

FutureOnly CurrentthenFuture(Same

Screen)

CurrentthenFuture(Separate

Screens)

CurrentandFuture(Sideby

Side)

+14.06%Willingness to switch and willingness to pay more

Attitudes and Choice

3

4

5

6

7

8

FutureOnly CurrentthenFuture(Same

Screen)

CurrentthenFuture(Separate

Screens)

CurrentandFuture(Sideby

Side)

+12.46% Likely to tell others and recommend a new product

Advocacy

3

4

5

6

7

8

FutureOnly CurrentthenFuture(Same

Screen)

CurrentthenFuture(Separate

Screens)

CurrentandFuture(SidebySide)

+13.40%Represents innovation and

a clear improvement

Product Perceptions

CURRENT STATE

FUTURESTATE

De-Stabilize Preferences

INSIGHTS THAT INCITE …

Show Cost of Staying Same

Create Enough Contrast

Before and After Hero Story

De-Stabilize Preferences

INSIGHTS THAT INCITE …

Show Cost of Staying Same

Create Enough Contrast

Before and After Hero Story

Get the Research Brief

cvi.to/beststory1