Stories Win Business

Craig Pipe was confused by the surfeit of mobile phones in the smart phones category. Everything looked more or less the same and offered similar features and functionalities. He had been at the store now for more than hour and wanted to buy the best instrument for his girlfriend’s birthday falling the next day. He decided to call his friends for their opinion and within minutes received feedback through calls, text messages, and more importantly links to customer reviews. It took Alex an extra hour but when he walked out of the store, he was contented about the purchase.

There is no doubt that youngsters like Craig increasingly rely on their friends and their network to finalize a purchase decision.

What is important to note is that this trend is not confined to consumer products but even in corporate decision making. For example, when it comes to availing IT services, most decision makers prefer to cross check with existing customers rather than rely on the vendor’s brand name and team’s capabilities. Thanks to the advancement in collaborative and social communication channels, peer judgments are effectively leveraged and decisions are made swiftly. In the IT services landscape where organizations contemplate substantial investments towards business critical projects, they don’t want to go wrong in the partner they choose. An increasing number of organizations are known to evaluate the track record of IT services providers (demonstrated success) and seek references before finalizing the deal. In an intensely competitive landscape where competitive differentiators between IT service providers are diminishing, client references or endorsements could potentially make a difference between winning or losing the deal. A compelling story narrated by a client is the best marketing weapon.

Take the example of the leader in global IT services – IBM. The company’s ‘Smarter Planet’ campaign has been creating waves across the world – educating and compelling audience to take action towards o making many aspects of our world 'smarter': roadways, health care, power grids, food production – all aimed at a better way of living. According to the company, a smarter planet will require a profound shift in management and governance toward far more collaborative approaches. The company has very clearly articulated its vision for a smarter planet. Better still, it has ensured that the vision is substantiated by actions, which has been endorsed by clients. Can anyone claim that ‘smarter planet’ is a hollow and unproductive campaign?

Finally, as Geoffrey Moore, the Silicon Valley based high technology consultant and author of Crossing the Chasm – considered to be a tech marketers bible – says that "the notion that part of what defines a high-tech market is the tendency of its members to reference each other when making buying decisions-- is absolutely key to successful high-tech marketing."