The following is an excerpt from an article by Guy Murrel titled, “Brand Leadership and the Narrative Economy,” that was originally published on Forbes.com
While just “words,” the power of narrative is now a force to be reckoned with — from politics and pop culture to social movements and business.
All too often, we now see narrative take down the mighty and powerful and, at the same time, expose the once obscure to great fame. We also see the rise of social movements, longshots and underdogs that rode the narrative wave to new heights.
Hyper-amplification and growing socials channels of communication are on display daily, creating, spreading and shifting narratives like wildfire. Coupled with speed and a quick-to-gather mob mentality, a run-away narrative can turn a once isolated event into a major crisis or opportunity.
As co-founder and principal of an agency focused on narrative marketing, I have seen first-hand that we now operate within a narrative economy. Increasingly, stories, and what we say and stand for, greatly impact bottom-line success, customer engagement and how organizations align to innovate and win in the market. Industry narratives change rapidly, and it’s the narrative that can make a once-great company appear in a negative light, outdated or obsolete.