2 min read

Episode 49: The Power of Storytelling in Video

Hannah Hambleton : Nov 30, 2023 4:34:27 PM

The SME Growth Podcast

4:42

In this episode of the SME Growth Podcast, hosts Dave Parry and Richard Buckle discuss the latest UK business news and how this impacts SMEs, share updates in the world of marketing and the power of storytelling with video content.

You can listen to the full episode here.

Financial Update

While celebrating the reduction in taxes by two percentage points, they emphasise the financial benefit for those earning up to £50,000. However, they also highlight that this reduction doesn’t apply to incomes beyond this threshold. They also discuss the increasing UK tax burden, sparking an interesting debate on the affordability of the tax cut.

The recent announcement on state pensions and the frozen tax bands until 2028 has stirred diverse opinions on the fiscal outlook, with debates on whether it's an excise tax burden or an essential tax cut. The unexpected shift in inflation to just under 3% by the end of 2024 prompts uncertainty, fuelling discussions on changing energy habits and price impacts. Meanwhile, the national living wage increase, especially for those under 23, raises considerations for businesses adjusting to the evolving wage landscape. The new rates for apprentices, including those in their late 20s, highlight the ongoing debate around fair compensation for learning roles.

Marketing Round-up

The podcast covers various recent updates and topics in marketing, including the use of a "magic button" in Zoom to make individuals look younger, the resurgence of the Stanley brand due to the video involving a car fire, positive survey results on confidence in both consumer and business sectors, and observations on budgets and prospects for 2023. The conversation then touches on the impact of AI in content creation, self-declaration of AI-generated content by YouTube creators, and diverse trends in the banking and automotive industries.

Is black friday genuine?

Rich and Dave go on to discuss Black Friday, revealing an interesting statistic that only 5 out of 200 products had genuinely lower prices. This highlights the need to question the authenticity of Black Friday deals, the hype surrounding the day and the potential impacts on consumer spending.

In a look ahead to the festive shopping season, they also consider the challenges for retailers of managing stock and predicting demand. The Living Wage increase is also mentioned, in reference to the passing on of increased costs to consumers.

Storytelling in Marketing

The podcast then shifts into talking about the importance of storytelling. This is highlighted by a recent filming project Wellmeadow completed for Shrewsbury Museum and Art Gallery to promote their Christmas visit with Father Christmas. Rich discusses the challenges of creating a compelling narrative which goes beyond a simple, classic portrayal of Father Christmas, sharing the extensive planning involved in storyboarding.

The conversation then delves into the implications for broader marketing strategy, touching upon the balance between short-term campaigns and long-term brand building. Rich underscores the role of storytelling in fostering emotional connections with the audience, leading to increased brand awareness for businesses and ultimately, higher margins. Dave and Rich also discuss the experimental nature of such storytelling initiatives and the importance of understanding and communicating the brand's values and purpose. They draw parallels between marketing storytelling and the film industry, emphasising the potential impact of well-crafted narratives.

Additionally, the conversation touches on the challenges of measuring success and the importance of creating content with an evergreen quality that can be repurposed over time.

The podcast concludes by highlighting the evolving visual expectations of audiences, emphasising the need for high quality production in today's content landscape. They discuss the potential for cross-selling and upselling through personalised video content. The overall takeaway is the importance of creating visually appealing, emotionally resonant, and strategically planned storytelling content in marketing efforts for any business.