The power of data is more visibly expressed through storytelling. This is specified in recent research on data storytelling by Leapmesh, which records that stories are 22 times more memorable than facts and can boost audience engagement by 300%. Though these numbers may seem exaggerated, they are proven and simply show how much businesses stand to gain when they use data storytelling in business operations.
One could refer to data as the lifeblood of any business, and it’s almost impossible to experience its potency without proper expression of the facts through storytelling and visualization. Key decision-makers in business understand that their next line of action lies in how correctly data is analyzed and expressed through storytelling. Therefore, data storytelling lays the foundation for good decision-making in any business, exposing trends and facts that have future implications.
Nowadays, small businesses struggle under the canopy of their smallness because they neglect the use of analytic tools, not to mention the use of data storytelling. Though it’s quite understandable that it’s difficult for them to get a hang of their data due to a lack of resources and technical knowledge, it’s still not profitable for them to keep that out of sight. Employing data analytics and data storytelling is worth every penny and is a key decision-making tool for any business transformation.
Unlike traditional data analytics, which presents data in a dry and unrelatable form, data storytelling weaves together trends, insights, and patterns into a compelling story that appeals to the emotions of stakeholders and helps them to resonate at the level of the organization. It adds context to the data, making it more accessible and engaging.
One of the primary benefits of data storytelling is the simplification of complex data. Data itself is not appealing and makes no sense until someone attempts to explain what the facts and figures entail. For instance, if a marketing agency reports the level of customer engagement that was recorded after a campaign using figures and statistics, it will make no sense to the reader until a data storyteller explains the trajectory of the campaign right from conception to the point of transformation using storytelling hacks. Then, from the story, they can figure out the needs of their target audience and what drives their engagement. The uniqueness of data storytelling also stems from the fact that it can compel people to take action by appealing to their emotions. When dealing with stakeholders in business, taking advantage of their human make-up by appealing to their emotions encourages them to connect with the organization on a personal level and also increases their engagement.
Imagine how many people will engage with this result: “A company with zero recognition as a 7-year-old startup gains recognition in 6 months of using AI-powered software and drives 20% more traffic than its popular competitors.” Customers and other stakeholders can easily engage with this short narrative because it appeals to their emotions. They could have easily ignored a bar chart that analyzes these companies with statistical figures and patterns.
If any company will employ the use of data storytelling in their business analytics, then they must prioritize understanding their target audience. That is, having a clearly defined audience, including frontline employees, external stakeholders, and customers. Know what they want, and craft each story to appeal to their needs. Visual elements such as infographics and diagrams should also be used when telling the stories; it makes the words more alive and creates a stronger impression.
Data storytelling is that part of business analytics that bridges the gap between ordinary data analysis and decision-making for business transformation. Key decision-makers discover the next line of action through insights drawn from storytelling. It’s quite unspeakable that small businesses neglect the use of data storytelling to draw insights for their next line of action due to a lack of funding and human resources. However, though it may cost a lot, it is a worthwhile investment that will yield great results in the long run. Getting clear insights from data helps companies make better decisions for faster development and also reduces the managerial risks that have future implications.
