Digital Storytelling in the Network Marketing Industry

Buralieva Nina (2021) Digital Storytelling in the Network Marketing Industry. Kereskedelmi, Vendéglátóipari és Idegenforgalmi Kar.

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Absztrakt (kivonat)

What particularly strikes my curiosity is the idea of how storytelling, more precisely digital storytelling, can be employed as an effective and efficient sales strategy, i.e., if it is something people in network marketing can/should use to ensure a higher number of sales. I am particularly interested about where digital storytelling should be used and how effective a compelling narrative really is in terms of a company’s business growth. Namely, the purpose of this research was to obtain answers to the various research questions. Some of the leading questions that drove this research project are the following:  ·       To what extent do people trust digital storytelling?  ·       What are people’s reactions to social media sales/purchases, especially during a pandemic?  ·       Are people becoming more trustworthy towards online purchases? ·       What makes a sale more effortless?  ·       How are the different sales approaches scaling?  ·       Is “fact sharing” or storytelling a more effective tool for sales?   The main research question is the last one, since it is the one most connected to the topic of the dissertation. My hypothesis is that the buyers will express their interest in wanting to hear authentic stories and form genuine relationships and trust between them and the marketer. My thoughts revolve around the fact that after a good story and a good relationship formed, buyers do engage more in the conversation and listen even to the fact-sharing more. For these purposes, I used the opportunity to conduct research regarding the aforementioned closely related questions. During the course of this research project, both primary and secondary market research was used. Considering the world has been experiencing a Covid-19 pandemic since the beginning of 2020, and many countries including Hungary have declared a lockdown, this research project had to be adapted to the living circumstances. For the sole purpose of gathering the necessary data that would ensure this project’s reliability and validity, I decided to conduct a questionnaire as a both quantitative and qualitative research method. To be more precise, closed-ended questions of the questionnaire were used as a quantitative data collection method, whereas the section with open-ended questions was used as a qualitative data collection method. The sample population for this research project consisted of 100 participants, which were selected based on the following criteria:  ·       All participants in this research project should be 16 years old or above; ·       All participants in this research project must have social media accounts (Facebook and/or Instagram);   ·       The gender of the participants in this research project is irrelevant;  ·       All participants in this research have to be users of Herbalife products.   Taking the aforementioned research questions into consideration, the most logical decision that stemmed for me was to use a deductive approach, which would test the validity of the presumption that digital storytelling is indeed beneficial for the network marketing industry. More indicatively, to consider whether and to what extent, digital storytelling is more effective and efficient in terms of scoring sales than fact telling. In addition, the purpose of this research was to tackle a practical research problem, i.e. to select and promote strategies that would guarantee more effortless sales and that may ensure success. Ultimately, the aim was to help network marketing agents to receive real-life knowledge and understanding of effectual sales through the use of digital storytelling.    One of my objectives was to find out if the people trust digital storytelling, as well as to what extent. I expressed the hypothesis that revolves around the fact that after a good story and a good relationship with the client is formed, buyers do engage more in the conversation and listen more even to the fact-sharing part. Before the actual field research and data analysis this was only a hypothesis, but the questionnaire showed the real results. This questionnaire is a real-life questionnaire, it is anonymous, unbiased and most importantly, a valid and  realistic one. It is very important to emphasise that this questionnaire is answered from buyers who have already bought the product(s), which means the sale has been successfully done. That also shows that the buyers already experienced storytelling, and they built a connection and rapport with the network marketer. They answered the questions anonymously and based on a personal opinion and actual personal experience. All the people who purchased and who completed the questionnaire, have purchased a product from a digital storyteller, a network marketer. According to the primary and secondary research that has been done, people definitely trust digital storytelling as much as any other type of storytelling, especially if they trust the person who is performing the storytelling and if the storyteller has built a rapport. Another question mentioned in the methodology is what are people’s reactions to social media sales/purchases, especially during a pandemic. In regards to this question, after all the information that has been found, digital, social media sales, and network marketing as a whole industry as well, grew during this global pandemic while many other industries suffered. Furthermore, we have the question whether people are becoming more trustworthy towards online purchases. The answer to this question is similar to the previous one, i.e., the fact that the majority of the network marketing agencies have shown growth of their sales in the past year, reveals that people are becoming more and more trustworthy towards online purchases, and they feel quite comfortable with it. It is quite evident that the global pandemic has sped up this entire process. Concerning the question what makes sales more effortless, once again mentioned in the methodology, this research project has also answered. When the connection and trust between the salesperson, the network marketer, on one side, and the prospective  buyer, on the other, is formed, the sales commonly happen effortlessly and smoothly, without any necessity of pushing or forcing it. In that case, the sale most likely happens to be an even bigger one, and the cooperation between the salesperson and the buyer promises to continue in the future, as well. This type of connection, with an appropriate follow up, can lead a first-time buyer, to a long term loyal customer. However, what about according to different sales approaches and their scaling? Here, we have the approach of storytelling, as well as the approach of fact telling.  The literature reviews as well as the questionnaire’s respondents’ answers revealed that storytelling is, as a matter of fact, scaled higher, especially when it is done in a professional, fair and correct matter. Facts and numbers are sometimes important, but an abundance of fact-telling can seem boring, especially to people who are exposed to the idea for the first time, and thus result in unsuccessful attempts for sales. On the other hand, stories, or storytelling, can make prospective buyers more interested, engaged, and even more relaxed, which are positive feelings that may lead a person to making a purchasing decision more easily. The last and probably most important question of all questions that were attempted to be answered through this research project was whether fact-sharing or storytelling is a more effective tool for sales. Based on both the literature review and the questionnaire’s respondents’ answers, one may conclude that appropriate storytelling is an absolutely more effective tool for scoring sales. Storytelling, in general, has always been more effective, however, one must not forget that the power of digital storytelling and its effectiveness is growing by the day. However, one has to keep in mind that fact-sharing can also be useful, especially in situations where there is a high degree of skepticism involved on behalf of the prospective buyer. One may easily propose that facts and numbers can be incorporated into an interesting and attention-getting story about a successful company. What this research helped find out is the idea that when a salesperson attempts to convince people to purchase a product, sell the business to investors, inspire workers, or even get people to join a certain business, a salesperson’s ability to influence, persuade, and "close the deal" may very likely determine the business performance and outcome. As previously discussed, storytelling is, without a doubt, the most potent tool in sales, and digital storytelling has become our best-selling tool for the present time, as well as for the future. Storytelling in network marketing can come in many forms: in a form of “before and after” pictures, business testimonials, inspirational instagram lives, zoom calls, and many others. In conclusion, it is a fact that people buy products and services from people they know and like. Every buyer needs to hear a story and experience, and at some level desires to experience a personal and emotional connection, especially when buying online. What can be observed from the questionnaire is that people do need factual data to help them complete their decision-making process. However, the factual information is of a lesser importance than the stories salespeople share. What can also be a good idea is to actually ask the person for whom the story is intended, if they are more compelled with scientific data or stories. What should not be forgotten is that before the salesperson starts to share a story, he/she has to get the potential buyer to share his/her story first. Based on this, the salesperson can share the right stories, share additional facts if needed, and succeed in closing an effective deal. To add to the previous point, that is why it is not enough to share only our personal story and to remember only that story. A successful network marketer constantly collects new stories and keeps on building the belief. Another valuable point is the network marketer to never stop practicing and perfecting their personal story. What can be seen from the research questionnaire and answers is that the majority of the respondents were exposed to testimonials, “before and after” pictures and also personal stories. However, what can be taken into a consideration is the person who was sharing a story was not the same. In some scenarios, people purchased from experienced network marketers, whereas in other cases they purchased from inexperienced ones. In addition, around half of the respondents have known the person they are purchasing from, and half of them did not. This simply shows that if a trust is built and a story is shared successfully, the sale will definitely be closed. This research shows the importance of trust and being open with the buyer to every network marketer.  Doing this type of business in this manner can help millions of network marketers not only close more deals, but to also keep the customers and get loyal customers who love their services and products. In the network marketing space, more often than not, loyal customers tend to become business builders and distributors. While data sharing still should not be forgotten, this still has to come as a second wave of information, after the stories or should be somehow included in stories. For example, data can be shared during the objection handling or closing the deal, for that extra trust. Fact-telling can be useful as well in case of an already existing customer, when a network marketer would like to share facts about a new product or a product line with the customer. The more authentic the network marketer is with opening up with the story, the more likely the profit will grow, because the bond and the connection will be stronger.   The conclusion from the research shows these three important observations: Storytelling, on a daily basis; Personal Connection to the products, to the customer, to the business; Get to know the buyer, and share facts (if) needed, accordingly.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Kereskedelmi, Vendéglátóipari és Idegenforgalmi Kar

Tanszék

Kereskedelem Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Kereskedelem és marketing

Konzulens(ek)

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	clienting, digital storytelling, internetmarketing, network marketing, storytelling marketing
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2021. Szep. 22. 09:09
Utolsó módosítás:	2021. Szep. 22. 09:09

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