When four people came together to launch an eyewear company and pitch their business, they knew the best way to differentiate themselves from traditional eyewear companies was by telling their story.

Warby Parker’s founders were students when one of them lost their glasses on a backpacking trip, and the replacement cost was so high he went through the first semester of grad school without a pair.

He found out the others had similar experiences of not being able to afford a decent pair of glasses because of the abysmally high costs and lack of stylish options. This led them to create a company that offers affordable fashionable eyewear, and this was the story they told when they were pitching in their early days, and they still tell it on their website.

Their story highlighted the problem, the solution, and their mission – ‘We believe that buying glasses should be easy and fun. It should leave you happy and good-looking, with money in your pocket.’

Entrepreneurs often focus on showcasing their product’s features, market size, and financial projections when pitching their product or service. However, in a competitive market, numbers and data alone are no longer enough. That’s where storytelling comes in; it’s a powerful tool that can make your pitch unforgettable and your business memorable.

Why storytelling matters

Storytelling is not a mere nicety; it’s a necessity. People don’t buy facts and figures; they buy stories. When we hear a story, our brains release dopamine, a chemical that makes us feel engaged and invested. This emotional connection is what makes storytelling so effective in pitching.

So, what are some storytelling frameworks you can use to craft your pitch?

The hero’s journey

The hero’s journey developed by Joseph Campbell is one of the popular storytelling frameworks. It follows the hero’s journey from a world where they face challenges to another where they emerge victorious and transformed. You can use this framework to craft a compelling story about your idea, your struggles and challenges, how you overcame them, and the solution you’ve provided that will resonate with your potential investors.

For example, Airbnb’s founders used the hero’s journey in their early pitches. They told the story of how they couldn’t afford to pay rent, the struggle they faced when they launched the idea of renting out their air mattresses, how they had to repackage cereal and design novelty boxes, and their eventual success attracting investors and building their company.

The hero’s journey was clear: from struggling designers to successful entrepreneurs, solving a real-world problem.

Also Read: Five Reasons Why Business Leaders Should Be Using Stories in Their Communications

The three-part storytelling framework

While the hero’s journey is a powerful framework, it’s not the only one. The 3-part storytelling framework is a simpler one you can use in your pitch:

1. Problem: Craft a story around the problem you’re solving. Make it personal and relatable.

2. Solution: Present your solution. Explain how it addresses the problem and the benefits to your users.

3. Vision: Share your vision for the future. Explain how your solution will make a difference and the impact it will have. This is where you invite your investors to share in that vision by explicitly telling them what you want.

You have to stop seeing storytelling as a nice-to-do in pitching and start seeing it as a must-do. By using storytelling frameworks like the hero’s journey or the three-part storytelling framework, you can create a compelling narrative that resonates with investors. Remember, numbers are important, but they’re not enough. It’s the story behind the numbers that will make your pitch unforgettable.

So, the next time you’re preparing for a pitch, don’t just focus on your financial projections and market size. Take the time to craft a compelling story that showcases your mission, vision, and values. With storytelling, you’ll be able to connect with investors on a deeper level and move them to invest in your business.