The value of story? About 2,776%
We’re always talking about how important a story is in marketing — but now someone has finally proven it with an ingenious experiment.
- Buy cheap things on eBay
- Give each one to a writer and ask them to tell a story about it
- Put each item back on eBay with the story attached
- Analyze the data
So, what’s a story worth? Quite a lot as it happens. The first 100 objects sold were bought for $120 and sold for $3,612 — a markup of 2,776%. The video of Rob Walker presenting the experiment at the PSFK conference is here.
And take a few minutes to browse around DoubleThink, an excellent blog on ‘Insight, Analytics and new Marketing’ by Dimitri Maex and Colin Mitchell, top strategists at Ogilvy.