The Economic Role of Narratives:
Influencing Perception and Value: Narratives help shape perceptions of value. For example, if a brand’s story centres on sustainability, customers may perceive its products as more valuable due to their alignment with environmental values.
Driving Consumer Decisions: People often rely on narratives to make sense of complex information. For businesses, this means that a well-crafted story can guide purchasing decisions by presenting products or services as integral parts of a larger, meaningful journey.
Shaping Trends and Culture: As Shiller argues, stories spread like contagious ideas. If your brand narrative resonates deeply with NEOs, they are likely to share it within their networks, helping to establish new cultural and consumer trends.