KENNESAW, Ga. | May 3, 2024

Haley Hardman, PhD | Assistant Professor of Marketing, Idaho State University
Vitaliy Skorodziyevskiy, PhD | Assistant Professor of Management and Entrepreneurship, University of Louisville

Family names emphasize distinguishing factors of individuals as well as businesses. As early as the 16^th century, Shakespeare understood the power behind a family name, which was the underlying premise of his play Romeo and Juliet. If a family name is influential enough to serve as a dividing mechanism to hinder true love, then that dividing mechanism can transfer to a business setting so that family firms differentiate themselves from competitors, especially non-family firms.

This differentiation can be expressed through a family firm brand, which communicates the family aspect of the firm to customers (Astrachen et al., 2018). Firms can highlight their family aspect by incorporating their family name into the company name or by simply bringing attention to the fact that the firm is family owned.

Research has shown that a family firm brand offers several benefits. Customers associate positive qualities, such as trust, integrity, and reliability, with family firms more than non-family firms (Carrigan & Buckley, 2008). Customers also consider family firms to be more relational (Binz et al., 2013). Due to these associations and considerations, customers are not only more likely to purchase from a family firm but also are willing to pay higher prices for family firm products (Binz et al., 2013). Ultimately, more value and better opportunities can be found in a family name.

Family firms need to leverage this free, yet unique, resource to compete more effectively and glean more benefits.

Sara E. Davis, PhD | Family Enterprise Center at KSU

In today's competitive marketplace, small family businesses grapple with the challenge of standing out and connecting with their audience. While traditional marketing tactics such as advertising and promotions remain essential, the power of storytelling is increasingly recognized as a means to build meaningful connections and distinguish brands.

Brand storytelling revolves around crafting narratives that resonate emotionally with audiences, compelling them to engage with and champion the brand. Unlike conventional marketing messages focused solely on product features, storytelling invites consumers into a world where they can relate to the brand's values, mission, and experiences.

Why Storytelling Matters for Family Businesses:

• Emotional Connections: In an age of overwhelming advertisements, consumers seek authenticity. Brand storytelling enables family businesses to form emotional bonds by sharing narratives that evoke empathy, inspiration, or nostalgia.
• Brand Identity: Every family business has a story – whether it's the founder's journey or the company's values. By articulating these stories authentically, businesses carve out a distinct identity, setting themselves apart from competitors.
• Customer Engagement: Storytelling sparks dialogue and invites customers to be part of the brand's narrative. By fostering community and advocacy, family businesses cultivate loyal customers invested in their success.

Crafting Compelling Brand Narratives:

• Know Your Audience: Effective storytelling starts with understanding your audience's needs and aspirations. Tailor your narratives to resonate with specific segments for more impactful stories.
• Authenticity: Genuine and transparent communication builds trust and credibility. Share real stories that reflect your values, struggles, and triumphs.
• Embrace Emotion: Infuse your brand stories with humor, nostalgia, or empathy to elicit a strong emotional response. This makes your brand more memorable and resonant.

In essence, brand storytelling is about creating meaningful experiences and lasting relationships. For small family businesses, it offers a compelling avenue for differentiation, engagement, and growth in a crowded marketplace.

Want to learn more? Should Family Members Be the ‘Face” of Your Company?

Stephanie Still Davis | Director of Marketing, Still Family Farm

I grew up in a family business and on family land. My ancestor, John Willingham Moon, settled in west Cobb County, Ga., in 1837, and now my children help make up the ninth generation to grow up there. Moon was a farmer and laid the foundation for a legacy that has endured for more than 185 years.

My grandfather and Moon’s great-great-great grandson, Glenn Still, founded a construction company with his sons in the early 1980s. My cousins and I are part of the third generation to work there. So it was a natural progression when my cousin Leslie Still Oubre approached our family about sharing a portion of the family’s property with the local community as a harvest-time event that included a maze, hayrides, and a pumpkin patch. Still Family Farm LLC was established in 2012, and together we embarked on a mission to “cultivate family, create lasting memories, and connect with the community.”

As we began to introduce Still Family Farm to the public, we embraced several core marketing pillars rooted in the essence of family:

• Storytelling: Customers connect through stories about family businesses. For Still Family Farm, guests loved learning about significant family members like Viola Walden Still, my great-grandmother and long-time educator for whom a local elementary school is named. Many guests and their children attend(ed) the school, creating a unique connection. Stories like this allowed guests to gain an appreciation for the Farm's significance within their community.
• Personalized Hospitality: At Still Family Farm, our guests were not merely patrons. They were welcomed as cherished members of our family. Repeat guests were greeted by name, and our staff made every effort to foster genuine connections, particularly with the youngest visitors.
• Iconic Visuals: From the first tractor bought by my great-grandfather in the early 1950s to the collection of more than 20 tractors currently owned by my grandfather, the farm's visual branding evoked a sense of nostalgia for the timeless traditions of farm life. These iconic symbols serve as a reminder that the spirit of hard work and dedication to the land continued to thrive at Still Family Farm.

We promoted Still Family Farm by integrating marketing strategies tailored specifically to families and what they value, all while celebrating our rich heritage and values and forging connections with our guests.

Want to learn more? Should You Brand Your Family Business?