And the Storytelling Oscar goes to… “The Big Short”
What Companies Can Learn from the Oscar Winner Regarding Relevance, Agenda, and Timing The basis for this blog was laid by my Australian storytelling colleague Shawn Callahan, who recently wrote about the strategic mechanisms that make the storytelling in “The Big Short” work so brilliantly. Building on that, here are three aspects from a European perspective that also contribute to the storytelling success of this film: Relevance. Timing. Agenda.
Relevance:
“The Big Short” utilizes the aspect of relevance on multiple levels: Based on current events, without being too factual-documentary. Yes, it revolves around the events of the financial crisis, but goes much deeper and shows how fragile trust is, how quickly and irrevocably it can be destroyed. It contains both realistic and humorous elements (critics from “The Filmspotting” podcast called the film “Spotlight’s” evil twin). The film’s greatest strength is making extremely complex connections understandable in a story that the viewer can follow and emotionally connect with. Suddenly, something resonates that these “Wall Street guys” caused, with every personal life. When companies or brands develop stories, the relevance check should be at the top of the agenda. What does the audience actually dream of? What do they fear? What particularly occupies them at the moment? Properly selected, these relevant contexts can be exactly the connecting element that brings story and audience together. All internal and external sources should be used here; from strategy meetings to Facebook discussions or canteen gossip. This is how you win an Oscar with your customers or employees.
Agenda:
Even though “The Big Short” is per se a film about the financial crisis, the film rides a much bigger agenda wave: Our world has become much more uncertain and less predictable. We can’t shake the feeling that a new and even more unknown crisis could be lurking just around the corner. Jobs that have long ceased to be secure. Trust in large institutions (UN, governments, banks) is crumbling. Our uncertainty avoidance is constantly triggered and finds no rest. This is why stories like “The Big Short” gain the audience’s attention. Much more than maybe 20 years ago, when our parents could still rely on union-enforced job security. Anyone developing their individual or corporate stories should constantly keep on their radar what is currently “on the agenda”: worldwide, industry-wide, or within the company. How can the story incorporate these trends and process them for the benefit of the company?
Timing:
The right timing can catapult a good film into blockbuster territory – and turn a good story into a memorable part of corporate culture. Imagine if “The Big Short” had come out in 2011 – the film would never have been as successful. Now, in 2016, the timing couldn’t be better: The world economy is just a little bit hungover from crisis. Not the terrible awakening the day after, but just far enough away that the effects are still present. Those still fighting for survival or to get back on their feet don’t yet see the light at the end of the tunnel and can’t focus on anything other than survival. Another option for successful story timing is immediacy. In the first two hours after a disaster, the first two or three weeks after a major event, the story benefits from momentum. So when it comes to the effectiveness of a story in public, timing plays an important role. Told at the right moment, it flies like a rocket. So don’t save all good stories until the end. The reverse also applies: If the audience currently has completely different things on their mind, you have to wait for the right moment. A big round of applause and Oscar congratulations to Charles Randolph and Adam McKay for this well-deserved Oscar. When Eddie Redmayne won the Oscar for Best Actor in 2015, he especially thanked all the screenwriters “for entrusting us with their stories.” Companies should do the same: entrust their customers and employees with their stories to bring them to life. Together with innovation, they are the best recipe for long-term business success.