A product is a story.
Aristotle says that history is the series of events. The plot (story) is the arrangement of a subset of those events, done in such a way as to move the audience. If the history is "the king died, it rained, the queen died of grief", the plot would be "the king died, the queen died of grief." Yes it rained, but that information detracts from the impact of the story. Substitute Aristotle's "events" with links or functionality, and you see immediately that it doesn't matter what your product can do. What matters is the experience I have while consuming it.
Put more simply, there's an expression in the film business: "the audience is either crying, or they're talking." Which means, if you fail to move your customer emotionally, no amount of analysis, discussion or explanation will get them back to where you want them.
Okay, stop stop stop. I'm not talking about design. Or aesthetics. Or UI protocols. I am saying, when I come across your product, am I moved to engage, and once I engaged, am I transported? Does it promise an answer to my hopes and dreams? Does it reinforce my image of myself? Or does it strike at some primal fear, and offer shelter from the storm?
Have you scripted my experience, from first encounter to last transaction, so that I am compelled to invest more time, energy or money in you than I probably should?
I don't remember how much my iPhone cost me and I don't care. I love it. Costco has 3,600 unique SKUs, compared to 45,000 at some of its competitors, but when I shop there I feel like I hit the motherload. I will go out of my way by two hours to fly Virgin America (seriously, you need to try Virgin America - they have screens to order food and drinks on-demand, power outlets between the seats, and the CEO emailed me back when I complained about the food selection.)
And since this is a blog, let's talk digital. Strava, my cycling/running app, launches with a beautiful photo of an athlete, making me feel like I'm part of something awesome before I even log in. And unlike other training applications, Strava understands that athletes love community, but that they are also competitive. The story of using Strava is "I do a workout, and if I'm proud of it I can share it with others, see how I measure up performance-wise, and get kudos from my friends. If it wasn't a great workout I don't have to share, but I still have it as a record for myself." The functionality is GPS tracking, calorie counting, route logging, etc. Other performance apps stress functionality, and let you do what Strava does if you put the time in to figure out how. They are all history, no plot.
If this seems like a ridiculously high bar, it is. And you don't actually have to do it. If you are okay paying $0.95 in marketing for every $1.00 you make, if you are willing to be ground down by comparison shopping, then ignore the story. Skip the step where people are so moved to buy your product that they will stand in line for it, or recruit their friends to use it, or spread the word to their network. Go right to the analysis, the showrooming, the ground-down margins, the ROI calculations. And if you find yourself in this warzone, ask yourself - are you satisfying your needs by satisfying my desire for a good story? Or are you trying to take your needs and sell them to me as the story?
Back to the movies. When the lights dim, we get a small thrill that maybe the story will be as enjoyable as the trailer promised. To quote another filmism, "I paid my money, I want to believe." That says it all. I paid with my money, my time or my attention. I've chosen you. I want to believe. And if your story is good, I will.