Using Business Storytelling to Increase Your Prices
With this in mind, business storytelling is key– whether it's a story for investors in the form of a business plan, or one being told to your customers whenever they visit your website?
It's a considerable challenge for startups, especially those in technology, to showcase what is often a remarkable product. Technology has the means to revolutionise the world at every level. And understanding how a clear and well-developed story can benefit your business is essential, not only for drawing in investment but also for instilling a robust and uniform message and vision.
Business Storytelling outlines a clear message and approach
Without a clear message to convey to audiences, whether consumers or large-scale investors, businesses will be doomed to failure. This places a great deal of importance on the effect that storytelling has in developing a unifying message – a message that's capable of explaining to investors and consumers what your values are, and of making clear your longer-term business aspirations.
Storytelling in business allows for active emotional engagement while getting people invested in your company. It can unconsciously drive investor interest without needing to prosecute aggressive marketing campaigns.
Storytelling to give clarity to other departments
Another aspect is this: a foundational story can also give credence to the broader values and aspirations of your business. This allows for advertising and marketing campaigns, even products, to follow a clear path in conjunction with your storytelling, without becoming muddled or confused.
Without a clear company story to wrap a marketing strategy around, it's easy for a business to become confused and disjointed. Having a story to tell means being able to inform other departments of the right methods of engaging with an audience.
Broken down into components, storytelling gives departments, such as marketing, key targets and themes which work well with the business model. For example:
Action – Is the company model one that inspires confidence? Does it inspire curiosity? How does it serve customers? Whatever your company seeks to inspire your potential consumers, telling a story with a compelling call to action makes a dramatic difference. Those capable of prompting a strong response from an informative or inspiring ad campaign, thanks to persuasive storytelling, can obtain a firmer grip on the cost of their marketing.
Targetting your Audience – With your story in mind, marketing can figure out its target audience with greater detail. Knowing what your company strives to provide allows you to put it in front of the people you want to serve. First by identifying obstacles that people face in the world, next by highlighting the benefit your tech company, and your cutting-edge product, would have on them as a consumer.
Outlining your value – In knowing your story, consumers will then be able to interact on a deeper level with your campaigns. This allows them also to understand the importance of communicating with your brand on a longer-term basis.
Fine tuning the impact of your service to an otherwise underserved demographic is a critical point in storytelling. You should be able to outline the current scarcity of supply, and also demonstrate the significance of the services you provide. For example, Sourcemap, a fashion-tech company is outlining its value to an industry with frequently-poor working conditions. Sourcemap's success at underlining this problem, while outlining their own value, has it on a trajectory to become a revolutionary company in the field.
Having an aesthetic eye
Saying the right things in the right way makes up a substantial part of a successful telling of your business' story. For companies like Pop-Up magazine, a large quantity of time was allotted to presenting the content in a unique and punchy way.
By doing this, the company was able to use every single story they covered as a mini-marketing campaign. Through this approach, they were able to charge a higher-than-average rate for their magazine, as consumers associated it with premium and high-quality content.
The same concept can be applied to any business' storytelling and marketing strategy, regardless of a business' model or target investor/customer audience. Strong visuals in anything from advertising to statistics, placed in front of investors, can help to drive up investor interest, and allow you to bring up the value of your product.