It’s that time of year where the B-word is front and center. That’s right, the budget.
Budget planning brings up mixed feelings and it can get a little intense. As marketers, it’s not always easy to get the CEO on board with certain budget items. Demonstrating value and ROI can be tricky – and the CEO wants to know that the investment is worth it. Unfortunately, marketing also tends to get a bad rap for being frivolous with spending.
There is a marketing initiative that we’ve found CEOs love to get on board with. It’s a strategy for becoming a category leader – and category leaders attract the best talent, raise the most money, get the highest valuation or IPO, and have the best stories.
If you could establish your company as an industry leader in the next year – don’t you think your CEO would make a little room in the budget?
If you agree, consider making the case for creating your own market category! There are countless ways companies try to improve their messaging (storytelling, positioning/approach, etc.). But, Strategic Narrative Marketing takes it to a whole level higher.
Strategic Narrative Marketing is a process for creating an industry category or framework that repositions a company and allows it to share a vision for the industry. Not only does the narrative aim to make the marketplace a better place for ALL, but it gains the respect of key influencers (analysts and media). The result – instead of just proclaiming to be a leader, the company will be driving its own corner of the marketplace.
A strategic narrative also supports internal company alignment. Company messaging should be an integral part of your company’s DNA – and if that doesn’t apply to your organization it is worth spending some time and money to get it right. We’ve found that CEOs “get this” and they understand the added value of an industry-level strategic narrative that becomes the foundation of company messaging. Additionally, if your business is not aligned around a cohesive message, you are potentially missing out on the opportunity to own and lead a space in your market.
When do you start budgeting for a Strategic Narrative?
How do you know if you need a strategic narrative? Ask these important questions:
- Does your company messaging stand out or does it sound like some of your competitors?
- Is your messaging consistent and clear? Does everyone know your values and goals in terms of how you want to impact your industry at large?
- Do the company leaders have a vision for the future?
If you answered “no” to any or all of these questions then not only are you falling behind true industry leaders, but you may need a fresh take on your positioning and messaging. If your company messaging feels anything other than authentic, concise and valuable – then you absolutely consider incorporating Strategic Narrative Marketing into your plans for next year. The benefits are huge:
- A Strategic Narrative can help you position your company as a leader
- When the company has a singular message aimed at a specific set of goals – teams at the organization can align and rally around the same cause
- Good messaging catches the attention (and respect) of analysts and influencers
- The strategic narrative supercharges the valuation of the organization because it is actually leading an offering value to the entire industry
- ROI can go way further than brand investment through category building
These potential benefits alone are enough to change the future of your business. In our experience, the CEO often sees the potential value in budgeting a Strategic Narrative because it focuses on the big picture. Moreover, if your CEO wants it, then you’ll have the budget for it.
Want to get an expert opinion on your messaging to help you determine how much budget space you need for positioning and messaging? Try our FREE assessment.