August 21, 2020

The Importance of Brand Storytelling - Your Market Story

The value of storytelling in marketing and branding is widely known. To be able to have customers understand a narrative you build and buy into the idea that your tech brand is a living, breathing entity is priceless.

If you manage to balance fact and emotion into a storyline, your brand can reap the benefits of loyal, high-spending customers.

The brand story is now a necessary compass for your brand’s marketing strategy. In many tech markets, the space is overcrowded and is inundated with statistics, figures and the lowest prices. By choosing a more memorable, thoughtful route, you simplify your proposition and evoke an emotional response from the audience.

The beauty is, no other brand can copy your story. The tech brands that stand out in your head right now are the ones with the most told, most captivating story in their market.

This might be due to history (Zuckerberg in his college bedroom), an ongoing narrative (comparethemarket.com), or past challenges (Netflix and Blockbuster).

Storytelling can not only increase brand favourability but a good market story is known be 22 times more memorable than facts. The tough bit is positioning yourself and clarifying that message in your heads, and the heads of your stakeholders.

Tech products with no story typically fail. Now, for brands to succeed, they need to become human, more than a product or service. And this human’s personality needs to not only appeal to the target market, but to the decision-makers within the market.

Take cloud security - in our document, “Cloud Security 2020: Barriers to Growth”, we outline what is holding brands back and how to overcome these obstacles - many of which relate to the lack of a brand story.

For example, 77% of B2B buyers wouldn’t talk to a salesman without doing their own research. For cloud security brands, and tech brands in general, this means that first bit of brand research is often a make or break to completing a sale.

If your website, or if online earned media, doesn’t translate your market story succinctly and immediately, prospective investors and customers slip through the net and likely never return.

And that’s what is ultimately about, sales. Unfortunately, profit doesn’t always come from emotion. Your story needs to evoke a feeling but also inspire action. New York Times bestselling author Harrison Monarth, states that to inspire action, “you need to wrap your vision in a story that stirs the soul.”

YourMarket Story - Proposo’s brand story and message framework - achieves just that. It’s about clarifying your brand’s strengths and building a narrative that inspires action from prospective customers, investors, analysts and press.

The product has given FTSE and Fortune League clients competitive advantage, often leading to increased profits and market mindshare as a direct result.

To talk about storytelling with the team, and how you brand may benefit from Your Market Story, contact us here.

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Dom is a writer and marketing analyst who has a passion for advertising, branding and copy with all the creativity that comes with it. Part of De Montfort University's class of 2020, he earned a First-Class degree.

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