In fact, poor business communication cost corporations (of the 400 surveyed) an average of $62.4 million<\/a> a year each<\/i>. Meanwhile, companies with highly effective communication strategies produced 47% higher returns<\/a> for investors over a five-year period. <\/p>\n\n\n\n Corporate communications isn\u2019t just authentically marketing your brand or ensuring executives communicate with consideration for public relations (though your strategy will do these things). <\/p>\n\n\n\n A well-executed strategy will keep a business functioning optimally and provide a plan for how to effectively communicate when a crisis arises. <\/p>\n\n\n\n We\u2019ll discuss more on why every business needs a communication plan and the plethora of benefits it produces, as well as how to create your business\u2019 communications strategy. <\/p>\n\n\n\n A corporate communications strategy is a structured plan to effectively and consistently communicate, both internally (across departments, between executives and employees, with investors) and externally (to customers and the public)<\/strong>.<\/p>\n\n\n\n There is no single strategy that works universally across companies. A business should structure its own communications plan to address the unique communication needs of that company. We will discuss how to identify and address these needs below. <\/p>\n\n\n\n Only 23% of executives<\/a> feel that employee goals are efficiently aligned with corporate purpose. Simultaneously, 31% of American companies<\/a> (21% worldwide) admit to not having any formal plan for internal communication. <\/p>\n\n\n\n Not having a plan at all (think Elon Musk on Twitter) leaves a lot of room for public perception and investor opinion to fluctuate wildly, with no nexus of control from the company itself. <\/p>\n\n\n\n Research has shown<\/a> that internal communication has a direct impact on customer perception. <\/p><\/blockquote>\n\n\n\n Companies generally understand the importance of external communications (i.e. marketing) yet tend to undervalue the benefits \u2014 to both employees and the success of the organization \u2014 of an effective internal communications strategy. <\/p>\n\n\n\n Additionally, there is always a possibility that internal information will end up being shared externally. Therefore, it is generally wise to assume that all internal communications will eventually be distributed externally.<\/strong> This alone can help protect the company from a lot of potential communication missteps. Ultimately, transparency is the strongest approach. <\/p>\n\n\n\n A well-executed communications strategy has the power to improve a workforce\u2019s quality of life while adding to the corporation\u2019s bottom line. <\/p><\/blockquote>\n\n\n\n We\u2019ve discussed many benefits with regard to higher investment returns, greater nexus of control, and increased ability to function optimally. <\/p>\n\n\n\n Here\u2019s a list of the various other benefits companies receive through implementing strong communication strategies:<\/p>\n\n\n\n The first step to creating your communications strategy is determining with whom your business needs to communicate. <\/p><\/blockquote>\n\n\n\n Internally, this might include C-suite executives, employees, and investors. Externally this might include the general public, as well as customers. <\/p>\n\n\n\n You might also consider how to effectively communicate with suppliers, manufacturers, or any other outside organizations that are essential to your business<\/strong>. <\/p>\n\n\n\n This step is essential to creating well-defined goals that tackle all aspects of corporate communications. <\/p>\n\n\n\n Employee feedback is even more important (and challenging) to acquire in the age of work-from-home and hybrid schedules. <\/p>\n\n\n\n Before developing your communications plan, gather anonymous feedback from employees with regard to internal communication and their vision for the company. This in-depth survey should be conducted in a way that allows employees to feel comfortable sharing their sincere thoughts and opinions. <\/p>\n\n\n\n A major part of a successful communications strategy is creating an environment of open communication<\/strong>, meaning employees feel empowered to share their ideas and feel secure sharing criticism that could improve their job and the company.<\/p>\n\n\n\n Externally, it\u2019s also important to solicit feedback from customers with a survey. In exchange for their thorough and honest feedback, consider offering an incentive, such as a discount or free month of service. <\/p>\n\n\n\n This survey should ask customers about their experience receiving communications from your company, which might include what mediums they prefer, the frequency of messaging, the style of communication, what feelings the company\u2019s marketing elicits, why they were persuaded to buy, and more.<\/p>\n\n\n\n Executives should outline and compare their future visions of the company. Once each executive has clearly outlined their priorities, the C-suite can align on those priorities and discuss the best method for communicating that vision to the various departments.<\/p>\n\n\n\n Depending on the division of responsibility, this might include collaboration with department teams to evaluate each person\u2019s role and how it fits into the overall vision. This should also include assessing what communications are working well and what needs improvement. <\/p>\n\n\n\n From this collaboration, management should agree upon a set of communication goals for the year with clearly outlined key metrics to measure progress as the plan is implemented. <\/strong><\/p>\n\n\n\n Keep in mind that your goals will need to consider various aspects of the business, including employee satisfaction, brand reach and conversions, investor expectations, potential crisis situations, and more. <\/p>\n\n\n\n The following goal is one example of how to create a communication goal with metrics that will measure progress and actionable steps for success.<\/p>\n\n\n\n Goal<\/strong>: Improve employee satisfaction and engagement<\/p>\n\n\n\n Metrics for Review<\/strong>:<\/p>\n\n\n\n Actionable Steps<\/strong>:<\/p>\n\n\n\n Create actionable steps with key metrics to evaluate progress. Determine when to evaluate progress and set smaller goals with easy wins to encourage plan adoption. <\/p>\n\n\n\n Keep in mind that some goals are progressive in nature, such as the one used in the example above. There is no clear end point at which this goal is achieved.<\/strong> Instead, the company should create an information baseline and work to improve upon it regularly. Keep diligent notes of this progress to make it easier to create new communication goals each year.<\/p>\n\n\n\n How<\/i> you communicate to employees and customers can have a big impact on their perception of that communication<\/strong>. For example, employees and customers alike have been shown to retain 95%<\/a> of the information from a video, compared to 10% when reading text. <\/p>\n\n\n\nWhat is a Corporate Communications Strategy?<\/h2>\n\n\n\n
What a Business Risks Without a Communication Strategy<\/h2>\n\n\n\n
Benefits of a Communications Strategy<\/h2>\n\n\n\n
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<\/figure>\n\n\n\n5 Steps to Develop a Corporate Communications Strategy<\/h2>\n\n\n\n
1. Identify Stakeholders and Audience<\/h3>\n\n\n\n
2. Gather Feedback from Employees & Customers<\/h3>\n\n\n\n
3. Create Timely Communication Goals<\/h3>\n\n\n\n
Example of a Corporate Communications Goal<\/h4>\n\n\n\n
4. Choose the Business\u2019 Communication Tools<\/h3>\n\n\n\n