Corporate branding: definition
Corporate or Company branding refers to the practice of promoting the brand name of a corporate entity, as opposed to specific products or services. The activities and thinking that go into corporate branding are different from product and service branding because the scope of a corporate brand is typically much broader. It is the process of using a company’s name as a mark in all communication towards stakeholders. This as opposed to product branding where only products are being promoted to consumers.
Why corporate branding?
This world of ours is being dominated by information and speed. Nowadays it is easy to know everything or at least know how to get easy access to information. As a result products and services are no longer protected against imitation, being unique is no longer a competitive advantage. As soon as a new product is launched, a competitor puts a similar and cheaper product on the market. A corporate identity is not so easy to copy.
B2B clients are biased and intuitive
Unbiased and emotional factors are often the deciding factors of a purchase. When the buyer has 3 choices of equal value left, emotion takes over. The company image will then be the decisive factor.
How to improve Company Branding?
A thorough knowledge of the needs and wants of our customers can provide us precise mantra for our corporate branding efforts. The web continues to present new challenges and opportunities, but in-depth market research continues to be the ideal method for a successful branding strategy. So, here are five tips to help create the right brand strategy for a company:
- Know yourself and your audience
Understanding of a company’ products and services can provide valuable insight into the most appropriate marketing strategies and target audiences. For example, MP3 players, Internet services and YouTube are all similar in that they target a young generation. In contrast, arthritis medications, insurance products and retirement benefits are designed to appeal to older individuals.
Some products are clearly geared toward a female audience; others seek to reach a predominantly male audience. Not all products and services offer clear-cut distinctions, however. Beverages, housewares and fashions may appeal to various age groups, socioeconomic classes and genders. By determining the characteristics of your most likely customers, you can craft a brand that will appeal to their demographic more effectively.
- Enter the fray
The Internet offers numerous opportunities to build and promote one’s company. For instance, search engine results can provide an impetus to a company’s branding strategy while other advertising strategies can boost awareness for promotional campaigns. By incorporating Internet marketing and visibility-boosting strategies into your overall branding campaign, one can enhance the public image and ensure that a company’s brand is favourably represented in today’s tech oriented marketplace.
- Feel free to socialize
Another step which can contribute towards company branding is the social media marketing which is the critical element of a company’s overall brand strategy.
Social media is an ideal testing ground for new marketing efforts and can provide additional ways to reach potential customers. However, social networks like Facebook and Twitter require constant monitoring to maintain and protect a corporate brand strategy. Integrating social media into a company’s marketing plan can help reach more potential customers and attract attention for a company in these popular platforms.
- Consistency has to be maintained
Maintaining a consistent approach to your branding efforts can produce outstanding results. Choosing, and sticking with, a defined color scheme and corporate logo that is presented on all of your company’s correspondences and marketing campaigns can allow you to build consumer recognition for your products and services. With frequent viewings and exposures, consumers will be able to express his or her opinion of your company to create the foundation for your ongoing branding strategies and campaigns.
- Mobilize the troops
More and more consumers access the Internet through mobile phones each year. In fact, a billion of the world’s 4 plus billion mobiles phones are now smartphones, and 3 billion are SMS enabled. The day is not far when mobile internet usage will overtake desktop internet usage. To achieve online success a company’s branding strategies must be enhanced for a new mobile market. Website designs and hi-fi logos can allow your target audience to identify your company more easily regardless of screen size or type of device.
Every business big or small is different and requires its own unique set of branding strategies to establish name recognition. By integrating these five guidelines into your corporate marketing plan, you can achieve improved brand recognition and visibility with your most likely customers in the online marketplace.