How To Develop A Corporate Branding Strategy
Several iconic companies have stayed relevant and fresh for decades now. These companies can be seen across all industries ranging from electronics to airlines and fashion. They have commonalities in the use of strong and unique colors, emotions, slogans, tastes, appearances, smells, customer service, and iconic logos among many other aspects that companies can apply across their entire product portfolio. The harmonization of such issues and approaches constitutes corporate branding strategies. Corporate branding strategy, therefore, is the practice of promoting the brand name of a company rather than the individual products or services. It is an issue that affects numerous stakeholders (investors, employees, management, and suppliers among others). On many occasions, setting out on a new corporate brand strategy calls for alterations in products and services in order to affect the market in a transformative manner.
There are several things that corporate bodies need to do as they develop corporate branding strategies.
The first should be to perform a brand audit. This step entails investigating and rectifying the strengths and weaknesses of the current branding. In this case a company can evaluate its website, visual identity, vision among others. Secondly, the company should determine its promise- who, what, why and for should be addressed. Thirdly, the management and vision bearers should get employees and relevant stakeholders to support the strategy. Fourthly, the strategy should be laced with passion and visibility in order to make it come alive. For instance, a catchy and emotive logo, slogan or colors help to show a new course of direction and determination to stand out.
There are several components for effective corporate branding strategies.
Consistency is the first and most important component of corporate branding strategy. It means aligning all the messaging, colors, qualities, tastes, etc in a consistent manner. A corporate body also needs to define the purpose for their company and meet the purpose. In addition, emotions and flexibility are critical components of corporate branding strategy as they move and accommodate the target market. Lastly, loyalty to its customers as well as and competitive awareness help a corporate body to succeed in its industry in a sustainable and progressive manner.
There are numerous benefits of proper corporate branding.
First, a strong corporate brand communicates what the company aims to do in the market place thereby gaining attention from its target market. A strong corporate brand accommodates the values, visions, and positioning of a company creating value as the team pursues its corporate strategy. When there is a proper branding strategy, there can be reduced expenses on individual promotion of individual products and services. There can be significant economies of scale when a single campaign to advertise a company is tailored to endear the company’s brand portfolio to the target market.
It is critical that companies be wary of the streamlining their brand portfolio based on raw costs since the secondary costs can have varying and damaging effects when they are overlooked. The revenue contributions of each brand should for the foundation of formulating a corporate brand strategy.