Many people confuse corporate branding with product branding. Whereas product branding involves creating a particular identity for a new product, using marketing and advertising to differentiate your product from the competition, corporate branding is a much bigger task and one that affects the whole company, not just a particular division. The corporate brand is a constant; like an overhead cable under which many product-branded trains run. It requires a hugh investment of both time and money, needs the buy-in of all of the senior management team, and has to be properly managed to be successful.
So why bother?
Well, because if you don't create a brand for your company, your market will do it for you. The way you present your product, interact with customers, respond to feedback, pay suppliers and deal with employees and shareholders is all part of your corporate brand. If you get it wrong with any of these groups, they will form negative opinions of you, which will then rub off on your products. The way to avoid this is to take the time to plan how you are going to work with all these groups, make your guidelines consistent across the company, ensure that they are being upheld and measure and report your company's performance against its brand values on a regular basis.
A good corporate brand doesn't happen overnight - it can take years to establish. It's a worthwhile investment though, because a strong corporate brand supports your product line, making it easier for you to change products or introduce new ones. It increases customer confidence in your products and gives the consumer or client a certain set of expectations about your business, against which you can measure yourself.
One for all . . .
Don't make the mistake of thinking that your corporate brand is just for the people who buy your product. It's essential that your workforce are part of your brand, and that means that it should be simply-expressed and well-communicated. Successfully achieving this will also improve recruitment, as the best candidates will apply for your jobs if they can see that you have taken the time to build an organised, focused business, with clear principles and ideals. Remember too, that your shareholders will want to see you taking your company brand seriously; when it starts to affect profits, it starts to affect them.
It's worth investigating how a corporate branding strategy can work for you, improving your business performance, your workforce retention and market perception.
For more information, talk to The Web Marketing Group.
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