The biggest challenge companies have right now is standing out. Countless businesses are popping left and right, doing similar things, and offering the same services. Being recognized becomes more and more difficult. As such, companies invest big bucks when it comes to their corporate branding efforts. It is only through effective branding that companies can communicate to their audience what their vision is. Many factors are involved in a company’s corporate brand, but four main factors need the most attention – Vision, Technology, People, and Systems.
What is Corporate Branding?
First, it’s essential to understand what corporate branding is. Corporate branding is the act of utilizing the brand name of a company for all of its marketing efforts. What is prioritized is not the product produced, but the brand itself.
For instance, Nike has focused on building its brand name instead of merely promoting its products. Millions of dollars have been spent in launching the campaign, “Just do it.” Every time Nike releases an ad, the priority is the brand and its vision rather than a specific pair of shoes. Sure, there are efforts to promote certain models of shoes. But over-all branding always takes precedence.
Factors involved in Corporate Branding Efforts
Any company that wishes to become relevant has to have a vision. It is the vision of a company that guides the company in all of its dealings. It is the North Star for every decision.
Let us take the brand Nike again as an example. The brand’s vision is to bring inspiration and innovation to every athlete in the world. This vision is reflected in all of their marketing efforts and communication. All of their statements, campaigns, and advertisements are aligned to their vision. Nothing is done for the sake of just doing it.
In the age of social media, it is imprudent to disregard advances in technology in efforts for corporate branding. Companies must capitalize on technology to get their message across. A company website is a must. The brand must be present in the digital world. The target audience must be able to find it without the need to search for it physically. It is crucial to be visible on all platforms relevant to your type of business.
People are the most important aspect of your corporate branding effort. It means people from both ends of the spectrum, the people behind the business and the target market. The employees must function with the same goals and vision in mind. Every department of the company must deliver its work aligned with the company’s brand. For instance, the design team must reflect the corporate brand in the company’s online platform aesthetic. The marketing team must create campaigns that encapsulate the corporate brand.
In the same vein, the market is also a factor in corporate branding. A company that is deaf to the needs of its consumers is destined to fail. Constant communication with the audience is key to branding success. Empower by engaging them in meaningful and fruitful conversations. Listen to feedback and accept criticisms. The best indicator of success is if your efforts translate to acceptance and consumption among the consumers.
No matter how beautiful your website is or how catchy your slogan is, they are unimportant if the company does not deliver on the things that matter. The corporate brand takes care of how the company presents itself and communicates with people. But the bulk of the work is dictated by the effectiveness of the systems in place. How great a corporate brand is is ultimately reliant on the actual delivery and quality of the service or product. It can be determined by setting up measurable performance indicators. Corporate branding is useless if it does translate into actual sales. Having concrete parameters to measure your success is imperative.
As business owners, it is difficult to master this aspect of the business. One way to make your life easier is to partner with people who are experts in the field. Corporate branding is time-consuming and complicated. By entrusting it to professional marketers, you can relax and focus your energy on other things, such as improving your products and operations.