Starting out a new business can be a daunting task, especially for people who are neophytes and dont have any knowledge in the ins and outs of business. If you are thinking about putting up a company or introducing a new product, you would soon realize that having a perfectly good product is simply not enough to survive in business. Developing a strong corporate brand is equally important in order to penetrate in a highly competitive industry.
Creating a brand name can be a very painstaking, understandably so since the brand would be primary identity of the company during its entire operation. Before you start brainstorming and conceptualizing, first you have to understand the full concept of the corporate branding triangle. Taking time to be acquainted with the basic principles of the corporate branding triangle would certainly help in developing a powerful corporate brand.
Similar to a triangle model, the corporate branding triangle has three important points. Since the corporate brand will certainly be the first important impact on consumers, it should be given a certain degree of value. So here are the three important points that make up the corporate branding triangle framework:
Brand Outside
This generally gives stress to the companys relationship outside the organization, particularly to the consumers. To be able to achieve a strong corporate brand, consumers should be aware of the existence of a product or service in the market. Advertising plays a very big role in helping companys develop a high rating on consumers brand recall. It you are introducing a new brand in the market, it is important that people would know what it is, who can use the product, how to use it, and where they can buy it.
Brand Inside
There are several companies who dont invest time to orient their people thoroughly on their products and services, especially those who are not in the marketing and sales department. This is quite an important aspect that should not be overlooked since how would your people sell their products effectively, if they dont even believe in it? It is important that they do not only trust in the brand, they should use it in order to create conviction. Remember, your employees should be the primary endorsers of the companys product or service.
Brand Leadership
Since the top executives of the company are mostly the ones who are responsible in making important decisions with regards to the products and services they are selling, it should be given great importance. While the other to points discussed in the preceding paragraphs are located at the base of the triangle, the brand leadership is at the very topmost part. This means that executives and their own interaction with the brand are important in building an influential corporate brand. Every decision made in the boardroom should be in line with the best interest of the brand and not just solely on making a good profit.
Corporate Branding And Identity
Hence, each and every one of us has a personal brand whether we like it or not. The issue now is whether you can sustain your own personal brand to create a clear and memorable impact of who you are, what you do and what you stand for.
Whether you are a sole proprietor, a conglomerate and Fortune 500 Company, or even a company executive, it is essential that you have your personal branding that would make you recognizable to your target audience. It helps you to build that powerful personality that has a positive impact to your audience whenever they think of your brand.
Your personal branding is a combination of different factors. This includes your values, traditions, capabilities and actions that you believe in. It is what makes you different and unique from the rest of your competition. The important thing with personal branding is you. It may be in your color printing ads or even in your business cards – the bottom line is to make your personal brand ubiquitous in everything that you do.
One advantage of having personal branding for your business is that it creates that personal element in your marketing campaign. People would recognize the various benefits of your product as truly yours which can help you stand out amongst the crowd.
On the other hand, corporate branding is a great tool in order that the name of your company will be recognized. You can do this by applying it to your product's brand name. What you do is to include your company's name in the name of your products and services. This way, your company would be remembered along with your product.
What makes corporate branding beneficial to your business is that it saves you money and time when it comes to your marketing campaign. Since it is your company name that is used for your products, one advertising campaign done by an experienced commercial printing agency is enough for many of your product offerings.
One disadvantage though with corporate branding – your target audience may have a hard time treating your products and services on the basis of individuality. Instead of focusing on the product's unique features, your target clients would most likely be concentrating on your name because that's what they've been exposed to.
Another drawback is that corporate branding can confuse your customers from what is the name of your company with that of your product. Your company's name is interchangeable with your product that your clients and prospects may have a hard time distinguishing the two elements. This then leads to your business losing that ‘trademark protection' and making you a generic product or service.
So which one do you think would be most beneficial for you? Whatever you choose, just remember to select what would help you create a positive image to your clients and prospects. And the rest will follow.
Both T J Madigan & Kaye Marks are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.