Every product and service that’s out there today needs some kind of advertising. It doesn’t matter how good your widget is and how many years you’ve put into its research and development, if no one knows that it’s on the market then you simply won’t sell many or any for that matter.
Ultimately you will need a marketing plan strategy and some of the most successful plans recently have adopted this kind of brand development.
Corporate branding is where a firm will use their company name as a brand name to further create a business identity in the public eye. One example of this technique is the work that’s done in advertising by companies like IBM and Disney.
From the outset it’s essential that you have a plan to develop this strategy and these types of branding strategies generally have four components that make up the plan as a whole.
Identify Your Target Market
Before you can properly use the corporate branding method you need to identify who you’re trying to sell these goods or services too. Especially in the world of Internet business where the audience for your marketing is vast, business owners make the initial mistake of casting the net too wide. It’s essential that your primary target customer is identified. If you’re trying to sell hip hop shirts, you don’t want to target a demographic that prefers classical music.
Know The Competition
After that you’ll need to have a good look at the competition in your market. An important part of brand development is having a unique approach that’s different from your competition. You need to study what the other people in your industry are doing so that you can have a distinct public image. A big part of corporate branding is staying away from anything hackneyed that the industry you’re in has tried before.
Establish the Right Mix
You need to have a good look at you product/service mix as well. This will include four basic but critical elements; – Price – Presentation – Place – Promotion
Create a Unique Selling Proposition
Finally you need to create a unique selling proposition (USP). As the name suggests, this needs to be an element that will be distinct from all the competition’s claims. When you’ve fused these elements together, you’ll be able to see the direction that your corporate branding should take.
Remember here that the entire corporate branding process is all about the methods that you use to forge a unique identity. Especially in the world of Internet business, you need to be sure that the voice of your business gets heard above the din that is competition on the web and that’s the reason that you need to be sure that you carefully work through the process.
What you come out with on the other side of the corporate branding process needs to be not only a solid representation of what your company can provide, but how they can accomplish that goal in a manner that’s different from the competition. Equally you need to ensure that your brand identity flows through and is recognizable in your web design, the graphic design of your corporate documentation and of course product packaging.