When it comes to the terminology of brands, how clued up are you on your definitions? You must be thinking, does it really matter if you can’t differentiate between brand image and corporate identity, or if you struggle to clarify the brand positioning of a company from its differentiation?
Well, the answer is yes. It matters. Understanding brand terminologies will enable you to have a deep understanding of the position of various brands in the market.
The concept of corporate identity is equivalent to what we refer when we talk about our own identity, the traits that make us distinct from others. Similarly, a business makes itself distinct and unique through the image it presents to the world. In this way, it establishes the corporate identity.
A company with a strong identity always tends to win in the market. In the latest survey of 720 executives, companies that were noticed to have a strong corporate identity outperformed others by 25% ( in respect to average annual TSR between 2010 and 2013)
Curious to know more? Let us discuss in details the intricacies of corporate identity.
Corporate Identity: An overview
Think about some products you purchased recently at the supermarket. How did you know about these products? Did you recognise the brand or company by their logo?
Let’s look at an instance to understand the concept better:
John is watching a commercial about a new Smartphone. The company is not mentioned in the commercial, but a symbol of a pear is displayed at the end of the commercial. John knows this product belongs to the Pear Company. Even more, he is assured that it will be a reliable product. He has adequate information about the company due to its corporate identity.
Corporate identity is simply how a business or a company present itself to the public. Companies that are recognised by their logo, taglines, slogan or the very mention of their name are the ones that have successfully developed a corporate identity.
What is Corporate Identity?
Corporate Identity is how a corporation views itself and how it wishes to portray itself to the public that includes employees, customers, investors and collaborators.
When you hear the word ‘corporate identity’, you may think of letterheads, logos and business cards of a company. Undoubtedly, that is definitely a part of it. A corporate design incorporates all the things you would typically associate with the visual identity of a company. It includes logos, taglines, flyers, social media, web design and all that jazz.
However, the corporate identity of a company is more than just the design. It demonstrates the unique traits of a company. Therefore, it will include all those corporate design elements on the one hand, but it will also include culture, values, external and internal communications of a company. Corporate identity expresses the brand personality of a business and sets it apart in the competitive market.
Importance of Corporate Identity
In a competitive and fast-paced world where consumers have innumerable options available, a company requires a strategy to establish its solid presence in the marketplace.
A strong corporate identity is significant for every company as it helps in the interaction of the customers and the company. Let us discuss some of the benefits of having a corporate identity:
A company that invests towards developing a strong corporate identity indicates that it is there to stay in the market. It conveys a message that the company is serious about gaining success in the cut-throat completion of the market. It also provides the customer with a sense of trust.
A uniform corporate identity becomes instantly recognisable amidst its targeted audience.
In creating a consistent identity, the company ensures that they will be recognised and remembered.
Examples of Corporate Identity
Creating a corporate identity of a brand can make or break a business. Let’s look at an inspiring example to comprehend how some companies became successful in establishing corporate identity:
According to Interbrand, in recent times, Coca-cola is the number 1 brand in the world. It has a strong corporate identity. Its communication is refreshing and it has become successful in spreading happiness. Coca-cola has chosen red as the corporate colour, which it uses for all branding activities. Its corporate identity centers around the values of passion, leadership, collaboration, integrity, quality and diversity.
Building and Maintaining Corporate Identity
Successful businesses have a clear, indubitable perspective, regardless of how they market themselves to the world. Companies like Apple and Lego have turned their brand clarity into an art form, also paving the way for emerging brands like Casper. Have you thought about what they have in common? Their corporate identity is clear and consistent. It is what drives every decision of their company.
Have a look at the five steps given below to build and maintain a strong corporate identity:
- Perform a thorough audit:
It is essential to understand the position a company holds in the marketplace. Regular brand and competitor audits are critical for comprehending the future strategy of a company. Performing an in-depth analysis, including a review of competitor websites, search engine optimisation, and corporate identity enables a company to understand with whom they will compete for the market share.
- Establish unique value proposition, messaging statements and differentiators:
For any business effort to be successful, a company should first identify its principal philosophies, such as its values and mission statement. This step lays the foundation of building a corporate identity. It helps the company to represent itself to the public truly. Once the value propositions and messaging are identified, a company should revisit them annually to ensure continued relevancy.
- Develop company’s creative elements:
The next step is to develop or revisit the look, feel and voice of the company that will be carried through all marketing channels. This should be distinctive. It should resonate with the customers of the company.
- Implement significant strategies to establish Corporate Identity:
A corporate identity is built over time. A company should implement numerous significant strategies to strengthen the company and create awareness. From print advertising to PR to online marketing, these strategies should become the framework of the marketing plan of the company. It can be analysed from time to time to ensure the effectiveness of the strategies.
- Analyse and refine the corporate identity:
While it is crucial for a company to establish its intrinsic value to its consumers, it does not necessarily mean that it should not change and adapt over time. Companies should routinely analyse and refine their corporate identities to ensure it is delivering the promises of what the company stands for. In this way, it can also make sure that they are ahead of the market competition.
A company should revisit these five steps frequently and take actions to not only develop but also maintain a strong corporate identity.
Corporate Identity vs. Corporate Image
When it comes to marketing of a business company, corporate identity and corporate image happen to be the two most significant marketing tools. It has been often observed that numerous companies fail to comprehend the difference between corporate image and corporate identity. Therefore, they fail to build a strong reputation for their business.
Let us figure out the difference between corporate identity and corporate image:
Corporate Identity is all about how a company wants itself to be perceived by their targeted audience. It acts like the personality of the company and transmits a specific vibe or emotion to its customers. Corporate identity concerns the visual appearance of a company. The company’s logo is a pivotal part of this, as are the website design, company stationery, annual report, etc. Most companies tend to modify their corporate identity at intervals.
Developing and maintaining the corporate image of a company requires some distinct methods and skills. The corporate image is a public perception and handling that perception is incredibly essential. Public relation personnel protect and promote the corporate identity of a company to create a positive image in the mind of its consumers.
The corporate identity is a powerful concept, more than a accompany imagines it to be. It encompasses all internal beliefs and external details that set a company apart from everyone else out there in the market. It is the guiding principle that drives the employees and in turn takes the business forward. The corporate identity is the figurative soul and heart of a company and is what its operators, managers and board members should all maintain and uphold as a whole.
Get corporate identity assignment help from MyAssignmenthelp.com
Are the complicated topics of corporate identity causing you to break into cold sweats at night? No need to worry because you have landed on the right page.
MyAssignmenthelp.com is a brilliant academic solution provider for any assignments. No matter how complicated or however challenging the assignment is, our team of marketing pioneers can deliver the much-needed marketing assignment on corporate identity at your request.
Our experts understand the challenges that you may encounter while working on a complicated marketing assignment. To ensure that you are weighed down by these challenges, MyAssignmenthelp.com has introduced a wide range of services. Our aim is to provide the necessary corporate identity assignment help on your request.
Provide us with the necessary guidelines and receive a flawless marketing assignment delivered within the stipulated deadline.
Hire An Expert