In our previous post, we outlined what branding means and how important branding is to any business. Branding being a vital tool to the success of any business has to be approached with the necessary knowledge and skill. The honors lie on every entrepreneur to determine the perfect type of branding for his or her business.
There are many forms of branding one can choose from ranging from corporate branding, personal branding, employer branding, cause branding, cultural branding, spirit branding amongst others. Choosing the right type of branding from the list is very important for a successful branding experience.
By definition, corporate branding is a type of branding that seeks to attach credibility, value and importance to a new product by associating it to an established corporate name or brand. All over the world, corporations are becoming more aware of the opportunities that come with corporate branding. Branding is basically all about creating unique identities and value for products to create a distinction between other products.
Corporate branding however employs this same ideology but adds more to it by giving the product a higher level of attention and commitment. Most often than not, people mistaken corporate branding as just a process of changing a company’s logo, color, design and slogan.
[Tweet “Corporate branding is a business deal of work which requires more skills and activities than just a change in logo and color.”]
Corporate brands such as Multimedia, Tobinco Pharmaceuticals, Fidelity Bank and Ernest Chemists, just to mention but a few are good examples to think of. One of the financial powerhouses in Ghana – The EIB Network with Nathan Kwabena Ayisi (Bola Ray) as the CEO has in recent times acquired a vast number of companies across the country. They have adopted such companies with great success within a very short time frame.
In order to grow and establish a corporate brand successfully, there has to be a lot of research in order to understand the business trends. This will serve as a foundation for corporations in the future in the aspect of branding.
Whenever the term branding is mentioned, people associate it to companies and corporate institutions alone. Little do they know that an individual can also be a brand. Personal branding is simply the process whereby individuals sell or market themselves as brands.
It is a gradual process to help create an impression in the minds of people about an individual. Personal branding has to do with how you want people to associate with you when they hear your name. Once you have a clear idea of how you want your brand to be perceived, you can now lay down strategies to help build your personal brand. As a matter of fact, the advent of social media has given people the power to build personal brands easily. If you don’t believe me, just Google your name.
If you have a social media account on Facebook, Twitter, Instagram or Linkedin, your name will probably pop up. That alone is a personal brand in the making. Individuals who have built strong personal brands include Kwami Sefa Kayi, Anita Erskine, Sarkodie, Stephen Appiah and Bola Ray.
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Employer branding is the process whereby an employer promotes a company or organization to a desired target group of people he needs and wants to employ and retain. This process highlights a company’s ability in attracting, recruiting and retaining ideal employees.
With employer branding being the process, employer brand becomes the identity of the company. In order to understand and create an appealing employer brand, one has to understand the company’s needs and wants. Effective employer branding requires the combination of market research, advisory services, effective communication and marketing.
Though talent acquisition and retention is the main goal of employer branding, it also seeks to stimulate business growth and strategic business goals.
Cause branding is a process of crafting and marketing an environmental identity of a brand in order to enhance the company’s image and brand in general. This form of branding is meant to attract customers by associating the company or brand to a cause or purpose.
This cause must be in the interest of customers and must be beneficial to their personal goals and values in life. Such a goal can be achieved by contributing a percentage of the company’s sales to a charitable organization or to support a good cause. This is what most people refer to in simple terms as Corporate Social Responsibility.
Implementing cause branding marketing strategy requires that your company delivers more value than just the high quality goods and services you offer.
You also give investors, employers and employees the opportunity to also give back to society.
Achieving this will let your brand stand out from the competition. It also entices new customers thereby turning them into loyal customers.
A typical example of a brand that is involved in cause branding is Vodafone health line, a revolutionary health talk show that addresses the health concerns of Ghanaian’s through a combination of education & entertainment.
In totality, effective branding identifies, creates and maintains a satisfying relationship between a company and its customers.
[Tweet “Therefore choosing the right type of branding is a decision which cannot be overlooked.”]