In our previous post, we outlined what branding means and how important branding is to any business. Branding is a vital tool in the success of any business. The honours 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 the corporate, personal employer, cause, cultural and spirit branding among others. Choosing the right type of branding is important for a successful branding experience.
Corporate branding seeks to attach credibility, value and importance to a new product. This happens when you associate it with 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 about creating unique identities and value for products. This is to create a distinction between other products.
Corporate branding employs this same ideology. But adds more to it by giving the product a higher level of attention and commitment. People often mistake corporate branding as a process of changing a company’s logo, colour, design or slogan.
Corporate brands like Multimedia, Coca-Cola, Tobinco Pharmaceuticals, Fidelity Bank and Ernest Chemists, are good examples. 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.
To grow and establish a corporate brand, there has to be a lot of research to understand business trends. This will serve as a foundation for corporations in the future in the aspect of branding.
Whenever you mention branding, people associate it with companies and corporate institutions alone. But, an individual can also be a brand. Personal branding is 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 an idea of how you want to perceive your brand, you can now lay down strategies to help build your personal brand. In truth, the advent of social media has given people the power to build personal brands fast. If you don’t believe me, Google your name.
Whenever the term branding is mentioned, people associate it with 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.
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Employer branding is the process whereby an employer promotes a company to the desired target group of people he needs and wants to employ. 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. To understand and create an appealing employer brand, one has to understand the company’s needs and wants. This requires a combination of market research, advisory services, effective communication and marketing.
Talent acquisition and retention is the main goal of employer branding. But it also seeks to stimulate business growth and strategic business goals.
Cause branding is a process of crafting and marketing the environmental identity of a brand to enhance the company’s image and brand. This form of branding attracts customers by associating the company or brand to a cause.
This cause must be in the interest of customers. It must also be beneficial to their personal goals and values in life. You achieve such goal by contributing a percentage of the company’s sales 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 the high-quality goods and services you offer.
You also give investors, employers and employees the opportunity to 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 involved in cause branding is Vodafone health line. It is a health talk show that addresses the health concerns of Ghanaians through a combination of education & entertainment.
In totality, effective branding identifies, creates and maintains a satisfying relationship between a company and its customers. There are some branding options to choose from. What’s more important is that you choose the one that aligns with your business objectives.
Need help? If you wish to discuss how we can help develop your brand for your product or service, kindly contact us.
SEE ALSO: Social media strategy for small businesses in Ghana