THE IMPORTANCE OF CORPORATE IDENTITY
A PwC survey of 720 executives conducted sometime back revealed that companies with a stronger corporate identity outclassed companies that did not have one by 25 percent. Their success was built on understanding their core strengths. This helped them to leverage it in their corporate identity package and sport a clear, distinctive identity that outclassed their peers.
The term ‘Corporate Identity’ is often misinterpreted as relevant to only big MNCs with huge cash reserves in brand equity at stake. That’s wrong as it’s as vital for small companies as it is for large ones.
WHAT EXACTLY IT MEANS
Some experts term it as having a recognizable logo that personifies an organization or business’s values and quality. Likewise there are others who describe it as conveying a company’s values and personality.
As a powerful tool for a business, it represents it to the world. Comprising of important verbal and visual elements that define the company’s look and feel, it helps to make it instantly recognizable to people as representing it in the market. It also plays a crucial role by helping the company stay relevant in the market for the long term.
WHAT MAKES IT IMPORTANT?
Every business should have a strong corporate identity.
Having a strong identity helps to build credibility and trust, and enhance its image in the marketplace, emotionally connecting it with its audience.
Besides, it offers multiple benefits as highlighted below.
DIFFERENTIATES IT FROM COMEPTITORS
Do you know how people are able to distinguish a brand from its competitors?
The brand’s unique identity makes it easily recognizable, distinguishing it from others in a crowded setting. This will make people more likely to engage with a company whose identity is stronger.
An effective and strong corporate brand
- Is critical to realizing your business’s goals and objectives.
- Helps your business stand out and differentiate itself from competitors.
- Captures the attention of consumers and leave a lasting impression.
Take the example of the famous Indian brand, TATA. Its corporate color is TATA Blue which gives it a consistent look with a feel attaching a common thread to the extensive array of products/services offered by TATA.
BUILDS STRONG FOUNDATION FOR YOUR BRAND
A strong identity is a powerful asset. It will set your business apart from others of its kind. Simultaneously, it will help build a strong foundation for your brand with a clear message of who you really are, what you represent, and what sets you apart from others.
It will also give your marketing strategy a strong cushion to promote your brand and attract new customers and buyers. Additionally, it will provide for your potential customers a specific philosophy.
ENHANCES BRAND AWARENESS AND LOYALTY
A powerful identity acts as a strong symbol of a company.
This will
- Significantly improve brand awareness while at the same time maintain its consistency in your business’ visual representation across all platforms, digital as well as non-digital.
- Make your brand instantly recognizable and separate your business from the competition. Be it design, communication, or action, it will evoke a strong sense of identity that syncs with the viewers’ aspirations.
- Builds brand loyalty. When people get devoted to your brand, they will spontaneously choose your brand without hesitation disregarding other brands.
ELEVATES COMPANY’S STANDING
To establish your business or brand, you need to build trust among your customers in it. For that it is vital to have a strong identity. This will help to build confidence among your customers. When confidence is established among the customers, it becomes easier for them to determine if your products or services sold in the marketplace are authentic or not.
To maintain a credible status, it is highly recommended to create and build a strong identity. This will automatically aid in realizing your marketing objectives and forge a strong link between the target market that you look to attract and your offerings.
IMPROVES BRAND PERCEPTION
An identity that’s well-crafted will project a picture of professionalism with strong commitment to quality. As a result, the perception of your brand will dramatically improve among the target-audience.
When there is a positive perception among people of your brand, it creates brand value. Later, when the brand value gets created, people will be more than willing to pay a premium amount for your products or services.
FORGES EMOTIONAL CONNECT WITH YOUR AUDIENCE
A positive perception of your brand among people will help build an emotional connect between your brand and your audience.
Companies can by evoking specific emotions and values through verbal and visual cues, build a deeper relationship with consumers. A good example of this is the Mahindra Group. Its identity is built on a mix of modern design and heritage with a focus on the future. This gels well with both young consumers as well as older consumers.
Every business regardless of its size or industry category needs to have a strong identity of own. Just having an attractive logo or a captivating tagline isn’t enough. It is also equally important to construct a brand, Such a brand should personify your values and disseminate your message to your audience effectively.
WHAT NEEDS TO BE DONE?
To consolidate your business, focus on your corporate identity and its benefits. Invest in building a strong identity from the beginning. This will help to build an identity that truly syncs with your target-audience.
To build the right and strong identity,
- Undertake a thorough market research to find who your target-audience really is, and what are their needs and views.
- Develop basic visual elements of your corporate identity. This includes the logo, color scheme, and communication templates. Maintaining consistency all along is fundamental to building the image of a credible and trustworthy brand.
- Maintain proper visual language to ensure all visual elements seamlessly integrate into your content, culminating in high—class, engaging material that goes well more customers.
- Analyze periodically potential alterations in your corporate image and ensure that your identity reflects all of the changes.
Finally, partner with a credible agency known for providing quality branding services. This way, you can make your corporate identity distinct while ensuring it adapts seamlessly to possible changes and fluctuations. This will consistently set it apart from competitors and take your business to a whole new level.
Also Read – HOW MODERN TRENDS ARE INFLUENCING MARKETING STRATEGIES?
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