What is a Corporate Brand
A corporate brand basically is describing when a company applies their name to a specific product. The product and the company together become the “brand.” In some cases the brand will include one product, although the it can be far broader and include various products that are advertised under one primary brand name, which is something known as family branding. So why is a corporate brand, and branding, so important? Here’s a look at the importance of your brand and branding your products for success.
When you use a corporate brand with a product that is marketed successfully, a company is able to get consumers familiar with their product, and then they can introduce new products, creating a loyalty to the brand. If the consumers happen to love one product that comes from the company, often they will look for this corporate brand when they are on the hunt for other quality products that they need. Of course, usually having a corporate brand is only going to be helpful when your company is known very well and when your company sells products with a great image and great reputation. There is one problem that can occur with a corporate brand though – the company may become identified with just one product, which can be a big problem.
Consumers look at a corporate brand in a different way.
They see this as something that represents quality. They get quality from one product from the company, and then when they see the brand name, they expect to get the same quality when they go with another product of the same brand. Often companies are able to increase their sales by comparing a product to products of other companies and showing that they are better option. However, the brand’s value is going to be dependent on the profit from these products. If they are already making great profits, then they can charge more for their product because of their corporate brand and the brand recognition that consumers have.
If you are in the process of developing a corporate brand and you want to see if corporate branding will work for you, there are some guidelines that you definitely need to follow. First of all, your branding needs to grab the attention of consumers and it should be easily recognised as well. You should be able to protect it legally and should perhaps suggest your product or company within the images and wording that you use.
You also want to go with a corporate brand that will be very easy for your consumers to remember. It should be easy to say as well. If consumers can’t easily say it or remember it, you won’t benefit from the brand. When you establish a brand, often you can charge more, since consumers become willing to pay for the name as well as for the quality that they expect with that brand as well.
If it is developed in the right way, a corporate brand can be used with great success. Once you get a great track record of high quality, then you can really go on to make a lot of money from that name. However, on the other hand, if you have a bad product under your businesses name, you may affect how well the sales of other products do as well, which can really damage your company. So it is important that corporate branding is used very wisely and carefully for the best results.