In today’s highly competitive world, consumers often judge companies by their image. A brand or an image is the company’s most important asset. A company’s image will affect its growth potential and relationship with all stakeholders. Some companies may lack the skill to brand themselves and so may need external help. A business must view its position in the industry carefully when setting its brand image.
A company’s brand image is more than its logo
A company’s brand reflects its image. Often, some businesses believe that a corporate identity is established by its logo. However, the way consumers feel and think about a company goes much beyond the logo and includes the overall office or retail environment, the way your employees look and act, consistency of image across different media channels, and many other factors. The brand image of a company is not only about what it does, but how it does it.
A company’s brand image makes a promise by establishing an emotional connection with all stakeholders. The corporate identity reflects the core values of a company and communicates relevant messages, which help to engage it with the target market. A consistent corporate image, communicated across different media channels to internal and external parties, helps the business to adapt in the ever changing business climate. External expertise can be sought to develop a brand image
Some companies may struggle to create a unique and strong corporate identity. In such situations, it is advisable for companies to enlist the services of branding and strategic consultants to give direction to the corporate image. These consultants need to work closely with the organization to help establish or determine a set of core values, analyze the internal and external organizational climate, and develop a strategy to communicate the company’s image across different media.
Branding strategy of a bank will differ from that of a restaurant
Banks offer a unique service, which is based on the promise that the institution will take best care of the customer’s hard earned money. The whole banking experience is based on trust. A customer will not avail services such as wealth management, bill payment, money withdrawal and other account services, till the institution builds trust with him or her. Banks which successfully brand their services benefit from lower customer acquisition costs, higher revenues and profitability, quality human resources and good relationship with all stakeholders.
A financial institution may position itself as offering greater level of trust or convenience to attract different customer segments. These institutions need to undertake an employee training program to ensure a uniform and cordial interaction between the employees and customers. The overall interior and environment of physical setups of these institutions should also be carefully planned to communicate a strong brand image.
Restaurant branding helps people to instantly recognise a particular establishment on a street full of similar food outlets. Such a branding effort includes a focus on logo, colour scheme, positioning it to incorporate a Unique Selling Proposition (USP) and knowledge about the market, competition, customers and the industry. It will involve a careful analysis of the menu at least twice a year and training the employees in interaction with the customers. The restaurant management should conduct new trials of the dishes and create an enjoyable, dining experience.
Business branding is important as it helps to develop customer confidence and positive image of the business. This could increase the return on investment and lead to greater profitability for the business.