As companies expand, they need to adopt newer methods of management. While companies are busy with the revenue and profit margin targets, they are extremely susceptible to the risk of loosing their identity, the very essence of their existence. Each branch and business units, as they expand, start operating in a different manner. Their operating methods change, especially because of the variations in local markets and cultures. With increasing growth pressures, it becomes a huge challenge for global companies to hold on to the vision and principles that they started off with..
One of the key objectives of a corporate branding strategy is to maintain the identity of the company. It is not just the advertising and promotions that influence the perception of companies, but it is the way companies interact with their stakeholders – including their customers, employees, vendors, investors and local communities – that influences their perception. Standards, principles and policies should not just be documents sitting in the corner of the company websites. Instead, they should reflect in every single interaction that happens within the company and with its stakeholders.
The brand perception and identity of the companies should be regularly monitored using the social media intelligence tools and feedback from stakeholders. Key indicators like customer churn should be monitored and any unusual spikes should be investigated. Customer relationship should be managed centrally, as customers associate themselves with brands and not to individual services.
Customer sentiments across the business services should be captured and monitored to keep a tab on brand perception. Data elements across the company that define the identity of the company should be identified, captured and analysed to ensure consistency and compliance. Data integrity should be a corporate function, and the company should execute initiatives at the corporate level to define data ownership, governance, quality standards, trace-ability methods etc across the company to ensure integrity.
After-all stakeholder sentiments define the identity of the company, and the managing it effectively is key to its long term sustenance and growth. Building, nurturing and marketing brand comes with huge investments, but if done correctly, can yield even greater returns.