This book takes readers through a 360-degree perspective of social media in businesses.
Look at many B2B companies today, and you’ll find they often times do a far better job of marketing product brands than expressing the virtues and values embedded in the business. In today’s product-centric business environment, companies frequently commit vast levels of resources to advertise their product brands, yet sometimes forget the company brand — the brand that stands behind most of a company’s products, services and folks.
And it’s easy to understand why.
By their very nature, products come and go, presenting companies with a chance to discuss the “next big thing” or “game changer.” Yet it is the established corporate brand that provides product brands context and credibility available on the market. Strong corporate brands do a lot more than stand behind a portfolio of products.
At most basic level, strong corporate brands add value to a company in 3 key areas:
To Keep Your Brand’s Social Engagement Strong, Concentrate on These 3 Questions
Employees who’ve a shared knowledge of who the business brand is and who it’s for (which customers, segments, etc.) naturally live out the brand within their interactions with one another. Essentially, employees’ collective on-the-job behaviors — the culture — personify the business brand. A shared knowledge of the brand among all employees — from manufacturing to tech support, engineering to recruiting — promotes a consistent knowledge of how business is performed over the organization.
Employees who are aligned with the business brand are quick to note inconsistencies. For example, associates of a B2B company getting ready to speak at a business gathering were reviewing the director’s presentation when one member said, “Where’s the humility? We’re a humble organization.”
The team revised its presentation accordingly and adapted this content to reflect the values embedded in the company’s brand.
Employees also live out the brand within their daily interactions with external parties that include customers and potential workers. Whenever a company is involved with purchases of say, manufacturing equipment, industrial components or multi-year tech support agreements, employees often represent the brand through an extended buying process that includes multiple people from both buyer’s and seller’s side of the transaction.
Workers’ behaviors in the external marketplace come to are a symbol of the brand and the way the company does business. A company’s brand can be carried in to the marketplace by its marketing efforts. Whenever a company aligns its marketing using its employees’ behaviors, it really is delivering a people-powered brand.
What Great Brands Know: Don’t Chase Customers
3. Financial (ROI)
Strong corporate brands deliver more economic value. CoreBrand’s Corporate Branding Index® revealed that the organization brand makes up about between five and seven percent of market capitalization, which CoreBrand identifies as brand equity. Similarly, research conducted by McKinsey & Company in 2012 discovered that strong brands outperformed weak brands by 20 percent, up from 13 percent in 2011. Accordingly, the organization brand can significantly donate to or detract from a company’s value.
Finally, strong corporate brands provide intangible asset of goodwill that may drive value and boost market capitalization.
Who within the enterprise should manage the organization brand? The value of the asset commands ownership at the best level of a business. While a company’s CMO or product managers may have a tendency to various divisions and product brands, the business brand demands the CEO’s attention.
In the February 11, 2015, problem of The Wall Street Journal, Dr. Kerry Sulkowicz, managing principal of Boswell Consulting Group, summed up the CEO’s role in influencing culture: “The CEO wields the best leverage to create, sustain and change the culture."
For B2B companies, strong cultures are aligned with strong brands that benefit the business — internally, externally and financially.
QUIT to Kiss Your B2B Clients