"One of the most important aspects of marketing is developing a corporate marketing strategy." -David Ogilvy
A key marketing strategy to make a company successful in crafting an ideal corporate marketing strategy. David Ogilvy, one of the world's greatest advertising professionals once stated that every business needs a great advertising campaign to flourish. That statement is especially true for businesses in today's tough economic times. Every corporation must create its own.
With so many different opportunities to market your product or service, it's not always easy to prioritize what methods are best for you and your company. In this article, we'll cover some basic steps that will help you develop an ideal corporate marketing strategy.
What is corporate marketing?
Corporate marketing encompasses and integrates marketing practices that any company can use to market their brand, product, or service. Corporate marketing is a process used by companies to develop brands, products, or services by using multiple channels of communication from print ads, social media campaigns, TV commercials, billboards, email campaigns, viral video sharing, and much more
Why is marketing critical for business success?
Your customers will not buy from you if they are unaware of your brand or products. By being innovative and creating a plan to reach your audience, you can capture the attention of consumers who are eager for new ideas and services
Marketing a business can be difficult, especially in today's economy when large companies are downsizing and cutting budgets. Companies are looking for new ways to market their products by experimenting with new communication channels. To attract more clients and retain existing customers, you need to find out what drives your target audience (and how you can emotionally connect with them).
There are different types of Corporate Marketing:
- Product-based corporate marketing
- Price-based corporate marketing
- Target market based corporate marketing
- Trend-based corporate marketing
- Company/brand based corporate marketing
- Service-based corporate marketing
- Distribution channel based corporate marketing
- Competition based corporate marketing
How to Improve Your Corporate Marketing Strategies
Now that you already know what corporate marketing is and why it is so important in every business let's dive deeper into learning how to improve your corporate marketing strategies.
The importance of brand awareness
To create a successful corporate marketing strategy, your business needs to be able to reach out and communicate with customers by developing a strong brand identity.
For example, Samsung is renowned as the manufacturer of electronics that provide innovative features at an affordable price in comparison to their competitors. They are widely known for Mobile Phones, Televisions, Cameras, Laptops, Microwave Ovens, and many other electronic products. The key point here is that if you have a well-known brand name such as Samsung then it's much easier to market your product or service because consumers already know who you are even before you make contact with them. That will lead us to my second point:
How to build a strong, memorable corporate identity?
The process of developing a corporate marketing strategy begins with researching the client base and market conditions in order to gain knowledge on how one's product is perceived by the consumer. This process is known as corporate marketing research. Every company needs an identity that sets them apart from their competitors, but it can be difficult to determine which qualities should define your business. One effective way to develop this element is through SWOT analysis (an acronym for strengths, weaknesses, opportunities & threats). SWOT analysis is the process of evaluating and analyzing your business to determine its strengths, weaknesses, opportunities, and threats as well as how these factors affect the company's ability to achieve its corporate marketing strategy.
During SWOT analysis, you may list out both internal & external characteristics under each category. We will now look at some examples from an internal perspective:
- Strengths - Loyal clientele
- Weaknesses - Unresponsive management team
- Opportunities - Improve image in social media
- Threats - Increased competition from similar companies
You can also analyze external factors to gain a better understanding of your target audience, such as: Customers' buying habits (How many do they purchase?) Consumer behavior (What channels are they utilizing?) Competitors' market dominance Your strengths are the services or products that your company has and can offer to the consumer. Your weaknesses are any shortcomings that consumers have about your business such as a bad reputation, lack of trust, or poor quality service.
When you know what is corporate marketing and why it's important for every business you will be aware of how important it is when you're creating an ideal corporate marketing strategy for your own business.
What are the key components of an effective marketing strategy?
Once you have established your strengths and weaknesses, you can formulate a corporate marketing strategy based on what will help to attract more customers to your business. Your target market is who you want to sell your products or services because they are the most likely consumers that will purchase from your business. You must develop specific strategies for reaching these consumers effectively in order to build brand awareness.
The key components of an effective corporate marketing strategy include:
- Planning - When you're developing a corporate marketing strategy, planning is essential for laying out which steps must be completed before launching any campaign or project. A well-planned strategy also helps prevent costly mistakes by outlining objectives clearly from the beginning.
- Research - Corporate marketers must conduct extensive research before establishing a brand image. They must learn what others in the industry are doing, and they must develop a plan that sets their business apart from competitors.
- Objectives - When you know your target audience, you can begin to formulate corporate marketing strategies that attract individuals with similar interests to your company. Once these goals are outlined, you can then determine how best to reach them with your products or services.
- Media Selection - Incorporate marketing strategy writing, it's important that companies select the appropriate media for targeting consumers based on demographics & psychographics as well as level of awareness and exposure to an individual product or service sold by a company. It is also important to consider factors such as budget constraints and target audience before selecting which medium of communication will be the most effective for your goals.
- Promotion - Once you have identified a target audience, crafted an ideal corporate marketing strategy, and selected media to reach that audience, you then need to plan for promoting it effectively as part of your overall corporate strategy. It's important for businesses to identify those customers who are most likely to purchase from them before launching anything because it creates brand awareness through loyal customer purchases.
- Implementation & Evaluation - This step includes putting together the final components of a corporate marketing strategy including placement, delivery & distribution, creative development along with budget constraints that must be considered in order to execute a successful campaign or project focused on overall corporate branding initiatives; this planning must also include metrics for measuring success.
- Integration - Corporate marketers must also think about how all the various components will work together to create a cohesive strategy that supports their brand image and their corporate mission statement. How can it be integrated with other business initiatives that are currently in place or those planned for the future?
- Test New Ideas - This is a critical part of any effective corporate marketing strategy that focuses on quality control as well as efficiency in order to ensure that each project contributes meaningfully to overall goals; it's important to test new approaches while always measuring effect through feedback analysis, monitoring sales increases, as well as evaluating consumer attitudes before launching anything externally.
- Use Data Wisely - Corporate marketers should use data wisely by analyzing information from previous campaigns, current product sales records & demographic changes to determine which corporate marketing initiatives are proving successful.
- Innovate - As technology continues to advance, corporate marketers must consistently seek out new ways to reach consumers by developing innovative products and services based on the latest trends in order to always stay ahead of the competition.
- Measure Success – The most effective corporate marketing strategies continually measure their success through ongoing evaluations of how a brand is perceived and whether or not it's meeting defined goals for overall growth; this analysis helps businesses determine what's working best for them before launching anything else externally while also adjusting course as necessary.
- Stay Competitive - Finally, business owners should seek out competitive intelligence from other companies within their industry before launching any new corporate marketing initiatives and always pay attention to what the competition is offering consumers in order to stay one step ahead of them.
- Create a competitors research report
- Create a list of desired outcomes & goals based on your corporate mission statement.
- Create a list of potential strategies that will help you meet each goal
- Brainstorm creative ways to promote these ideas, be sure to include budget constraints.
- Write an outline for a final paper using everything you've gathered from your research so far.
- Create an overall timeline for completing the project within the next few days.
- Research supporting articles from reliable sources & write notes for each, be sure to cite everything exactly as it's listed in the article.
- Write a detailed outline for your project based on details you've outlined in your research along with all the supporting information you will include.
Now that you have developed your corporate marketing plan. Let's move forward on the key steps in developing a successful campaign:
1.Choose Your Target Audience
First, businesses must determine who their target audience is and just as important what the demographic breakdown looks like; it's also wise to research how competing companies are reaching them in order to figure out how you can be more effective at it than they are.
2.Develop a Compelling Offer
Next, corporate marketers must develop a compelling offer that will encourage customers to make purchases as well as provide incentives for potential clients to do business with them; these offers must also integrate other marketing efforts such as corporate event planning or public relations so that everything works together cooperatively toward achieving defined goals.
3.Create a Media Plan
Now that key messages have been determined, companies need to put together media plans that outlines exactly how they will reach their target audience through specific media channels including print, signage, public relations & online communications.
At this point in time, companies should now begin executing each corporate marketing strategy they've developed so that they can improve upon already existing product offerings while also attracting new customers and increasing brand awareness within the marketplace; all these activities must be officially tracked and measured against defined goals so that everything is working properly toward achieving intended objectives.
Finally, you have all the guides to skyrocket your business. The most important thing to remember when crafting an ideal corporate marketing strategy is that the team must be aligned and on the same page. Lack of alignment can result in missed opportunities, wasted resources, and a lack of synergy amongst different departments.
Also never forget that developing a successful marketing strategy is understanding that it’s not just about sales, but also how your company is perceived by the public. Remember that you’re always in competition with someone else out there so don't be afraid of change!
If you're looking for help getting started on creating or improving a corporate marketing plan, contact us today and we'll get back to you within 24 hours.