BRAND STRATEGY AS AN EFFECTIVE TOOL FOR CORPORATE IDENTITY
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BRAND STRATEGY AS AN EFFECTIVE TOOL FOR CORPORATE IDENTITY
Chapter one
INTRODUCTION
1.0 Background of the Study
Nowadays, branding is the most important component of a company’s activity. A brand is made up of more than just visual aspects like names and logos. No matter if the firm is a bank or a toy store,
the brand determines whether or not it will succeed. It may appear to be a straightforward equation, but determining what causes a brand to flourish is difficult because no two identical brands exist.
Branding is typically connected with assets such as messaging, identity, design, and, of course, the product or service itself.
However, a brand is more than just these physical assets. A brand is more about the emotional and psychological sentiments that allow people to connect with it (Johns, 2004).
According to John Hargel (2004), the historical understanding of a brand was that you could rely on what we had to give because of our brand attributes. Today, the old review has been replaced by a more customer-focused branding that reads,
“I know you better than the competitor’s and you can trust me to put together the right product or services to meet your individual needs” (John 2004).
A brand adds value to a product or service by distinguishing it from competitors, creating favourable connotations, and forming emotional relationships with customers.
Brand gives businesses the ability to break out from, say, ongoing pricing competition, raise the value of their services, and value their marketing costs.
Philip Cotler once stated, “If you are not a brand, you are a commodity. The sole winner is the price of everything and the low-cost products (Greenwood 2006).
In analysing branding or, more specifically, brand strategy, this research considers Nigeria’s banking industry to be an interesting market with numerous New Generation Banks as important actors.
The banking sector now is different than it was in the past, because interest is increasing and so are the services that banks provide in exchange for it. Banks’ products are nearly same, making positioning difficult because customers may perceive the banks as being comparable in general.
However, because banks operate in multiple submarkets, it is difficult to determine their overall market share. Starting with their results and company size makes it quicker and more convenient to acquire a rapid sense of their market position.
The banking business is rapidly changing, with recent mergers and acquisitions. When companies merge, brand concerns become a priority because they must combine their values while also creating a new image that appeals to their existing and potential customers (Econ study, 2007).
Intercontinental Bank and Zenith Bank Plc are among Nigeria’s premier new generation banks, making them better suited for conducting a comparative case study on brand strategy as an effective instrument for corporate identity.
Another factor to consider is that both banks are expanding globally, and the underlying principle driving their corporate theme is excellence.
1.1 Statement of Problem
Today, it is well recognised that brands may be significant assets. One of the key responsibilities of the brand owner is to foster customer commitment to the brand.
This is because poor commitment does not typically result in significant and long-term brand loyalty (Melin, 1999). A brand encompasses more than simply names and logos.
A brand is the identity of an organisation, product, or service that must be founded on a unique concept and communicated through a captivating story.
The brand must have the ability to engage with potential customers and build favourable emotional relationships. A brand cannot be based on hollow promises. Greenwood (2006) emphasises the importance of the organisation living its brand.
Developing a corporate identity is a lengthy and involved process, and many businesses get it wrong. In certain circumstances, organisations create a new fancy slogan in the hopes that it would signify something to customers and staff.
It’s just as awful when a firm simply produces a new logotype and puts it on every product in the hopes of creating the idea of a corporate brand (Hatch & Schultz 2002).
According to Pies and Trout (1993), in order to compete in an overly complicated society, a corporation must establish a position in the receiver’s mind that considers not just the company’s own strengths and weaknesses, but also those of its competitors. They also argue for a brand’s positioning as it seeks to establish itself in the market and in the minds of consumers.
A strong and effective brand identity should be linked to the company’s vision, organisational culture, and values.
It is used to increase understanding and buy-in across the organisation. A brand identity that is too valuable and general so that practically any type of communication with clients can be regarded appropriate is beneficial (Aaker, 1999). Corporate branding has grown in prominence, however there is little research on the causes and impacts of corporate branding.
To make managers aware of how corporate branding may help them identify and benefit their organisation, it is necessary to understand both the determinants and impacts of branding, as well as how the brand is communicated (Kramer, Nerjen & Smith 2003).
Brandy identity is something that can and should be changed, such as if it has grown weak or diffuse. Regardless of the industry, a firm, whether multinational, private, or public, must determine if its brand, product, and strategy should be tailored to national or regional markets.
The homogeneous image of the brand enables for the employment of some commercial messaging and advertisements in all markets, making transportation very cost efficient (Melin and Urde, 1990).
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