Corporate marketing encompasses a number of activities, including branding, advertising, communications and promotions. The benefits of effective marketing are extensive. They include increased visibility, brand recognition and increased sales.
A main factor in corporate marketing is branding. Branding is the process of creating a set of images, word marks, and ideas that represent the corporation and working to tie them to the company in the minds of potential customers. Brand elements can include logos, taglines, photos, and more.
The core benefits of branding are awareness and improved image. Awareness refers to a potential customer's knowledge of the existence of a company and the likelihood that he will think of that company as an option when he needs what the company sells. Improved image can include perception of quality, perception of financial stability, perception of expert status, and perception of affordability.
Advertising is another traditional component of corporate marketing. Advertising can include television, radio, print or online ads as well as methods such as billboards or banners. The main benefit of advertising is the ability to communicate with large numbers of people at one time. Advertising lets many customers know about sales, store openings, new products, and other news. It also reminds customers that the company exists and helps keep it top-of-mind when customers are ready to make a buying decision.
In a traditional marketing plan, the promotions component of corporate marketing applies predominantly to pricing. This includes special activities such as sales, mark-downs, and coupons. It also includes regular pricing strategies such as competitive positioning and loss-leading. The main benefit of promotional pricing is to generate customer interest. A sale price might entice customers who have never used the product before to try it, or it may encourage regular users to buy more of the product or to purchase it more frequently.
Corporate marketing also includes communications. Communications covers all other methods of engaging potential clients and decision makers. This includes such activities as social media campaigns, newsletters, emails, and press releases. The primary benefit of a good communications plan is to grow relationships with customers by addressing them regularly and providing information that interests them.
A comprehensive corporate marketing strategy will address all the main components. The cumulative benefit is increased sales. This can include higher dollar sales or simply greater numbers of sales. In the case of a non-profit corporation, increased sales generally translates to increased donations.
