A corporate image is the overall image of a corporation, firm or business in the minds of different people, such as customers, investors and employees. It is a primary and important task of the corporate department to maintain and build this image to accord with and facilitate the achievement of business objectives.
Corporate image helps firms to answer questions like “who are we?” and “where are we doing?” . It also allows consumers to have their sense of belonging with particular company of firm. It expresses us that where a particular firm stands in the market.
Corporate image provides a firm an identity with which it is known. It expresses the structure of a firm to its external shareholders and consumers. If a company or a firm has a good corporate image, more workers are even attracted towards that firm. It also gives a reason to workers to work more efficiently and properly to earn best name of their firm in the market.
The following four key brand requirements are critical for a successful corporate image strategy.
- Differentiation- In today’s highly competitive market, firms need to have a clear differentiation or reason for being. What they represent needs to stand apart from others in order to be observe, make an impression, and to finally be preferred. They need to gain customers trust with best quality.
- Relevance- Firms need to connect to with people that what they care about out in the world. To build up demand, they need to understand the needs and aspirations of their customers.
- Consistency- To ensure credibility with their customers, firms must be consistent in what they say or do. All the messages, all the marketing communications, all the firm experiences, and all of the product delivery need to be together and add up to something meaningful.
- Esteem– A firm that is differentiated, relevant and consistent is one that is valued by both its internal and external people connected with it. Internal people include employees and workers whereas external people include customers. Esteem is the reputation and fame a firm has earned by its efforts and experience.