Corporate marketing is a type of marketing in which the marketers are responsible for determining who are the potential customers of a company, and the timings will be used to reach the customer.
The purpose of corporate marketing is to strengthen your relationship with your customer, build a sharp brand image, promote the company., and place the marketing campaign and what kinds of advertising and messaging tactics.
Everyone knows the famous shoe brand Nike. The tagline of Nike “Just do it” is in synchrony with its brand image as an affordable, high-quality show manufacturer.
- Corporate marketing meaning
- Who uses corporate marketing?
- Whom is it for?
- How is a corporate marketing campaign developed?
- How can marketing mix help you?
- Difference between direct product marketing and corporate marketing
CORPORATE MARKETING MEANING:
According to the Cambridge Dictionary, corporate marketing means “the methods and activities that a company uses to advertise itself to the public.”
According to Wikipedia, “Corporate marketing refers to promoting the brand name of a corporation, as opposed to particular products or services. The operations and thinking that go into this marketing are different from product and service marketing because the scope of this marketing is typically much broader.”
WHO USES CORPORATE MARKETING?
Mostly corporations use corporate marketing. However, anyone who has enough marketing budget and wants to build a sharp brand image can use corporate marketing. e.g., NGOs, religious and political organizations, clubs can use corporate marketing.
Big corporations like Apple use corporate marketing to build a sharp brand image of high quality and secure product manufacturers.
An NGO will use corporate marketing to persuade people to donate more money for its operations.
A political party uses corporate marketing to ask for votes from the public.
A religious organization will use corporate marketing to attract people to come to its various event.
WHOM IS IT FOR?
Corporate marketing is effective nearly for anyone. More or less, everyone is susceptible to corporate advertising because this marketing infiltrates almost every aspect of people’s lives.
You might think that a television ad, an ad campaign in a newspaper or magazine, a poster or billboard beside the road, or the annoying ad in YouTube video do not affect you.
So, you might think that you are ignoring them most of the time. You may also feel that these ads have no effect on you, and you make decisions independently while purchasing a product.
Sorry to say, but you are wrong. Though you don’t consciously understand or read it, it remains in our subconscious minds all the time. Therefore, it influences our purchasing behavior.
HOW IS A CORPORATE MARKETING CAMPAIGN DEVELOPED?
You can develop your corporate marketing campaign in three stages.
First, you have to define your objectives.
i) Who will be your audience? To whom you want to reach?
ii) What message do you want to deliver to your audience?
iii) Define what your goals are. What do you wish to — more traffic, more conversion, more sales?
To find this information, you can do online and offline surveys, study the buying habits of your customer, track previous sales, etc.
You can also employ outside data services that find this information for you.
Secondly, think creatively and find an excellent Idea.
You have to think creatively to get an idea that will reach the target audience and fulfill the objective. You can ask your employees to give an idea each. Then organize a poll and find the most popular design. Then implement that idea. By view, I mean anything such as a marketing statement like “Just do it” or Amul’s—”the taste of India.”
Thirdly, Define your budget. Fix the amount of money you will spend on the campaign.
Here we will discuss different ways to improve your corporate marketing strategies.
1. Focus on your customer:
Your corporate marketing strategy should be center around your target audience, customers, and potential buyers. To do so, you have to know the needs, wants, desires of your customers, their likes and dislikes to communicate effectively, and deliver them what they want.
To know more about your customers, you can do Customer Satisfaction surveys.
2.Think of ways to stand out from your competitors:
What makes a company great and remembered is what unique product it can offer. That’s why your marketing strategy should include a plan to separate you from your competitors. Figure what exceptional value you can submit and then talk about that.
If you don’t know what makes you unique, then analyze your competitors. Find out what different things you can do or what items you can do better.
3. Alleviate pain points:
Being helpful and solve the real problem of customers can improve the brand image of your company and makes your customers your brand advocate. Thus, alleviating the pain points should always be part of your corporate marketing strategy.
4. Provide excellent customer service:
Corporate marketing is not just about the message you send. It is about improving your brand identity.
Excellent customer service makes your customers happy. So, they become your brand advocate.
Thus, you will have an excellent reputation. That’s why you should always integrate excellent customer service to your corporate advertisement campaign.
5. Know your brand—Link it with a lifestyle:
Corporate marketing is not just selling your products, but a lifestyle as well. Because people buy a product not only for the features it offers but especially for the lifestyle to which your product is associated. e.g., Tesla is known for its environmentally friendly, stylish, electric sports car.
HOW CAN MARKETING MIX HELP YOU?
Before we talk about the benefits of the marketing mix, let us first discuss what marketing mix is.
The marketing mix is popularly known as 4 P’s of marketing. The 4 ‘P’s of marketing is an important concept that talks about four pillars of marketing strategies. They are—
It may be a smartphone in which you are probably reading the blog, or it can be a service like Amazon prime yearly subscription. It is the most important ‘P’ in the marketing mix.
If you provide value to the customer by offering them the right product, they will be happy to pay you in return.
Price is how much you charge for your product or services.
Make the price of your produce reasonable, neither too much nor too low.
It defined the distribution channel, storage location, transportation, etc.
The techniques to promote your brands.
The marketing mix and corporate advertisement complement each other.
DIFFERENCE BETWEEN DIRECT PRODUCT MARKETING AND CORPORATE MARKETING
Direct product marketing deals with the marketing of different products. The company offers to its customers.
Corporate marketing deals with making the reputation of the whole company and building a sharp brand image. This marketing deals with a much larger segment. This marketing is a type of non-product marketing.
Kindle’s product marketing team (an eBook reader offered by Amazon) markets it as a modern alternative to books.
Whereas, the corporate advertising team of the whole Amazon company, markets it as an Everything store.
In small corporations, corporate marketers can do various tasks such as copywriting, web development, graphic design, press releases, etc.
However, in large corporations, corporate marketers are allowed to do a more focused aspect of the job.
RESPONSIBILITIES OF CORPORATE MARKETERS AND PRODUCT MARKETERS
|Product marketers||Corporate marketers|
|1. Product marketers are responsible for figuring out the target audience, their buying habits, their work culture, the things they care about, how they interact with other people.||1. Corporate marketers’ responsibility is to gather necessary information from product marketers and make their marketing effort more effective.|
|2. Product marketers are responsible for the messaging and narrative of the solution you provide to the buyer’s needs.||2. Corporate marketers are accountable for taking these massages and turning them into headlines, blog contents, ad copy|
|3. Product marketers are responsible for selecting where they will gather the data.||3. Corporate marketers are capable of choosing where they will focus their marketing effort.|
|4. Product marketers are responsible for finding out why we are targeting those buyers instead of others.||4. Corporate marketers should heavily rely on the data related to why provided by product marketers.|
At last, it can be said that corporations mainly use corporate marketing for promotional purposes of their products. As the name suggests, it was initially developed for corporations, but today any organization can use corporate advertising.
Know your audience as best as you can, figure out what exactly you want to communicate with your potential customer, determine your goal and how much money you want to spend on the campaign.
Follow these four simple steps and you are on your way to establishing your successful corporate marketing campaign. It is different from direct product marketing. In this marketing, you promote the whole company.
The objective of corporate marketers is to determine the potential customers of a corporation and strengthen your relationship with your customer.
Anytime when the corporation needs to promote itself to increase its revenue.
Yes, corporate marketing is useful to promote the products of a company to its potential customer.