Posted in Marketing and Strategy Terms, Total Reads: 346
According to sociology and psychology, identity is the expression and the conception of a person about his own individuality or others’ individuality. Identity can also be defined as the specific characteristics belonging to a particular individual or a particular social group of people.
In marketing, we encounter two particular types of identities: Brand Identity and Corporate Identity. Brand Identity is the representation of the reputation of a company through particular attributes like strengths, purpose, passions and values.
Brand Identity and Corporate Identity can be developed by following a 5-Step process which is described as follows:
• Vision Statement: An inspirational and aspirational statement conveying where the company wants to see itself in the future. The length of such a statement should be one sentence and there is no need to explain how this vision would be met by the company.
• Mission Statement: A straight-forward, simple and articulate statement which describes the purpose of the company. The mission statement should be jargon-free and should be easy to understand. It should give some sense of motivation to the employees and customers.
• Essence: An intangible emotion, felt by the customers on brand experience, is the representative of the soul and heart of the company. It is usually described with once word.
• Personality: When human characteristics are applied to business, the brand becomes personified and its personality describes the way the brand thinks, acts, reacts, speaks and behaves.
• Position or Value Proposition: The unique value and the benefits of a company’s product and services can be articulated using one or two sentence statement. This statement is called the brand positioning statement.
There is difference between corporate identity and brand identity. Brand identity refers to the perception of the customers about a particular product or service or idea; while corporate identity refers to the perception about the entire company and not just any idea or service or product. Both are important.