Ms. Minali started the discussion by highlighting the objectives of the session. The objectives included the need for building a corporate brand, building blocks of corporate brand and the examples of companies which have successfully carved a niche for themselves through successful brand building. She went ahead and explained the rate at which changes are taking place across industries and how the change in one industry can affect other industries. She quoted an example of people spending more money in insurance which leaves them with less disposable incomes and the effect of this on the hospitality sector.
Ms. Minali further highlighted the importance of “Brands”. She told that almost 70% of purchase decisions are made due to the influence of peers. Companies are spending huge amount of money in corporate branding. Creating experience is extremely important for the companies. Corporate identity is better built around enduring purpose than around products or business segments. The combination of heritage, thought leadership, purpose and beliefs enables a uniquely own-able corporate identity. She elaborated that the corporate identity is built through positive experiences and it is a long term process which delivers competitive advantage.
Ms. Minali steered the discussion towards building blocks of corporate branding. She emphasised on understanding the customers using cutting edge insights. She highlighted the importance of social media listening which helps in understanding the changing trends and pulse of the customers as well as the stakeholders. She further went ahead and discussed the strategic principles of corporate brand building and stressed on the fact that brands should be built inside out. Employees should first get the clear understanding of the brand and only then they can act as torch bearers of the brand.
Ms. Minali gave examples of companies like General Electric, Johnson & Johnson, Unilever etc. and also sighted their corporate brand building strategies. She went ahead and explained the initiatives of Abbot Healthcare in building corporate brand. The session was concluded by a strong message on the importance of self-branding for every individual.