As a business, your brand identity is one of your most important assets. It conveys the company’s values and culture to both customers and employees, helping you build relationships with them while also increasing credibility in the eyes of potential investors. Unfortunately, too many businesses only focus on strengthening their external brands – when they should be just as focused (if not more so) on building their internal brand too. Doing this has considerable advantages, from improving employee morale to giving stronger foundations for any external marketing efforts you may make. In this blog post, Zorayr Manukyan discusses the key benefits that effective internal brand building can bring to a business – no matter what size or industry it is in!
Zorayr Manukyan Lists Key Benefits Of Internal Brand Building
According to Zorayr Manukyan, internal brand building offers a range of benefits for businesses, helping to build relationships and drive staff engagement, motivation, and productivity.
1. Loyalty: Establishing an internal culture that is focused on the positive aspects of your business can lead to an increase in loyalty among employees, who will be more likely to stick with your company rather than look elsewhere. This helps to reduce employee turnover costs and encourages team members to work together in order to achieve common goals. For example, a recent study by the Harvard Business Review showed that companies with high employee loyalty retention rates have 21% higher profits than those without it.
2. Morale: Creating a positive environment allows employees to feel respected and appreciated by their employer as well as gives them a sense of purpose in the workplace. Feeling valued can lead to increased morale and motivation, making employees more productive and committed to their work. According to a study by Stanford University, employees who report having high morale perform 20% better than those with low morale levels.
3. Communication: Good communication between staff members is essential for successful business operations. Establishing an internal brand-building strategy can help to create a common understanding and shared goals throughout the organization, which will improve communication between teams and departments. For example, Google has used internal branding techniques to simplify communications across its global offices, allowing staff from different countries to have a consistent message about the company culture.
4. Collaboration: Building an internal brand helps to create a sense of unity and collaboration amongst employees, which can lead to increased efficiency, productivity, and innovation. According to Zorayr Manukyan, by investing in an internal brand-building strategy, businesses can encourage their staff to work more collaboratively, resulting in improved problem-solving skills and team working capabilities. A survey by Deloitte showed that 88% of companies with strong internal collaboration achieved higher financial performance than those without it.
Zorayr Manukyan’s Concluding Thoughts
Overall, internal brand building is a valuable practice for any business looking to improve employee engagement, morale, and loyalty, as well as drive team collaboration. According to Zorayr Manukyan, with the right strategies in place, businesses can use this approach to create a positive culture and boost their overall performance. For those looking to build an effective internal brand strategy, it’s important to remember that the process takes time and effort, but the rewards are well worth it in the long run.