CORPORATE STRATEGY

Corporate communication is a management function or department, like marketing, finance, or operations, dedicated to the dissemination of information to key constituencies, the execution of corporate strategy and the development of messages for a variety of purposes for inside and outside the organization

 "Communication" applies to so many different processes within the business world, the scope of a strategic corporate communications plan can be somewhat hard to define. In general, it addresses the way management communicates with employees as well as the way the company communicates with external parties, like customers and vendors, to improve overall business operations. A comprehensive corporate communications strategy should include tactics to maximize employee, shareholder, customer, community, media and public relations. Creating consistent, concise and clear messages so that management, human resources and marketing can do the best possible job is the goal.

The Strategy Imperative

How critical long-term planning is to effective corporate communications. The article argues that the "tactical, short-term approach to communicating with key constituencies" that so many large corporations employ may actually do more harm than good. In short, the authors confirmed that communication strategy must precede the development and implementation of larger strategic company goals to achieve lasting success.

Implementation

The first step toward creating a strategic corporate communications plan itself relies on strong communications. Gather key management, human resources and marketing personnel to present the case for formal planning and seek buy-in. Next, work together to outline key areas of concern. Focus on communication challenges and successes. Next, create a formal plan that specifies how key business functions will integrate and share information externally and internally. During this process, be certain to align the voice and messages promoted with the company's larger strategic mission, vision and objectives. An internal corporate communications professional or external consultant can be invaluable during this process, helping participants to better document and implement new communications processes.

Misconceptions

Some business professionals have considered communications strategy a "soft" business area, suggesting that this type of planning was nice but not necessary to efficient and profitable operations. Studies conducted over the last two decades suggest otherwise. Formally documenting a company's communication strategies does positively impact the bottom line. In fact, consulting firm Watson Wyatt found that companies with the "highest levels of effective communication experienced a 26 percent total return to shareholders" over a four-year period as compared to the "-15 percent return experienced by firms that communicate least effectively," as reported in "The Essentials of Corporate Communications and Public Relations,"

Corporate communication plays a major role in creating and maintaining the business image of any corporate entity. It is an effective strategy to communicate the brand value and reputation to its customers, stakeholders and the target audience. There are many processes of corporate communication with which you can create the desired business impact. Many reasons mark the importance of corporate communication in today’s business world.

Importance of corporate communication.

1. To have a Better Rapport

Rapport building is the key motive of any corporate communication strategy; this can be internal and external, as well. When there is a constant rapport with employees and customers, the business image of the company will also get higher. It is for this reason many big companies like coco cola and IBM follow effective corporate communication strategies.

2. To Highlight the Performance

Nothing other than frequent communication like newsletters and posters can effectively highlight the performances of the company. This will again have a positive impact on the business image of the company.

3. To Advertise New Products & Services

Regular means of communication will help in easy reach of new products and services to the consumers. So, corporate communication becomes highly essential for advertising new products and services of the company. Be it new product launch, news update or any other message; it promotes the business image of the company when it is communicated via proper channel. Many organizations carry out social activities in the interest of public and also to emphasize its brand presence.

BY MDODO REBECCA, J

BAPRM-42614