Branding for Startups: The Essentials
Startups deal with challenges that are different from those faced by older businesses. While overflowing with drive, energy and passion, startups typically have little time or money to spend for branding. Nevertheless, branding should begin early on, if only to immediately build brand equity for future leveraging.
As opposed to what many people think, a logo alone does not make a brand. It’s not just about having a website or business cards. While these are definitely important, something else that is far more crucial, should be done. Best thing is, it costs zero.
Based on the Business Dictionary, branding is providing a product a unique name and image in the minds of consumers, mostly through advertising campaigns with a constant theme. Furthermore, it is a way of establishing a differentiated presence in the market that is attractive to customers and encourages loyalty among them. Therefore, a startup business owner must think deep into the image that will embody its brand in the minds of customers. Before deciding on such image, it is important for the business owner to identify two things – what makes the business unique, and what unique value it offers consumers.
Advantages Offered by a Good Branding Strategy
There are many benefits awaiting businesses that implement a good branding strategy. For one, brand design catches the attention of consumers. Branding can also affect directly the prices that can be charged for a business’ products or services. If a brand is strong, it will face less direct competition. A brand also encourages repeat buying behavior after it has been established as a good one, and can be as vital to a business as acquisitions, investments, partnerships and talents. There could be benefits that are specific to different business types, but the above are the most prevalent.
Creating a Successful Brand
It should be remarkable.
Memorable brands are runaway winners. Too safe branding defies the very purpose it stands for. The goal is to give people a different feel from the competition, rather than just being one of the crowd.
It should come with a clear value proposition.
A value proposition should not be shallow or general. For example, excellent customer service is something people want. The problem is when everyone starts claiming it as their value proposition. Uniqueness is the most crucial element of a successful value proposition. It should offer something that people will usually not expect.
Consistency is key.
What makes branding really work is consistency. A brand can only be embedded in the minds of consumers if it conveys one and the same message through all of its campaigns. Having different messages is confusing and reduces potential brand equity.