Whenever you are setting up a new venture, it looks at itself as a business and not a brand. That’s where it makes a mistake. Every company has a soul, identity, voice, and a character that talks and communicates to its audience at different levels. A clearly defined goal and the target audience can help you create your brand.
The creation of the brand is not limited only to the creation of a logo for the company. It means the company is an entire personality that has vision, goals, mission, core values, and the processes on how the business functions. There are a few reasons why a startup should look at branding the business along with everything else. Let us take a look.
Standing out in the world of competition:
Creating your brand allows you to define your working models and helps you determine your target customers. It will enable people to see who you are and sets you apart from the competing companies, even if they have the same feature set as you have. Branding your startup business means adding a personal touch that talks to your customers and fills the gaps by highlighting your unique points.
For instance, a logo defines the ownership of the specific business even in the age of competition. But, branding is so much more than just a logo. Branding is to derive an emotional reaction from your target audience when your logo is looked at.
Branding means you are here to stay for a very long time:
An established brand name tells your target audience that you are here to stay for a very long time. Hence, the target customers implicitly think that they can rely upon your brand. As I mentioned above, it not only means designing the logo for the business. It also means that you maintain a consistent channel of communication amongst you and your customers. For instance, you don’t sign in to your Facebook account to greedily look at the news feed, thinking that it will vanish away tomorrow, do you? No. That means Facebook has formed a connection with the customers, and the customers have formed a belief that it is here to stay for a long time.
Here are few things that you should do that specifies that your brand is here to stay for a long time-
- You are establishing an emotional connection between your audience and your brand.
- Constant evolution while keeping the core values, vision, and goals intact.
- You are always looking out for new and unique ways to stand out.
- You are completely ignoring the negative talk about your brand, instead of focusing on keeping your brand in the right place.
- Use the right channels to create awareness about your brand.
Increasing your Visibility through Branding:
Being noticed when you are a startup, is the best thing you can do to your business. Branding offers visibility to your business visibility ushers in the opportunities. Branding helps people look at your existence. And it does not apply only to the customers. It also applies to the stakeholders and investors who can help your business reach new heights.
Branding makes you stand out in the crowd. For instance, there are so many milk-producing nations across the globe, yet it is only Amul that is identified as “the Taste of India.”
Hence, the brand is how your customers perceive your business. But, branding is how you make those customers look at your brand.
Establishing a connection with potential customers and turning them to actual customers:
An Emotional connection is what turns a potential customer into an actual customer. But branding turns a real customer into a brand enthusiast. Different brand strategies help you become your customers to a loyal customer base. Connecting with your audience through an emotional tag line or creating a color psychology-based, an eye-catching logo is what helps them recognize you and establish a connection and association with your business.
Branding improves Traction:
By conveying your core values, you create a sense of trust and reliability between your business and your customers. For illustration, if you have got a bruise, you will buy a branded ointment to apply on the bruise, even if it is a bit more costly. You do that because you have a strong belief in that brand, and you implicitly trust that brand. Hence, branding helps you form goodwill in your customers’ psyche, and eventually, get you and maintain Traction in your startup business.
But, there are few more things to include in branding, that will help you receive Traction in the initial days of the business establishment:
- Connecting with a few influencers of the industry to make them endorse your business and products.
- Email marketing, as we previously talked about.
- Partnering up with a few high profile brands, that creates reliability amongst your customer base.
- Tracking your market performance consistently and continuously.
- Creation and endorsement of original content to promote brand awareness.
- Attending the events that allow you the opportunity to showcase your product.
- Thinking out of the box always.
These are the few critical factors among many others that help you understand the value of branding even when your business is just a startup. Most of the startup businesses fail to muster attention because of the lack of branding and branding strategies. For instance, no logo or website under construction is a big turn off for today’s information-driven customers. And hence, according to current business developmental trends and digital transformation across all the fields, branding is essential to take your business to new heights.