Essentials of Branding for Startups
Startups have challenges that are particularly unique from those faced by businesses that have been around a while. Although full of passion, drive and energy, startups usually don’t have enough time or money to invest into branding. Still, branding must be started from the get go so that brand equity can be built immediately, to be leveraged later on.
What Is Branding?
As opposed to what many people think, a logo alone does not make a brand. It’s not merely a matter of having a good website or professionally designed business cards. Although these are certainly important, there is something else far more crucial that must be done. And the good thing is, it’s free.
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. On top of that, it is a way of giving the product an established differentiated presence in the market, attracting customers and their loyalty. Thus, a startup business owner should think deep into the image that should represent his brand in customers’ minds. Before deciding on this image, the business owner should first define two things – what’s unique about the business and what unique value it offers.
Benefits of an Effective Branding Strategy
Effective branding brings many benefits to businesses. For starters, brand design grabs the attention of potential customers. Branding itself can also have a direct effect on how much may be charged for a business’ products or services. With a strong brand, it is easier for competitors to fade in the background. 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.
How to Create a Good Brand
It must stand out.
Memorable brands are runaway winners. Branding that plays it too safe defies its own purpose. The idea is to make the brand unique from competition, instead of just going with the flow.
Value proposition should be clear.
A value proposition that is too shallow or general will fail. For instance, excellent customer service is desirable to consumers. The problem is, it has become the value proposition of too many brands. A value proposition should be unique. It must bring a benefit that is often unexpected by people.
It must be consistent.
Consistency is the real secret to successful branding. To embed a brand in consumers’ minds, its message must be one and the same. Having different messages is confusing and reduces potential brand equity.