We are experiencing the age of technology and information. There has been an exponential increase in internet usage in the last decade. Gone are the days when the internet was used to research for school projects or connect with old friends. Not only has the internet made the world come closer, but it has also levelled the playing field and given small and big businesses an equal platform to conduct their business.
In times like these, there is a surge of independent thinkers and opportunists. Many professionals, young or old, are looking for ways to establish a start-up and create job opportunities for themselves and the people around them. While start-ups may be an exciting journey full of ups and downs, exciting moments, and disappointing setbacks. However, throughout these times the one thing that holds your business together and stays constant is your branding.
Here are some actionable tips for branding your start-up in 2020-
Branding from the Beginning
One of the biggest mistakes that start-ups make is to look at branding as a voluntary exercise that adds value to your business strategy. This is the incorrect approach and may cost your company in the long run.
In an era when a joke, a comment, or a social media post can blow up overnight, constant effort is the correct approach to branding. However, you do not know when your business starts making waves or gaining attention. One should be prepared for the spontaneous evolution of their business and be prepared for the same. While it may seem like generating revenue and increasing profits are your primary goals when you launch a start-up.
It is important to note, that branding may not necessarily an act of preparedness but can cause the evolution in itself. Hence, employing a branding and digital marketing agency is essential for all start-ups.
Spend on Branding Services
Start-ups look at branding as an overhead cost and most new businesses make the mistake of skimping out on branding and not hiring a branding and marketing agency. It is not uncommon for companies to approach friends and family for ideas suggestions and even logo designs. However, your brand’s personality is much like a person’s personality. Aren’t you intrigues by quirky and uncommon people? Or people that exude confidence. For companies like Dabur and Colgate, whose products are daily use items, their success can be credited largely to their branding efforts.
Other brands like Maggi, Favicol, and Xerox have become synonymous with their respective products. In cut-throat competition, branding is what distinguishes you from the market. This is why the value of branding services tend to exceed those of physical assets or even the product.
Winning brand recognition is a crucial aspect of success for companies that are trying to make their way into competitive markets. Brand Identity is what bridges the gap between oblivion and brand recognition. This is why start-ups should focus on branding services and make sure that they allocate sufficient funds for the same.
One of the most common mistakes that start-ups make when it comes to branding is ignoring the buyer persona. The market research for brands that are looking to enter competitive markets or even establish their credibility for services they provide, a buyer persona can help create a niche and improve the chances of capturing audience attention. If you are a skilled designer and design formal outfits. A large portion of the consumer base is middle-class people. If you can cater to the needs of such people by creating affordable but fashionable clothes, you are targeting a niche but have a higher chance of being recognized.
In the beginning, when an organization is dabbling with ideas and trying to stabilize their income and streamline their functions, regular audits can help you gain insight and evaluate how far you have come. It will help you track the consistency and if your branding strategy is working as planned. It is also a great time to reflect on the feedback you have received and how you are perceived by customers and to evaluate if your branding services are working out for you. Conducting audits every 6 months or annually is ideal and helps companies reflect on their growth and their future strategies.
Branding plays a crucial role in determining the success of a start-up and its future trajectory. Branding allows you to converse and attract the target audience and to create a brand identity that promotes brand loyalty and helps you stand out among the competition you face. Branding is not a luxury enjoyed by big companies and corporations. It is an essential tool for small businesses to compete with large organizations and tough markets. Relying on a good branding and marketing agency, understanding the basics of branding, and picking the correct branding services are the best way to plan for your start up’s future and its growth.