5 Reasons Startups need a bang-on Brand Strategy
A successful business is one whose products and services thrive in the market, hence bringing in prosperous revenue and growth prospects for the organisation. While most startup companies understand this aspect of business very well, fewer understand what it is that makes these products and services favourites of the consumers. It is the ‘brand’ created for these products and services that does the magic.
What Is Brand?
Consider that a ‘business’ is a soup where numerous ingredients come together inside a pot and simmer into a flavourful concoction. Every ingredient of the soup, hence, makes for the business’ various products and services. A ‘brand’, thus, can be understood as an entity similar to the name of every individual ingredient of the soup that distinguishes it from the other ingredients.
A brand is a non-physical concept composed of things like a name, logo, design elements, colours, etc. that help the audience identify a particular product or service. Much like a name, age, nationality, and other such factors constituting the identity of a person; a brand is a unique identity created to market a particular product or service and make it memorable in the market and among the audience.
What Is Brand Strategy?
A brand strategy is, in the simplest of terms, a long-term and comprehensive plan of action that is designed to meet various goals and objectives set by a business for a particular brand over a dedicated period of time.
A brand strategy also focuses on ensuring that the targeted audience successfully generates a long-lasting affinity for the brand and its products or services, and over time moulds them into loyal customers.
As startups who yet have no loyal customer base or a trustworthy market stand that can help their products and services hold their place among big competitors, a brand strategy is the single-most defining aspect that will drive their marketing efforts towards pathways that bring in the best results.
Here are 5 reasons why a Startups need a bang-on Brand Strategy
Gives promotional efforts a focused direction:
Developing a brand strategy calls for a strong and research-backed evaluation of the market and various competitors. A thorough market and competitor analysis helps the company understand how they want to position its brand in the market. Deriving upon this brand positioning map, the brand strategy directs the team towards the best result-oriented promotional efforts to achieve various short-term and long-term goals.
Creates a foundational brand image that will be nurtured over time:
A new brand set out to compete and survive in the open market without any differentiating characteristics or exotic USPs will sign itself up for immediate failure. A brand strategy helps the organisation understand what makes their products and services different from the pre-existing options in the market and hence craft an ingenious brand image that can further be watered like a sapling and nurtured to spread its roots among the target audience.
Strengthens communication with consumers:
A brand strategy helps a company set a cohesive visual and communicative tonality that shall be part of all of the brand’s future marketing, promotional, and digital endeavours. This will ensure a strong communication channel between the brand and prospective consumer base as a cohesive structure will work towards making the brand easily recallable and an inviting tonality will make the brand approachable.
Helps you drive resources where they truly matter:
Putting energy, time, and funds into promoting a new brand on portals and in places where your efforts can most probably go to a total waste is a disappointing misspend of valuable resources. A deep assessment of the market and target audience arrived upon in a brand strategy that guides marketing efforts into result-driven spaces makes for optimum use of resources that bring in corresponding desired outcomes.
Attracts skillful individuals with an aptitude for innovation and performance:
As a startup, the biggest shortcoming a company might face is team strength. With most startups, it’s all a game about cracking the code to success with few but immensely talented team members who can use their skill set innovatively and bring creative ideas to the table that ensure fruitful results for the brand. A comprehensive and well-presented brand strategy instil confidence in your organisation for such individuals and makes them willing to join your young venture and become an indispensable asset.