Why Startups Should Pay Attention to Their Brand

Why Startups Should Pay Attention to Their Brand

One of the biggest opportunities any startup will have is being clear to the marketplace about who you are and what you do. Unfortunately most Start-ups try to be everything to everyone – and by doing so, leaving customers wondering and often dollars on the table in lost revenues.

In this fast paced “customer first” world, you cannot afford to let people wonder – uncertainties will lead to lack of confidence – which leads to lost revenues.

What makes you different?

What makes your Brand different from other Brands in your industry? Once you decide what makes you different, your entire brand should be focused around this message.

Before you develop your brand message, you have to assess your business, how it operates and the messages that you want to deliver.

1. Figure out your business, product or service’s core capabilities – create the experience and the brand will follow.

2. Identify your existing and potential customers, find out what they like and what they don’t. Allowing people entry points with the brand message will convert people to “brand carriers”.

3. Find out how your customers and your employees understand your business. Reliable? Caring? Cheap? Expensive? Luxurious? No-frills?  These – emotional responses are important.

4. Define how favourably customers and potential customers view your business — this is your perceived Value. What do they think of when your brand is mentioned to them? Low perceived value could restrict or damage your business. High-perceived quality gives you a platform to grow and increase revenues.

5. Consider how far you can develop your business with its current customer base without moving away from your core capabilities. The amount you can change is your brand “elasticity”. A positive brand message that connects with consumers will have a great deal of elasticity – allowing for brand growth.

From the inside out

Keep your employees involved with your brand. More than anything else, your employees will be responsible for delivering on the Brand message. Make sure that everyone believes in it and lives it.

Delivering your brand message— and doing it better than your customer expects will strengthen your brand. Failing to deliver a brand message just once will damage your brand and result in lost revenues.