The global economy is undergoing significant changes. The battle for survival in today’s markets is fiercer than it has ever been.
From market giants to start-ups, every company has devised its unique strategy to deal with the fast-paced changes in our ever-changing business world.
These fast-paced changes are the perfect trigger for a violent battle for survival in the corporate world. Business has evolved, and you’ll need to know how to establish a great brand if you want your company to survive and become a household name.
Creating a successful brand demands a lot of things, and in this article, we’ll give you a quick rundown of exactly what you need to launch a great brand.
Why Every Startup Must Build a Solid Brand
Today, customers expect much more than just products and services from their favorite brands. They desire truthful, sustainable, and ethical brands.
- According to TSL Marketing, successful companies have a high level of consumer loyalty, a better brand identity, and a personable personality.
- A study by Lucidpress showed that customers today expect more from brands.
- According to Forbes, branding increases a company’s revenue.
- According to 70% of CEOs, brands help their company develop a solid audience base, which is considerably more important than direct sales.
In these volatile times, branding is your greatest option for sticking out, and every entrepreneur must be able to establish a brand that connects with their target market.
With that said, here are some pointers to consider if you want to launch a successful brand.
Five Quick Steps to Launching a Powerful Brand
1) Be Passionate About Your Company
Building a strong brand takes time, and if you want to be successful, you must build your brand with passion and devotion because your company’s success would be based on how devoted your brand is to its vision and goals.
According to the Journal of Advertising Research, companies that show enthusiasm for their products and services have a stronger favorable impact on their target audience. Customers believe that the brand’s excitement will inspire them to work harder and provide better services.
So, you need to always be enthusiastic and devoted to building your brand because every successful company was founded on the enthusiasm of their founders.
2) Study Your Audience, Competitors, and Industry
To create a great brand, you need to deeply research your market. So, devote time to learning everything you can about your target demographics, competitors, and industry. The data you gather can help you create a brand identity that’d compel your target audience.
And the best way to collect as much information as possible about your target audience is to use a customer survey. Learn about their tastes, what drives them to purchase a product, and how they react to your competitor’s brands.
Also research your rivals and figure out what distinguishes your business from theirs so you can concentrate on enhancing this quality and offer something truly unique to your customers.
3) Understand Your Brand’s Identity
Your company’s brand identity is more than its personality; it’s also the promise you’re making to your consumers.
What your brand says, your beliefs, how you communicate your products, and how you want people to feel when they engage with your business are all part of your company’s identity.
But to build a great brand identity, you need to categorize everything you’ve learned about your company into:
- Big ideas: What are the key principles that drive your business?
- Brand values: What are your personal business values and goals?
- Brand Story: What inspired you to start your business in the first place?
- Benefits: What distinct advantages do you provide your clients?
- Emotions: What powerful feeling(s) do you want your audience to experience?
- Value proposition: Why should buyers choose your business?
Identifying the essential elements of your brand will help you create a brand that accurately represents your business and puts you on the road to creating a brand promise that will set you apart from competitors.
4) Find a Great Brand Name
Every business owner should devote time to creating a memorable brand name that excites and distinguishes them from the competition.
A great name is a valuable asset that no company can afford to overlook. Starbucks, Nike, Amazon, and Apple, are all successful today because, in addition to their incredible products, they all have short, memorable, and distinct names.
Strong brand names outperform weak names on the stock market by up to 33%, so make sure you find a great name for your business. And one of the easiest and best places to find a great brand name is to use a powerful business name generator.
5) Embody Your Brand’s Personality
It’s very important that you incorporate your brand’s personality into every area of your company in ways that customers can notice—not only on your website and social media pages but also at your physical locations.
Customers will love your brand if you infuse your brand’s personality and identity into your physical/online store. Your physical surroundings are a fantastic tools customers use to evaluate if your company aligns with its brand identity.
Get Your Brand Socially Active
While the pandemic raged, 90% of companies used social media to boost and sustain their brand’s recognition, so make sure your business is active and always in front of your target audience demographic.
So make sure you use social media tools like Facebook, Instagram, Twitter, Youtube, blog articles, and email newsletters to deliver your brand’s content in a way that’ll grow your audience and keep your business in front of new people regularly.
About the Guest Author
Grant Polachek is the Head of Branding at Inc 500 company Squadhelp.com, the world’s #1 naming platform, with 30,000+ customers from early-stage startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation.