Startup Branding strategy : In this article, we talk about various factors influencing your small business branding strategy. I will use the terms startup and small business interchangeably. The focus is about creating a differentiation with the rest of the market. The best way to approach branding strategy is by creating a market map.
Map your market
This is the first step in startup branding strategy. No matter the size of your company, your must establish the zone in which you operate. This will help to make customers/investors understand your specific approach. No one likes a product/service which tries to do everything for everyone. A focused approach is likely to give you the best results.
This is why most investors love the idea of a unique selling point for a startup. It helps you differentiate your idea/or business value from the rest of the market. A strong USP will already give you a great head start in your startup branding strategy. (what is a USP?)
Differentiate from the market and competitors
This is the most challenging steps in branding for startups. Your USP helps create a market segmentation about your product. This is not just an internal selling strategy, but also a great way to communicate with the customer. The market segmentation and differentiation strategies help people understand how you’re special.
This differentiation strategy can help your pricing strategy and perceived value for a customer. (Pricing strategy using market segmentation). While segmenting the market, make sure that you focus on real differences rather than features. This is a common mistake most entrepreneurs do – to fall into the trap of feature selling. Your differentiation can be emotional, value and purpose led.
Choose the right startup/business name
Uniqueness of the name: Check whether a website in this name is available. While doing this, think about names for your social media accounts, SEO and tagging. This will help visibility of your product/solution.
Does it convey what your product stands for: While branding your small business/startup – think about simplicity and messaging. Your brand name can convey your values, purpose and positioning of your business.
Does your startup branding strategy include Unique selling proposition?: As a startup, ultimately, everything about your USP. Particularly in branding and your company names – your USP can shine through. Think about the vision statement, elevator pitches where you can bring this unique selling proposition into practice. (What is Unique Selling Proposition?)
Think about your values and communication
Your brand is not just about your product. Your brand also indicates the values you stand for. For instance, if your brand is about sustainability, you need to think about the supply chain and people you work with. Whether it is early stages of a startup or scalp, your value shine through. Focus on what your values are and make sure that they come up as a part of your brand building exercise.
The funny thing about value is that it shines through all of your actions. It is in the way you treat both customers and employees. It may not be a great short term strategy, but will certainly pay out in the long run.
Focus on the value you add
No one cares about how your product works. Maybe that’s a harsh statement. But most users/investors want to understand the value you create as a startup. Immense value immediately translates into great investment returns. This also serves as a loyalty factor for your business idea.
If you can clearly articulate your value proposition, the business plan is off to a great start. Make sure that this value comes across in most of your communications. This can be your website, brochures or any other internal/external conversations.
Be Honest and true
I will leave you with this last point in startup branding strategy. Customers are fed up with lies and complex use of words. Ultimately, we all want a product that can solve our problems. If it doesn’t focus on finding out what the customer needs.
Marketing is not about selling. Branding is about creating a relationship with the customer. Make sure that your startup branding strategy focuses on this. A startup needs as much support as possible in early stages. Being honest about your approach, what you’re aiming to do is a great way to build a branding strategy.
Great Article and nice points of caution!