Brand Strategy for Startups
Janhavi can be usually found reading or writing a book with a cup of coffee in her balcony. A poet, author and a copywriter she brings her best in the world of words.
Janhavi BhatContent Writer
Brand Strategy for Startups
Being a startup it is essential to focus on building innovative and transformational products. It is also important to pay attention to the way your product, service and startup is being perceived in the market. Branding is a way to establish a strong voice and framing how the company wants to be perceived. Often in case of startups, it is assumed to pay attention to the products and services and less on the company profile. But this is a misconception. It is equally important to establish the company’s views and beliefs in the market so as to build an appealing reputation.
What is Brand Strategy?
Brand Strategy is more than deciding for logos, colour, themes, and names. It is about how your company communicates and interacts with your customers. It is about what appeals the customers in the first place to invest in your products/services. Do you identify with the company’s ideals? Do you appreciate the company’s vision?
It is widely acknowledged that people don’t buy products, people buy stories. Brand Strategy gives you an ability to tell your story effectively and make it relatable to your potential customers.
Key Elements of a Brand
Before deciding on the key elements, a detailed competitive analysis is essential. In this analysis, keenly study on what your close competitors are doing and how can you be different from them. Add that in one of your goals. This goal then drives you to carve out the important elements.
- Why – This takes a step ahead of what product or service you are offering. The reason you’re providing your product/service is unimaginably important.
- Mission Statement – What you hope your brand to accomplish.
- Vision – How you envision the future of your brand.
- Values – Core principles your brand stands for.
- Employee Involvement – Bring brand to life by adhering to the core values.
- Objective – The main goal your organization wants to accomplish.
- Identity – Brand strategy leads to the establishment of brand identity.
- Image – Brand image is the way your brand is perceived by your customers and competitors.
- Positioning – Where your brand fits in the industry and where you want it to be in the future.
- Story – Let your brand tell your compelling story.
- Personality – When you successfully bring your brand to life, it carries a personality that reflects your values and objectives.
- Promise – The commitment to deliver between a brand and its audience.
Why do you need a Brand Strategy?
As we go through the above key elements of a brand, a natural question arises in the mind – what is the benefit of a brand strategy for a startup.
- Makes you recognizable to your consumers
- Differentiates you from your competitors.
- Brand strategy often dictates your marketing strategy.
- Makes communication and interaction clear and simple.
- Attracts the right talent.
- Clearly identifies the objectives and encourages everyone to work towards it.
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