Ever wondered what the colours in Coca-Cola logo represent? It represents energy, power, excitement, and passion. The whole branding strategy of Coca-Cola was based on selling experience rather than just a product. They are ahead of their competitors because of their branding strategy; they built a personal brand based on emotions, which wasn’t a popular thing in the past.
Branding has the potential to set your start-up on fire in a way that just your product can’t achieve.
Many entrepreneurs focus on coming up with great products rather than learning and applying relevant branding techniques to help improve their marketing strategy. Many also think branding is just about the name of the business, logo, and business graphics. But branding goes beyond that; it is the key to the most successful business in the world today.
Many start-ups make this common mistake by not paying attention to branding from the beginning. They focus on the product and how they can enter the market without thinking about building a strong brand identity, which will make them distinguish themselves from their competitors. If you still don’t see the benefits branding can have on your start-up’s future, then continue reading.
Misconceptions About Branding
- Branding goes beyond just the name and logo. It involves positioning yourself in a market with a clear definition of your target audience while creating a relevant and distinct impression in the people’s minds.
- Advertising is not branding. Branding entails a lot. Advertising happens in a timeframe while branding looks at the long-term endeavour. Advertising is the channel used to get people to buy into the brand of a business.
- Branding is different from marketing. While the two are similar in the way they operate, they are not the same. Marketing focuses on building the relationship between a brand and its audience. It builds recognition for brands, and this can be successful when the brand identity is well defined.
- Branding is not only for big companies. It isn’t surprising that people attribute branding to only big companies, because when looking at branding examples, the most used scenarios are gathered from large corporations with good brand identity. The fact is, branding is for all businesses, but big companies use the right branding strategies to grow and maintain their influence in the global market space. Start small, and as your start-up succeeds, it goes along with your brand identity.
- Branding needs to wait. There is no exact time to start branding for your start-up. Branding needs to begin as soon as you hit the Go button on your start-up journey. You don’t have to wait until your start-up becomes a success before you start thinking about building a brand identity for your business.
Benefits of Branding for Startups
- With Branding, You Establish A Unique Identity In Your Market.
- Branding At An Early Stage Helps You Stay In Business For Long.
- Branding Sets You Apart From Your Competitors And Builds Trust And Goodwill Among Your Customers.
- Branding Shows Your Customers That You Believe In Your Start-up.
- Branding Makes Your Start-up Memorable And Increases Sales Exponentially.
1. With Branding, You Establish A Unique Identity In Your Market.
Branding is not only about your logo and website; it goes beyond that. Branding tells your story, belief, character, style, and look to your customers. It is what people, your customers, and investors recognize you for.
Building a unique and personal identity sets you apart from all your competitors out there. It sends the message that you are not just another start-up in the same business but also an independent entity.
A brand with a distinctive personality will have a greater chance of winning the audience and establishing a long-lasting relationship with customers.
For example, Coca-Cola and Pepsi are in the same business. But, their branding sets them apart as an entity on their own, and even Coca-Cola’s branding makes them have an advantage over their competitors.
2. Branding At An Early Stage Helps You Stay In Business For Long.
Branding should start as soon as you press the Go button for your start-up journey. Creating and building your brand identity at the early stages of your start-up will help you stay true to your goals and beliefs and earn you a loyal customer base. The consistency in branding will bring exposure to your brand quickly.
Investors and potential customers will realize that you take your business seriously, and you are here to stay for a very long time. They associate with you for a good reason at the very beginning of your start-up journey.
Early branding will make your start-up attract potential shareholders for funding purposes because they see your start-up as secure and reliable. The funding will help your start-up overcome some financial obstacles that start-ups go through.
3. Branding Sets You Apart From Your Competitors And Builds Trust And Goodwill Among Your Customers.
Building trust and a loyal customer base are challenging for brands these days – especially when customers have many similar businesses to go to. So, for you to attract them to your brand, you have to do more than what your competitors are doing.
You want your customers to know that you are different from the other businesses in your niche. The features you would attach to your branding style will set you apart from your industry competitors.
Branding helps you stand out from among your competitors; when you create an environment that makes customers feel connected to your brand, you are one step ahead of your competitors in terms of building a loyal customer base. It makes you a reliable brand in front of your customers and potential customers, promoting trust and goodwill.
Once your start-up builds a strong brand, it becomes the brand that people want to do business with. You also get to benefit from word of mouth marketing to attract new customers.
4. Branding Shows Your Customers That You Believe In Your Start-up.
A start-up that has the intent to stay longer in business builds a brand.
Customers see that a start-up that takes its branding seriously intends to serve its customers for long. When they see this aspect of a start-up, they begin to have trust in your business. It shows that you are not just starting something to collect their money and varnish but coming to build a business and also a family with your customers.
Branding makes your customers also see that you take your start-up seriously. The investment you put in to build a strong brand for your start-up shows that you believe in your business. Customers will value your company when they see that you believe in it.
5. Branding Makes Your Start-up Memorable And Increases Sales Exponentially.
Imagine that you find yourself in the middle of the market, where you are faced with a bunch of competitive products; which one will you use your money to purchase?
I bet; you will go in for the product that you have heard more about. It might not even be the cheapest or the best product among the others on the market, but you will go in for it because of the branding. Most products sell more because of branding.
Building a strong branding presence helps you get noticed by customers. Your brand becomes what customers think about when they find themselves in a market that presents them with competitive products.
If you want to sell more, let your potential customers recall your brand easily.
Whether your business has been in the market for long or you are now building a start-up, the business world has become competitive – it is wise enough to try and stand out among the competition for you to survive.
To attract the most customers and sell more, you need to put your start-up in a position that it will be easily identified and seen as an independent firm by your customers, investors, and potential shareholders. The best way to stand out and be easily recognized is to stress your branding process.