Apr
8th
Branding is the key to entrepreneurial success
By Jonathan Fisher
One byproduct of a down economy is a surge in entrepreneurship as
people squeezed by layoffs and a tight job market opt to start
their own businesses.
Securing funding, working out product development/service offering issues, honing business plan strategies, and wearing multiple hats is a lot to juggle – which means branding, unfortunately, often gets pushed to the bottom of the priority list. But establishing the right brand position right out of gate is the key to early success for any business.
Branding clearly communicates what your company does, tells customers what they can expect from your products and services, and how what you have to offer is different from your competitors.
A strong brand creates an emotional bond with customers. When a brand really “connects,” it not only creates a barrier for competitor entry, but also develops a premium situation where consumers perceive a higher product value.
What are the first steps in developing and implementing a brand strategy?
1. Assess your position in the marketplace. Do people know what your company stands for? Are your products and services relevant? What is the current market opportunity?
2. Develop the tools you need, starting with a marketing plan that outlines goals and objectives and the tactics needed to achieve them.
3. Pay attention to first impressions. Create a visual “toolkit,” including a logo, a two to three word tagline that succinctly captures your positioning statement, stationery and marketing materials designed to convey a consistent look at feel.
By putting branding at the top of your priority list, you’ll establish credibility, speed up the sales cycle, and win over the hearts and minds of customers. This approach creates a bond with new customers that is solid and can eventually become unbreakable.
Securing funding, working out product development/service offering issues, honing business plan strategies, and wearing multiple hats is a lot to juggle – which means branding, unfortunately, often gets pushed to the bottom of the priority list. But establishing the right brand position right out of gate is the key to early success for any business.
Branding clearly communicates what your company does, tells customers what they can expect from your products and services, and how what you have to offer is different from your competitors.
A strong brand creates an emotional bond with customers. When a brand really “connects,” it not only creates a barrier for competitor entry, but also develops a premium situation where consumers perceive a higher product value.
What are the first steps in developing and implementing a brand strategy?
1. Assess your position in the marketplace. Do people know what your company stands for? Are your products and services relevant? What is the current market opportunity?
2. Develop the tools you need, starting with a marketing plan that outlines goals and objectives and the tactics needed to achieve them.
3. Pay attention to first impressions. Create a visual “toolkit,” including a logo, a two to three word tagline that succinctly captures your positioning statement, stationery and marketing materials designed to convey a consistent look at feel.
By putting branding at the top of your priority list, you’ll establish credibility, speed up the sales cycle, and win over the hearts and minds of customers. This approach creates a bond with new customers that is solid and can eventually become unbreakable.
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