Tips for startups before creating a branding strategy

 

The process of creating and implementing abranding strategy is very important for a startup. The brand is an intangible asset that will represent your company to your customers, potential clients, distributors, employees and shareholders amongst many other people. Given below are a few tips to help you started on your branding strategy.

 

Identify a clear brand purpose

Ask yourself the following questions: What does your startup represent, what does it stand for? Why did you start your company except for selling the service/product? Will your motivation and idea be welcomed by clients? What can your start-up improve or fix in the world?

The answers should be beyond simple functional solutions. Your branding design strategy should be emotional, meaningful and should give a reason for people to come together and support your cause.

 

Identify your target audience

Determine who your future consumers will be and identity them on the basis of their likes, their behaviour patterns, the reason they need your product, etc. It is also equally important to determine the audience you don't want to do business with, so that you can create a niche. Your branding strategy  needs to attract future customers in a functional way and that is only possible when you clearly define your target audience.

 

Identify your capabilities

Ask yourself: 'What are the strengths of my business?' It can be a good amount of technical knowledge, a qualified workforce, innovative product, great customer service or strong industry experience. A detailed insight into your strengths will help you win the trust and loyalty of your current and future stakeholders. Make a list and make sure that your strengths and assets back up your branding strategy and ultimately your brand promise.

 

Identify your industry

The choice of your industry must never be confined. Open up your possibilities as much as you can. If you're selling chocolate cereal you can be a part of both the snacking and the breakfast industry. A notebook brand can initially be a part of the stationery industry but can slowly build a chain of products in the future and become a part of a bigger creative industry.

 

Identify a clear offer

Think of what you're selling and the kind of customers you want. Do you want your branding strategy to allow a large number of people to be able to try your product or do you want it to target the upper-class section of the society? Think about how your offer can transform over a period of time. Be it a brand catered to the elite or to the mass, you need to be aware of product evolution and future trends.