A guest post by Grant Polachek.
Passenger pigeons, typewriters, and Blockbuster are all extinct because they didn’t know about launching a brand!
And your business could quickly join them if you don’t align it with the post-Covid world by building a powerful brand.
A study performed by Crunchbase revealed the first five months of 2021 produced 166 companies valued at $1 billion and above. This is more than the 163 unicorns created in all of 2020. Businesses like Coinbase, Skims, and PharmEasy emerged successfully because of the strength of their branding.
If you want to know how you can build a successful business, here is a quick guide about launching a brand this year.
Where branding stands in 2021
Launching a brand involves discovering, improving, and implementing unique elements to your business. This needs to be done in a way which actively shapes its image and creates a solid impression in the minds of customers. Branding is the central theme of every business because it captures the business’s promise to its customers.
Branding, in 2021, has gone beyond giving your business a strong footing in the market. It gives your business a personality, with values and goals customers can relate to. Branding humanises your business, gives it an identity and makes your business interesting, loveable and approachable.
The average post-Covid customer isn’t just looking at logos. They’re looking for brands with purpose and values, brands which stand up for causes they’re passionate about. It’s important to deliver a compelling brand message which emotionally connects with your target audience. This is something every entrepreneur must possess if their business must thrive today.
Remember every facet of your business must be involved in branding, because launching a brand is all about integrity.
What you must know before launching a brand
Every entrepreneur needs the key to building a unique business to win the hearts of your target audience. And this lies with having a solid understanding of the current stand of the market concerning your products, retail and customer behaviour.
1. Don’t be in a hurry: study your business
Although it’s difficult, deep research remains the key to creating an exciting brand. This allows you to gather all the information you can on your customer demographic, competitors and the market. And help you develop a brand personality which is an excellent match for your target audience.
Invest time in understanding your customers. You need to know who they are, what they like, want and need. If you want to create a great brand your audience would love, you need to know exactly what their problems are, and how you can help them solve them.
Start by using a customer survey to collect as much information as possible about your customers. Learn their preferences, what motivates them to buy a product, and how they respond to other products.
Also start gathering information on your competition. Understand what makes your business unique and separates it from other competitors. Focus on improving what you can give your customers which even your competitors can’t. This is a crucial step to creating disruptive products.
2. Represent your business and products with a great name
Never underrate the importance of a powerful brand name. It’s the first thing people see and hear before trying your product. A weak or offensive name when launching a brand means customers would instantly pass over your business to another one.
Craft a powerful brand name which not only intrigues customers but also stands out from the crowd. Starbucks, Amazon, Apple, and H&M are all successful brands today because their names are short, unique, and memorable.
Strong brand names perform up to 33% better on the stock market than weaker names, so choose a great name to represent your business. And the fastest way you can do that is by using a business name generator.
3. Be community conscious when launching a brand
Embrace opportunities collaborating with other local businesses. Host conferences, trade shows, contribute to charity events and fund youth or children’s sports programmes.
Taking part in community events is a great way for launching a brand to your target audience as a business. This not only shares their values and beliefs, but also shows you care about the community.
Go further by establishing a co-branding relationship with another business. Uber’s relationship with Spotify, GoPro’s partnership with RedBull, and BMW’s partnership with Louis Vuitton have helped these brands grow their customer base, market share, brand awareness and customer loyalty.
Your brand needs you
It’s a great thing you’re starting your business. The road to brand success is bloody, and countless businesses have fallen by the wayside because entrepreneurs, amongst other factors, didn’t give their all for their business.
Elon Musk, Steve Jobs, and Jeff Bezos devoted themselves completely to growing their businesses even after they’d become leaders in their respective industry. So you too must sacrifice your time, money, and energy to breathe life into your business.
Businesses are fuelled by the passion of their entrepreneurs, so make sure you keep your business alive at all times with your passion while launching a brand.
About the author
Grant Polachek is the Head of Branding at 3X Inc 5000 company Squadhelp, the world’s #1 naming platform, with 30,000+ customers from early-stage startups to enterprises such as Nestle, Philips, Hilton, Pepsi, and AutoNation. Try Squadhelp’s brand name generator for custom name recommendations for your venture.
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