“50% of all small businesses fail in the first couple of years.” – Theo Paphitis
This is the shocking truth: New businesses have a 50/50 chance that they will collapse before they even get off the ground.
To avoid being just another statistic and ensure that you can avoid failure it is important to look at your brand.
A brand is a way to tell your story, it is the experience people have with your company.
For start-up companies it can be hard to out-swim in a sea of established brands.
For companies looking to re-launch or introduce a new product or service to a new market, how can you stand out?
No matter the situation you are in, it is important to have everything ready before you launch and this includes a differentiated brand, with a strong value proposition.
Here are five things to consider when launching a brand.
1. Consumers
Consumers have a world of choice when it comes to products and service, and ultimately they decide who leads and who follows. With so much choice available, the competition between companies is always fierce. As a start-up company is it important to understand your consumers and what they want so you can target and position yourself accordingly.
Ask yourself:
- Who are my consumers?
- What do they need and like?
- What are they experiencing right now? (thinking, feeling, hearing)
- What is the experience I want them to have with my brand? (What is their pain and what will they gain from my brand)
2. Competitors
Research who your competitors are. Look at their websites, their logos, their colour theme and how they are positioning themselves. Knowing your competitors allows to create a value proposition that not only appeals to potential customers, but also has a clear point of difference from your competition.
Consider:
- What images are they using?
- What is the user experience?
- How can you be different?
- How can you be better?
3. Path to purchase
When beginning a business and defining a brand, it is important to think about how consumers purchase that service. Computers, tablets and smartphone’s have also changed the way consumers view information. We scan the information, screening it via our selected feeds. How much do consumers actually take in and retain? Where are the touch points for their decisions?
Consider:
- Internet (searches)
- Media coverage
- Word-of-mouth
- Social media
Think about how your brand can be visible at each point.
4. Value proposition
The value proposition is the primary benefit of a product or service. It is created by the brand identity.
The value proposition should answer the question: “Why should I buy this product or service?”. It is a clear and specific statement about the tangible benefits of the product or service you are offering. It asserts the value of the offering and the positioning of that value. A value proposition is a compelling narrative that includes the functional benefits (what the brand offers on a practical level), as well as the emotional benefits (what the brand can make the consumer feel in the process of purchase).
5. Visual identity
The visual identity of a brand is important, it will be the first thing people see and often associate a company with. It can instantly communicate – or fail to communicate – your brand message.
A few things to consider:
- Logo
- Colour scheme
- Fonts
- Graphics
- Collateral
What next?
Hopefully by now you have a better idea of your brand experience and found your point of differentiation. It is important to have a compelling, emotional benefit that is highly valued in the minds of both consumers and clients, and different from your competitors.
Take it. Use it. Own it.
