For so many years, entrepreneurs have been led to believe that if they build it, people will come. But the sad reality is that 20% of businesses fail in their first year, and about 50% fail in their fifth year because these entrepreneurs failed to realize that even though you have a great company if it’s not properly branded, no one will come.
If your company must survive in turbulent market conditions, it must—beyond offering a product or service with massive demand—be clothed with a powerful brand. And just in case you’re about launching your startup, then you need to know how to build a solid brand for your business, and here’s how you can go about it.
Why Every Entrepreneur Must Make Branding a Priority
Many entrepreneurs still feel that branding is only about getting great logos, fancy business cards, letterheads, and posters, so it’s crucial we have a clear understanding of branding guidelines and what branding is before we get into why every company needs good branding.
now that your company isn’t the brand. Your brand is only born from the opinion of your customers when they patronize your business or use its products.
Here’s an example, what comes to mind when you think about Gucci, Target, Adidas, Ford, and Alibaba? The feelings you’re experiencing right now are the brands of these companies, and branding was the means they used to engrave those emotions in you.
The key to building a great brand is to identify and implement anything that’ll make your business unique and cause your customers to have a good impression of your company.
Having a great brand is a key that can:
- Make your company unique
- Attract customers
- Increase customer loyalty
- Can publicize your business
Any startup that tries to compete with other well-established companies without first developing a strong brand will fail. That’s why building a brand should be the top priority of every entrepreneur, and you can go about it by:
Understanding Your Business
Although it’s challenging, deep research is essential to establishing an intriguing brand. So devote your time to acquiring as much information as possible on your customers, competitors, and even the industry. This will help you quickly establish a brand that’d be a great fit for your target audience.
But don’t stop there. Focus on getting to know your audience. Understand who they are, what they enjoy, what they want, and what they need. This would go a long way in helping you develop a brand that’ll appeal to them.
And one of the easiest methods to achieving this is to use a customer survey to get as much information about your audience as possible. Discover their tastes, what drives them to purchase a product, and how they react to different offerings.
Building Your Brand’s Identity
You won’t be able to build a distinct identity for your business if you don’t understand its essential branding elements. So make sure you know your brand’s basic principles, the emotions you want your audience to feel, as well as your brand’s vision and your value proposition.
This will put you on the right track to developing a brand promise that will set your company apart from the thousands of businesses out there.
Walmart promises to help their customers save money and live better, while Marriott Hotel promises quiet luxury, crafted experiences, and intuitive service. And these promises have set them apart from their competitors.
Finding the Perfect Name for Your Business
Few business owners recognize that the finest marketing campaign a company can have is a great brand name. That’s why well-known brands like Amazon, Alibaba, and Apple, thrive while their competitors fade away.
And if your business requires a great brand name, using a strong business name generator is one of the quickest methods that can help you come up with a distinctive and memorable brand name.
The perfect name will help you position your company in such a way that it remains front and center in the thoughts of your target audience.
Taking Your Business Online
Every entrepreneur who hopes to craft a relevant business in today’s market must ensure that their company is well-represented on social media because it can help you attract a lot of sales by promoting your company to your family, friends, and your target audience.
So make sure, like GoPro, you build an active online community for your business on platforms like Facebook, Twitter, Instagram, and YouTube.
It All Begins With a Step
Now that you know what you need to do to build a solid brand, it’s time you turn these words into action and build a great brand that’ll attract your target audience. Know that the sooner you get your business out there, the more clients you’ll attract and the faster your brand will grow in its industry.