Suppose you have a great idea for a startup. It can be anything – a luxury resort, premium hand-made soap, or any product or service. You are so obsessed with it that you can’t wait to implement it. But you lack experience as you are a startup, no prototype, no understanding of product and distribution. No market projection, no money, nothing.
In this situation, logic advocates obsessing over brand strategy – and it would certainly against hiring an expensive agency to help you with it. Still, a large number of growing startups are doing that, seeing great success as a result.
A few years back, the product was the king of the market, but the situation changes, bringing branding to the top. As today’s tech tool make it easier to produce a product. With proper product prototyping, rapid wireframe, contract manufacturing and all it is easy for entrepreneurs to settle in the market.
That’s a double-edged sword. Those tools and facilities are available to everyone making it easier to rush a product to market. It resulted in unpredicted competition in the startup world. If you want to stand apart from the competition, then you need to focus on your startup brand strategy.
What is branding?
In simple words, a brand is the ‘identity’ of your product or company. Doing branding means giving a voice, a personality, and a perspective and image that keeps your company a different identity.
Importance of brand strategy for startups
It gives “identity” to your company, which helps in distinguishing your product in the market.
- Your brand will give you direction in making important decisions about the future of your business.
- Branding startup makes you memorable by creating familiarity among audience.
Having a great idea and concept is always a requirement for a successful startup but in today’s competitive and dynamic world, you should need a brand strategy. Creating a startup brand strategy is an essential asset for entrepreneurs as it crafts a meaningful message which benefits the organization in the long run.