With over 305 million startups created every year, it’s become painfully clear that everyone and their cat is launching a brand. But starting a successful business isn’t for anyone who isn’t ready to sacrifice their time, dedication, resources, and creativity on the altar of greatness.
Only a few businesses transcend the startup phase and grow into a tremendous force in their respective industry. And one thing these startups that succeeded had in common was a strong brand identity.
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If you’re new to business or run a startup, don’t underestimate the possibilities that a great brand can unlock for your company because branding is one key factor that determines your business’s rising or falling.
So, to help you make the best of your business, we’ve prepared this article to equip you with tools that’d help you launch a great brand.
Let’s get into it.
Branding and The Global Economy in 2021
The global economy is still trying to get back on its feet after its experience with the Covid pandemic.
But even though experts believe that it’d take some years for the global economy to be restored to its pre-pandemic glory, this hasn’t slowed down passionate entrepreneurs seeing that 4.81 million businesses were created in 2020, and 2.5 million businesses were also created in Q1 and Q2 of 2021.
Competition is fierce. The mortality rate for startups already stands at 20% for businesses less than a year old, and it’s going to get a lot worse unless startups learn to build a brand that attracts their target audience.
Branding your business is the perfect answer to the recent changes in customer preferences like:
- Increased patronage for digital businesses and services like remote working, online entertainment, telemedicine, e-commerce, and delivery services
- Greater focus on health, wellbeing, and sustaining the environment
- Increased disapproval of brands with embarrassing, potentially dangerous, and unethical practices
- Preference for reputable brands with a clear identity
- Preference for brands with a clear stand on social issues
So, make sure you invest the time and build a great brand for your business because customers are willing to pay 17% more for well-branded companies with solid customer service.
With that said, here’s how you can launch a great brand for your business.
Here’s How You Can Launch a Successful Brand in 2021
Start by Knowing Your Target Audience
Building a great customer base is a fundamental requirement for building a solid brand identity. A lot of entrepreneurs believe that branding is all about promoting their business. But no matter how much effort you put into marketing your business, what will propel your brand to greatness are its consumers.
And the path to building a brand that customers would engage with isn’t only by generating new products that meet their needs and requirements but by also giving them an active role in the development and execution of your brand’s policies.
However, all of this can only work if you have a clear understanding of who your audience is, their needs, how they react to your products and services, how they perceive your competitor’s brand and product, and what they strongly desire.
And the easiest method to acquire all this information about your target audience is to conduct a survey and examine the initial customer feedback for your brand. Know that every second you spend learning about your audience will pay off handsomely.
Set Up a Great Brand Identity
Every business has an identity, and your brand’s identity comprises what your brand says, your values, how you express your product, and how you want people to feel when they interact with it. Essentially, your brand identity is your company’s personality as well as a promise to your audience.
Even though your brand’s identity and core values should be obvious to your customers, that doesn’t mean your core values should remain constant and unchanging.
And that’s because, for any brand to remain competitive, it must review and modify its identity on a regular basis to ensure it’s delivering on the company’s fundamental promises.
However, without evaluating key brand performance indicators, you can’t know if your customers understand your company’s identity and mission statement.
To evaluate the key performance indicators of your brand, you need to keep an eye on your business by using Google Analytics, customer surveys, reviews, and social media discussions to see how people speak about and engage with your brand. This will allow you to focus on target areas that need to be altered or enhanced.
Now, don’t get so fixated on studying your brand’s key performance indicators that you ignore the need to develop your brand’s distinct identity by giving it a captivating brand voice, tone, logo, font, color, and images because all these would contribute to boosting your brand’s identity.
Use Only Perfect Brand Names
Choosing a great brand name will distinguish your business by effectively communicating your brand’s identity, vision, mission, and goals. Coca-Cola, Apple, Tesla, Beyond Meat, and Gucci are just a few examples of brands that’ll continue to stand out because of their perfect brand names.
So, ensure that after you’ve spent time gathering vital information about your consumers and developing a strong brand identity, that you engage your entrepreneurial creativity and brainstorm unique words that match the naming requirements of your company.
We understand that brainstorming a perfect brand name can be tough, but it doesn’t have to be. One way to make brainstorming your brand’s name easier is to assemble a team that’d help you find a great name and tell them about your business, its tone, elements, and naming criteria.
Encourage your team to be creative when brainstorming for a great name. Let them use dictionaries, thesauruses, and any material that’d help them come up with the most interesting and engaging names possible.
The goal here is to produce a list of names that not only aligns with your company’s needs but would also be interesting to customers.
However, when compiling your list of great names, your team should search for short, catchy, memorable, and compelling words.
But if you don’t have a team and brainstorming a list of names sounds like a difficult task, then you’ve got nothing to worry about because using a powerful business name generator can help you find the perfect name for your business.
Build Your Brand’s Presence Online
The frequency and ease with which buyers locate a brand or organization online have a massive impact on its online presence.
Every entrepreneur must build their brand’s online reputation. This is done by increasing brand awareness, and make their products or services visible when consumers search for similar products.
Building a strong online presence requires a lot of time and effort, but it’ll pay off in the long term by increasing your brand’s sales and awareness in its industry.
As an entrepreneur, you must ensure that your business has a strong online presence. In today’s world, your company’s online presence is just as important as its physical location in a mall.
So, create a fantastic product, set up your fantastic brand identity, and make your brand known in the market. Building a strong online presence will allow your company to effortlessly gain the confidence and loyalty of your target audience long before they become customers.
And while building your presence online, ensure that all content of your brand’s social media strategy centers on the target demography you want to attract to your business.
Build a Solid Brand-Customer Relationship
Knowing who your consumers are, connecting with them on a regular basis, and meeting their needs is essential. This will help in building a great brand since your customer’s perception of your brand ultimately determines your company’s identity.
Most businesses are so captivated with their great products that they forget that their success lies in the value their consumers think their products provide.
Coca-Cola, Apple, McDonald’s, and a plethora of other well-known brands have thrived. This is not only because of their products but because of how their customers. Customers think these items will make their lives easier, better, or more connected.