By definition, “Brand Strategy is a long-term plan for the development of a successful brand in order to achieve specific goals.” The far-reaching effects of a well-defined and well-executed brand strategy on all aspects of a business cannot be denied. Before elaborating further on the definition, let us first try to comprehend what Startups Branding Strategy is NOT. A brand is not: your product, your name, your logo or your website rather it is the extension of who you are in relation to your target customers’ needs and wants. Some of the major elements of a well-defined brand strategy are the connection to consumer needs, emotions, and competitive environments.
An effective branding strategy gives you an edge over your competitors in the market. Hence, if you are a startup and aim to be recognized as a brand in future, then a robust branding strategy can turn the tables around for your business. An effective branding strategy is an indispensable part of your company’s growth. In order to leverage the benefits of a good branding strategy, you need to take the initiative of being a thought leader in an area necessary for the brand. The next question that arises is what should be the thought process of the thought leader? A thought leader needs to analyze and identify where the current system is failing to meet the expectations of the people. The next step is to come up with an efficient solution that will make your product stand out from the crowd in the market.
A brand consists the following 6 basic parts:
- Story- What are the requirements of customers and how do you plan to provide it?
- Promise – How does your product enable your customer?
- Value – What values do your customers and investors see in your product?
- Name, look and feel – What are the words and images associated with the startups?
- Relevance – Are you providing something relevant to the customers?
- Innovation – How distinct is your product?
In order to make a mark of your brand in the market, following branding and marketing techniques could be followed:
Company Name
One of the most simple elements that impact the brand is the Company Name. The promoters should take their time to think and come up with a Company Name which strikes the right chord with the consumers. Though choosing a brand name around a made-up word is more time consuming and expensive, it can be very impact in the long run and could become renowned as the synonym for the industry like the word Xerox became a synonym for a photocopy.
Logo
A logo is the symbolic representation of the company or the organization commonly recognized by consumers. The appropriate logo conveys the right story about the brand. Hence, it can be very aptly said that logos are the visual representation of your brand in the form of images which often comes in a small size and conveys relevant and meaningful messages about your organization in short. Therefore, a logo designer carries a great responsibility on his/her shoulders. It acts as a window between the brand and its consumers.
Marketing
Careful consideration of the target demographics, the pricing, how the business is marketed and the location of distribution have the profound impact on the brand. Like the logo, the marketing graphics play a key role in branding as they reflect the values and objectives of the company.
Communications
The website, press releases, media information, the outlets broadcasting the story, etc. are some of the ways of communication between the potential customers and the brand. The right and relevant web profile page, press releases, media information, etc. impact the brand positioning.
Customer Service
The phrase “Actions speak louder than words” is true when it comes to serving your customers. The brand is dead virtually if it is not backed up by a good customer service. A good operations team plays a critical role in this arena and leads to happy and satisfied customers which further helps in establishing the brand in the market.
Social Media Reputation
With the advent of social media, consumers became more powerful and it gave them a platform as well as voice to clearly communicate about what they think about a particular brand, its products, and services. Brand positioning can be reinforced quickly through social media platforms like Facebook and Twitter by constantly monitoring and replying to the reviews, complaints, feedback, suggestions of the consumers and working on them as well.