A third party's word about yourself is four times more credible than your word. We are always making promises in all our interactions with customers in form of the impressions created. I am sure you've heard you never get a second chance to make a first impression.
For startups, it’s easy to concentrate only on the idea and prototype which will not attract any meaningful funding without a sufficient clientele and a profitable revenue pipeline for their products. If the product is to sell, it has to sell for revenue and profit. This is where branding alone can play a major role from keeping an enterprise from going bust. Going forward, in the new startup climate, investors will put their money into a more profitable brand than a brand built on discount sales.
For every five startups that are still around, more than double have failed due to lack of branding. They started well with an idea they thought was brilliant. Then, they spent months and years perfecting the product without testing it with the prospective customer. By the time they thought of reaching out to the desired market it was too late and they failed. So, it is important for startups to “go live” and start generating revenue before running out of seed capital. For a startup, “Visibility creates Opportunities”. The faster they become visible the closer is the possibility of a commercial success. It is only through branding that your market will learn of your existence and your products. With effective branding you will further become visible to the investors and other stakeholders and be a valued firm. This is one big reason why startups should make branding an important component of their overall business strategy. As the marketing marketing Guru, Philip Kotler says, “The art of marketing is the art of brand building. If you are not a brand, you are a commodity”. If you want your startup to be valued for what you have created and want to stand out in a crowd, branding is the way to go. For example, many companies make running shoes but only Nike sells excellence, ”Just do it”. Similarly, India is one of the largest milk producing nations but only Amul, “The taste of India”, seems to represent the best of it.
A companyʼs brand is its entire personality. It is the medium through which a startup can express what its product can do, it’s core values, business methods and how it can change an user’s experience. Eventually, a great branding can scale up the worth of a startup, far exceeding its physical value. Once a company has decided to go down the branding path, it is forced to revisit, analyse and focus on the catalysts and objectives of the business.
Evolving a brand strategy makes the turbulent journey of startups more manageable through consensus building amongst co-founders and by providing a rare far-sighted lens in a very short term environment. Products tend to change, teams transition and customers shift in the journey. But, once a brand has been created the core of the brand remains a constant and everything settles around it. A clear brand strategy provides clarity and a roadmap for the team to be successful and how to meet the organizations goals. So, creating a brand far outlives the mere purpose of gaining market share and benefits an organization organically. In the future, as businesses will be increasingly driven by cloud technologies, it will become easier for newer startups to join the fray. Competition will become fierce and swift changes in offerings will happen. In such a case, marketing, branding and positioning will be of paramount importance. Only startups which are able to reach out to their target customer bases with emotional connect, promising a particular experience and convey trust through effective branding, will survive.
@16kuria12dominic @Abdifarah Haji @Absalom Alila @Adam Yawe @Akwabi Paul @AlexMuthii vlogs @Bancy Ngatia @Benerd Momanyi @Bernard Chiira @Beth Gitau @Bigingi Nickson @Anthony Nicholas @Astone owino @agathogo @Caroline Chebet @Carrie Kaumbulu @Chiira Bernard @Christine Atieno @Cindy Ingashan @Daniel Mbithi @Daniel Murangiri @David Kibaria @David Omondi @Dennis Mandela @Eddie A @Edmond Gimode @Edward Mungai @Edwin Simiyu @Eliud NGARUIYA @Faith Mutule @Flawsome Betty @Flora Josephine @Florence Kitui @Florence Sitati @mwicwiribonface @George Ndichu @Gill Kebaso @Gladys N. Gatiba @Godfrey Otieno @giftono @HRH Jyes Njoroge @Ha-Dassah Taby Kagira @hayleyruth1711 @henry.onyango @Jack @Jackson Tissa @James Murithi @Jed Ondiko @Jeremiaho Wakamu @KENNEDY OPONDO @KIRUMBA WAMBUGU @Kelvin Roman @Kennedy Mumo @Kennedy Njoroge @Linus Wahome @Liwali Kivumanyuki @Liz Kitua @Lucia Ndegwa @lazaruslewa @Rael Awuor @Reality Cheque @Richard Masore @Rita Oyier @Robert Omondi @Teresa Lubano @Tom Murayi @Trulance Communications @thekingspyramid101 @thomasnjoroge10 @Maimuna Abdurahim @Maria Njoroge @Mark Collins @Martin Wachira @Mbaji Ngole @Naima Mungai @Nick Gicheru @Nick Isaac @Nicole Nanzai @nelly.ellaine16 @Patrick Musau @Paul Marikio @Paul Mwathi @Peter Gichuki @Peter Githae @Victor Akala @Victor Magere @Vincent Leteipa @Vincent M @videncio yobera @Omar Ali @Omar Gelle @oluochbrian686 @ondengbrown @William Nguru @wachunderitu @wanyangapaul @wawerunick1 @weswamosaic @yasmin @yitzackmugane @Sammy Kibor @Samuel Matheka @Samuel Muya @Samuel Rigu @Samuel Wachira @Kimeu Faith @Kubai Edwin
Here here! ‘Your brand is what people say about you when you leave the room’ - Jeff Bezos
Well put!!! Selling your brand to the market as soon as its available ensures you get timely feedback how best you can perfect your product.