Since last decade, online marketing or say internet marketing has become a crucial and unavoidable exercise for each business or startup to build a brand. A report says nearly 2 million startup get failed to survive every year just because they don’t know how to brand themselves. “A brand” is one of the most common word that everybody uses very well but nobody actually understands.
how to brand your business name
It’s important for entrepreneurs to understand that their “Brand” is the collective emotional response to their product or service. A brand is not limited just to a logo or any business name, and it’s certainly not a URL. Rather, it is the response. Something related to passion of people toward your products or services, in their hearts and minds, a strong desire to purchase your goods
I have tried to narrate few simple though important findings which are capable to describe the answer to the question – How to Brand? or how to brand your business name and can also help entrepreneurs in order to do effective branding of their startups.
1. You should be clear about your business idea
You should have a clear vision and goals for what you are there in the market. You should always take care what makes your product or service different compared to others available in the market because its helps you a lot to find out ways how to build a brand and how to brand yourself or how to brand your business name. Once clear on what you offer and where you are, focus on how you can do it in a superior way. For a startup, it should all start with a clear business idea and a compelling and then superior offering.
2. If possible, choose a roll model for your startup 🙂
All well-known brands are typically inspired by a bigger vision or ideal other than financial success. An ideal serves as a mentor or like a driving force that will keep your startup on track and help it to get established as a brand rather than just an another product. This will help to carve a solid loyalty with some specific set of customers. To identify this for your startup, you can ask yourself like, “We exist to serve/sell/offer _______ to customers.”. Because this will also help you in case you want to do direct marketing of your startup through various social media platforms.
3. You should identify your targets well in advance
Your product or service may not relevant to all in the market, and it can be very expensive to try to do so. A well-defined target will help you decide the scope to come up with a better product as well as better ideas. So you should create a overall picture of your target audience, and try to focus your efforts on them.
4. You can’t neglect limitations of your resources
You need to understand the basic math that determines how long your business can go in upcoming time. For example, you should be able to answer some simple questions like “How much does it cost to produce the product?”, “How much do I need to sell it for?” and “How long will it take to pay out?” A successful business is one that creates value and generates profit.
5. You can always have a plan – what to do? and how to do?
You can draw up a branding plan — a physical document that details what you want your branding for, what you’ll offer, which customers you want to attract, how you’ll reach them, how you’ll make money (this is called your business model) and how you’ll measure success.
This not only brings discipline to your entrepreneurial journey, but also becomes the business plan to share with potential investors for fundraising exercises – like angel investor will invest in your startup only if they find your business plan effective and promising.
Often a question comes into mind why is branding important to a company? Creating a brand is a lot like interactions with people. Just think of us. We become acquainted, we try someone’s goods or services, we decide whether we like them or not, and then we begin to have — or not have — a longer, deeper and more profitable relationship. This trust called – ‘The Brand’
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As per my personal opinion marketing strategies play vital role in corporate branding and all points mentioned above describes various aspect of ideal marketing strategies those can lead to successful brand development. I personally refer Building Strong Brands for easy to understand & straight forward guidance on branding.
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