From 2020 to 2021, over 800,000 new incorporations were started in the UK.
New businesses are created all the time, so there can be a lot of competition. You want your business to be able to succeed where many others fail, and that takes a lot of work. One of the most crucial elements of this is establishing a brand.
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For a rundown of how to develop a brand strategy for startups, keep reading.
Key Branding Elements
There are certain elements you need to build a brand. You want to decide on these before you start any marketing.
This is crucial as it will be the first thing a new customer knows about your company. Something that’s easy for people to remember is ideal as it will help establish a recognisable brand.
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Many companies choose a name that relates to the business or industry. You can change the name further down the line, but this can come with its own issues.
You can use a short phrase or description that will give an overall feel for your brand. This should give people an idea of what your business does and how it functions while remaining clear and simple.
You’ll use this to communicate with your audience. Developing a unique “speaking style” will help set your company apart. You want things to be clear, but you can also throw in things like slang and pop culture references that are relevant to your audience.
Any startup company should have a functional website. You can use it to provide information and share content with your audience. Making sure it’s optimized for mobile devices and search engines is highly recommended.
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Depending on your brand, you might also want to build an app. This can come early on, or later on in the process if it’s more suitable.
Decide what marketing channels you’ll focus your resources on. Look into your target audience and figure out what channels they’re using so that you can do this effectively. Proper marketing for startups is crucial but can be a waste of resources if not done right.
5 Steps for Building a Brand Strategy for Startups
Brand strategies can vary depending on the business in question. Despite that, there’s a basic process that most brands can follow.
- Define your target audience
- Analyse the competition
- Work on brand attributes
- Incorporate branding assets into marketing communication
- Create a system for managing brand assets
Doing all of this will set you up in a good starting position. Note that you might need to adjust things throughout the process, so be open to changes.
Benefits of Planning Branding Early
When starting a new business, there will be a lot of things going on. It’s easy to let some things get pushed to the side, but staying on top of your branding can be very helpful. Some of the key benefits include:
- Setting you apart from the competition early on
- Helping you understand the market
- Making your startup appealing to investors
- Helping align goals and expectations
Having things in place early on will better prepare your brand, allowing you to compete and grow quickly. Getting a website and an app in place will make it easy for people to interact with your brand as soon as they become aware of it.
Implementing a brand strategy for startups isn’t easy, but it’s well worth the effort. It will help establish your business so that you can beat out the competitors and catch the attention of your target audience.