Creating a ‘start-up’ company is quite an achievement and the launch of an entrepreneur’s new venture is something to be celebrated.However, some might mistakenly think that coming up with a great idea for a product or service is all that it takes.
In reality, it is just the beginning of the journey! After making a great product, creating the brand vision, and building a reputablebrand, is just as important, and just as hard to do! Keep on reading to discover why branding is so important to a ‘start-up’ company’s success, and why any ‘start-up’ should invest in it.
Building a strong brand is essential for your start-up business because if it is done right it will foster trust and confidence from your customers. Successful companies value their brand reputation, credibility, and brand perception so much that they have people dedicated to researching and reviewing how they can improve their brand. This is because people are more likely to buy from companies or brands than they trust.
How can this be done? You can start by having a page dedicated on your website to introduce your team and their qualifications. Your customers get to know the people behind the brand and feel connected with them, fostering trust and confidence with the company. Some also choose to hire product endorsers or social media influencers who have a good reputation in the related niche. These collaborations can prove fruitful to both parties.
Another importance of branding is it improves brand recognition. Brand recognition allows you to stand out among the rest of your competitors. It is the “face” of your company and the more people recognize your brand, the more your customer traffic increases which presents a huge opportunity to convert into sales. You want your branding to leave a lasting impression on them.
How can this be done? You can start by having your marketing collaterals professionally made which includes your company logo, and a ‘tagline’. The logo needs to be clear, simple, and well designed, with the right emphasis and proportions. The colours need to be consistent and it is best to use two or three only. Your company ‘tagline’ needs to be succinct and direct to the point, stating what separates your company among the rest, and also consistent with your brand vision and beliefs.
Lastly, growing your customer base is another reason why company should invest in good branding. Effective branding combined with excellent customer experience will result in satisfied customers who will tell others about their experience. Word-of-mouth is one of the most cost-effective ways of acquiring new customers, and a lot of companies are giving importance in increasing their net-promoter-score which measures customer satisfaction. The best product endorsers are not paid celebrities or influencers, but real customers who tell others about their experience with your brand.
How can this be done? You can encourage your customers to share their good experience by asking them to leave review or testimonials in your website or other third-party review websites. You can also have competitions wherein they can share their good experience in social media, and they’ll get a reward if they do, such as a voucher or a discount code. Sometimes, just a great customer experience and going above and beyond a customer’s expectation is motivation enough for them to tell others about their experience.
There are a lot more advantages in building a strong brand and it is important that an entrepreneur makes it their priority. The way people perceive your brand impacts their decision making, therefore, the branding of your business is important because it is directly related to your sales. A ‘start-up’ business is an ambitious undertaking, but without a doubt, building a strong brand early on, will affect your company’s success and future business.