The Startup Guide to Defining a Brand
So you have a business idea, and you know it will work… but what are all these other things you have to do? Marketing? Advertising? Branding? Ugh!
Relax… these extra things are just as important for a startup business as hiring an accountant to make sure you don’t face harsh consequences from the IRS. Branding can be described in many ways, but defining a brand is all about understanding why your customers will choose you.
These key points will help reduce the time it takes to define your brand—that thing that sets you apart.
SWOT Analysis
- What are your greatest Strengths? This is positive, and internal. Look for tangible proof when possible, but know what makes you thrive.
- What are your greatest weaknesses? This is negative and internal. You should know where there is room to grow. Self-awareness of your vulnerabilities is the first step to overcoming them.
- What are your greatest Opportunities? This is positive and external. Who are your best customers, and how can you reach them?
- What are your greatest Threats? This is negative and external. What are the challenges that your business faces, that are out of your control? Begin to brainstorm on how can you overcome each individual obstacle.
Love What You Do
You may like to daydream that you’re about to do a backflip off a diving board into the deep end of an in-ground pool filled with $100 bills. If you weren’t fantasizing about it before, you probably are now!
There’s a difference between fantasy and reality. In reality… you’re probably not going to have that much money.
So instead of daydreaming about an overwhelming amount of cash, try to train yourself to pretend that money doesn’t exist. What would you do then?
If your answer is anything other than what your business is based on, do that instead.
Passion is the most important part of your brand. Every business needs a story… a why you do what you do. Passion equates to the knowledge and those are two of the most important elements that make you a better option in a sea of choices.
Build Lasting Relationships
The difference between a scam and business is simple: one cares about providing customer service and support. So pay attention to feedback: the good and the bad. Always show your appreciation for the patronage by putting yourself in the shoes of a customer before making any changes. Focus on building relationships instead of converting traffic into one time transactions.
Because in the long run, the only foundation that a successful brand can stand on is the ongoing support of loyal customers.
