Building a brand is no easy endeavor. Creating a remarkable brand that’s trusted by its customers requires a clear vision, relevant skills, and an undying commitment to following a brand strategy. Young entrepreneurs and marketers looking to get their startups off the ground often find themselves working in the dark without a plan to keep them from veering away.
In a highly competitive business landscape such as it exists now, these decision-makers cannot afford to overlook drafting a branding strategy.
Detailed below are all the reasons why the lack of a brand strategy can hurt a startup and stifle its growth.
The Lack Of Consistency
Following a branding strategy involves following a set of guidelines that will represent the brand exactly in line with its intended vision, goals, and set of values. Startups that do not have a well-defined branding strategy in place lack consistency in their marketing.
The lack of consistency in a startup’s marketing endeavors, in turn, can impact the results of these efforts tremendously. Without a documented branding plan, marketing campaigns will likely take place in an irregular manner. This inconsistency will hurt the business in more ways than one. It will not only confuse potential customers but also make the brand forgettable. Inconsistent messaging and communication throws mixed signals at existing and potential customers, making the brand a nuisance rather than an influence. Startups that are consistent in their branding witness revenue growths of 33% more than those that aren’t. Consistency in everything from logos, websites and social media profiles to beliefs, content and other ad hoc branding mediums ensures that the startup’s goal takes center stage, connecting with the right customer.
The Lack Of Brand Loyalty & Pricing Convenience
It is well known that confidence in a brand is an invaluable asset. From employees and partners to affiliates and customers, the more trust a brand can accumulate in itself, the better. From a branding perspective, if what a brand’s customers see, read, or hear about it in ads doesn’t match their experience when dealing with them, they could be in big trouble. Building such a reputation requires delivering on promises right from the get-go. Startups that don’t begin with a great branding strategy that’s aimed at offering their customers superlative customer experiences risk getting off on the wrong foot. Loyal customers go a long way in accelerating business growth. Additionally, those startups that have a strong branding strategy and follow their plans to the tee enjoy the freedom of being able to pricing their products & services as they please. Such brands eventually surge ahead of their competition, propelling revenue growth exponentially.
Shooting In The Dark
Part of defining a brand strategy involves getting to know the target audience. Every startup’s branding strategy should be built around this target demographic. Those businesses that find that they’re not attracting the right customers more often than not suffer from the lack of having such a strategy to follow. This results in their target audience (that’s composed of people most likely to purchase their products and services) not paying any attention to them at all. Young entrepreneurs need to keep in mind that they’re not going to please everyone no matter how hard they try, which is why they have to determine who their target audience is and only then start targeting them. Doing so makes it simpler to ensure that every one of their marketing channels, social media profiles, and ad campaigns, all share a unified brand image aimed at pleasing this target audience.
Acquisitions represent the long-term business value of branding, positioning a startup to eventually sell at a higher price. Startups with weak brands are destined to be bought at lower prices. But those that succeed can drive up their selling prices following a takeover offer. The bidder will pay primarily for the brand, not just the startup’s intellectual property or its diverse range of products and services.
Branding isn’t just about improving the perception of a business, but also about making the business itself more valuable. Pursuing a branding strategy that focuses on assessing the customer journey and touchpoints while improving all facets of operations and sales helps immensely in this regard.
Is your startup in desperate need of a branding strategy? Reach out to AdamsCreation!
Having been in the business of helping startups from all across the country, establish their brand identities and establish themselves as market leaders in their respective niches for over two decades, we at Adams can help devise a branding plan specially tailor-made to suit your strategic vision.
Comprehensive strategies and innovative ideas require great execution, which is why our team takes an integrated approach to ensuring your business is portrayed in the right light and is in an optimal position to overtake its competition. Get in touch with us right away, to avail a growth-centric branding strategy completely customized for your startup!