Most startups think they have to wait until they have a lot of money to build a brand. Truth is, you don't have a choice. The brand is how people feel about your company and whether you have a lot of money or not, they will still have an emotional opinion of your startup. So, it's better to be aware of how branding helps startups at varying stages.
Ensures your startup is unified toward one goal. In mind, in actions, and in voice.
Ensures you aren’t pegged as a copycat and that you know how you're different from your competitors.
Ensures you talk to somebodyinstead of trying to reach everybody.
Ensures your startup appears trustworthy to investors and customers. You can't get that from Fiverr.
Ensures you get emotional buy-in to your startup and get more investment. This means more 0's in those investor checks and greater connection with customers.
Streamlined Marketing and Design
Ensures you don’t reinvent the wheel when creating content about your startup. You can then focus on expanding to new markets and creating great content.
Ensures those marketing efforts are trusted and get a higher return that grows with time. As opposed to relying on discounts and cutting margins to increase sales.
Ensures you coherently and cohesively expand your team. Specifically, it ensures you hire people whose values align with the company and augment the brand rather than detract from it.
Ensures you can leverage brand equity to command a higher exit price. There is a reason Apple is worth trillions and Samsung is not (hint: it's the brand).
Ensures their isn’t a massive overhaul of the company post-exit.
Ensures you left your mark and made an impact beyond financial gain.
Branding exists at every stage of a startup's life. The question is, will it help you or hurt you?
With every challenge comes new opportunity, especially in times of crisis.
With that said, you can curl up into a ball and let the world trample over your dreams or you can do something about it. Whether you have founded a company or are involved in making a company awesome as an employee, here are three things that every brand could do right now to beef up their brand.
Set up Virtual Meetings with Customers
Think you're alone in feeling alone? Not remotely. If you have a long-standing relationship with good customers, see if they're willing to talk with you over the phone or using a screen-share. Ask them specific questions like why they chose you over your competitors, what they think could be improved about your business, and if there are other things (besides COVID-19) they wish were better in their life. You might find they show new opportunities and that recurring patterns are going on within all their lives.
Do a Brand Audit
You've got a lot of time to yourself right now. Take this as a chance to look inward and see where the gaps are. Take a look at your marketing collateral, your social media feeds, your website, anything a customer might come into contact with. Are you doing the best you can to make them feel a cohesive, emotional connection with your company? Do you look like a company that is worth talking to and doing business with? Is it out of the question to think it could be improved?
Try New Digital Marketing Tactics
You will probably suck at this when you start, but what do you have to lose? You can't meet with anyone face-to-face, so you need to have a strong presence online. Create a newsletter using Mailchimp (it's free to start), create a YouTube Channel (also free), host a webinar using Google Hangout (also free). It's estimated that we are going to be distanced for the next three months, but you can close the gap by getting online in someway. Just pick one and go for it.
A buddy of mine and I have started looking for apartments to rent. Scammers have been rampant, so we're extra cautious.
One realtor had sent my friend an application, his license number, and lease agreements. My buddy sent them to me asking, "is this legit?"
I could see where he was suspicious. The design of the application was shotty and it made his ears perk up. It was a lot of small things like misaligned typography, no consistency in colors, no logo for the company, no footer. Not only from a design perspective, but things like not have a dedicated domain for this company and instead using a Gmail address made this entire experience feel scammy.
Despite the fact that he did indeed have a license number, his brand and legitimacy were being put to death by a thousand tiny cuts. Small wounds that bled his company of its worth and value.
Point being, the small interactions are where you get a chance to prove yourself as something legit and unique. Never underestimate them.