In the bustling market filled with startups, NeverTooSmallToBrand has seen branding becoming a real conundrum. The journey of branding a startup beckons an initial plan as well as continuum. The commitment to allocate a budget for your branding efforts from the beginning is proportionate to the desire to stand out in a competitive market. Infact, a strong branding foundation can pave the way for a well-defined company vision, mission and the unique solutions that your company offers. It encompasses everything from the brand’s visual look and feel to the brand position in the market, the way the brand interacts with its audience and so much more, making it imperative from the onset.
However, in a fast-paced market, start-ups at the early stages face many hurdles due to lack of resources and limited budgets. Between the struggles of developing quality products to customer acquisition, the question remains as to should branding be prioritized at a beginning stage?
Let’s examine further, armed with a little bit of curiosity and courage as we navigate the why, when and how of branding for startups step-by-step with real-world examples.
Laying the foundation:
A brand is born out of the need to solve a consumer problem. Consider the success story of Warby Parker, a 2010 startup that took over the eyewear industry. When ecommerce suddenly took on the eyewear industry with a storm, Warby Parker understood that customers could not try on eyewear with ecommerce platforms. Hence, they implemented an at-home try on service, where the glasses were sent to the consumer’s home so they can try it on before buying it. This convenience worked wonders and the brand gained immense traction in the ecommerce market. It also helped them start out lean as no offices were required.
Cultivating Brand Recognition:
Dunzo, a mobile application that offers delivery and transport services since 2015, is now at the forefront of the market. They employed a moment marketing strategy as used by several brands whereby the advertising messages are considered keeping in mind current events and happenings. Frequent messages based on latest updates, is what created brand recognition in a strong and bold manner. This combined with their quirky content makes Dunzo stand out in the delivery market.
Enticing Investors:
A brand can fluff for its employees and consumers, but never its investors. A 2014 founded startup named Casper took the direct-to-consumer model to the mattress industry. Their strategy of creating an unbeatable guarantee where they offer a risk-free 100-night free trial, made them stand out. This helped carve out their brand identity focused on quality, comfort, convenience and garnered the attention of investors and even paved strategic partnerships with retailers like Target.
Building Customer Advocacy
A strong base of brand loyalty is instrumental to growth and success. Airbnb, born in 2007, revolutionized the travel industry. While the hospitality market was saturated with hotels, motels, resorts and bed and breakfasts, Airbnb differentiated itself by providing a ‘home away from home.’ Once this unique positioning was identified, the company crafted its mission statement – “To make people around the world feel like they could belong anywhere.” The brand cultivated a community of passionate advocates soon enough who use the platform to book accommodations for themselves as well their loved ones.
Wrapping it Up
At NeverTooSmallToBrand in Bangalore, we believe that brand marketing for startups at an early stage isn’t just some luxury, but strategically vital for success. An investment into your start-up’s identity, customer relationship, and its position in the larger market can ensure its longevity for years to come. While it may require time, effort and resources, the returns of having a strong brand presence change a startup’s journey from being conceived to scaling up.
For new companies, navigating the world of branding seems daunting. We at NTSTB Bangalore, India make it all a smooth sail by giving you strategies, guidance and tips on all things branding.