It's no secret that many businesses fail during the first few years of their creation. According to the US Bureau of Labor Statistics, 20% of businesses fail during the first two years of operation, 45% fail within the first five years, and 65% fail within the first ten years. Only a dismal 25% of new businesses survive for fifteen years or longer.
But despite the fact that startup survival rates are at an all-time low, entrepreneurs established 4.3 million businesses in 2020 and 2.81 million businesses in Q1 and Q2 of 2021.
And, with such a large number of businesses on the market, if your business must stand out and thrive, then you must power it with an amazing brand.
So, to assist you, we've set up this step-by-step guide that’ll make it simpler and smoother for you to create an engaging brand that’ll generate excellent product demand, promote consumer loyalty from the start, and boost your business over time.
Let's jump right into it.
7 Essential Strategies to Creating a Successful Brand for Your Company
1. Understand What Your Customers Enjoy
Every entrepreneur that hopes to build a powerful brand identity cannot afford to ignore their audience.
A lot of business owners believe that branding their business is all about promoting it, but no matter how much effort you put into marketing your business, it’s your customers that’ll make it successful. Every business will continue to expand as long as its customer base does.
Customers should not be viewed as targets to be exploited by your company but rather as an important component of your business's brand identity.
And the way to create a brand that customers will interact with is not just by developing new products that fit their wants and expectations but also by including them in creating and implementing your brand's policies.
Unveiling new products that meet the needs of your audience isn’t the only way to build a brand that customers would be excited about engaging with, you can also give customers a role in the development and execution of new products and policies that’ll enhance your company.
However, all of this can only work if you have a clear understanding of who your consumers are, their requirements, how they react to your products and services, how they perceive your competitor's brand and product, and what they strongly desire.
And the easiest method to get all this information about your target audience demographic is by conducting a survey and examining your business’s customer reviews. Keep in mind that the time you spend learning about your clients can pay off handsomely for your business.
Apple's remarkable ability to predict what its customers want is one factor that distinguished the company from its competitors and pushed it to the top of the Tech industry.
2. Create a Strong Brand Identity
Your brand’s identity isn't something vague. It comprises what your brand says, its tone and voice, your values, how you express your products, and how you want people to feel when they engage with you. Essentially, your brand identity is your company’s personality and a promise to your audience.
Although your clients should have a clue of your brand's fundamental values, that doesn’t imply that these values should remain perpetually constant throughout time. Why? Because to remain competitive, a company's brand must be reviewed and modified regularly to ensure that it’s delivering on the company's fundamental promises.
According to Raquel Baldelomar, "One of the benefits of digital advertising is the ability to track, target, and test new strategies and tactics. Your brand identity should not be just a mission statement and a logo on the wall. Your brand reflects your way of thinking, your personality, and your beliefs."
However, without evaluating key brand performance indicators, you can't know if your customers comprehend your company's identity and mission statement.
So, keep an eye on your brand using Google Analytics, customer surveys, reviews, and discussions on social media to see how people speak about and engage with your business.
Doing this will open your eyes and allow you to make changes to particular aspects of your brand that need to be altered or enhanced.
Don't make the mistake of ignoring the importance of developing a memorable brand identity by giving your business a captivating voice, tone, color, font, logo, and images since these would all contribute to the enhancement of your brand's identity.
3. Get Your Business a Solid Brand Name
A powerful brand name will distinguish your company by effectively conveying your brand's identity, purpose, vision, and ambitions. Coca-Cola, Beyond Meat, Netflix, Tesla, Apple, and Gucci are just a few examples of companies whose creative brand names will continue to distinguish them.
So now that you've acquired vital information about your consumers and established a strong brand identity, it's time to unleash your creative side and look for unique words that satisfy your company's naming requirements.
It’s true that coming up with the perfect brand name can be tough, but it doesn't always have to be because enlisting a team to support you in brainstorming can make the naming process faster and smoother.
After gathering your team members, tell them everything about your brand and urge them to creatively look for unique and striking names while brainstorming. Allow your team to search through dictionaries, thesauruses, and any other resource that’d assist them in creating the most fascinating and engaging names possible.
Remember that the objective here is to produce a list of names relevant to your company's needs and appealing to customers.
If you don't have a team and coming up with a list of names sounds like a time-consuming and challenging task, then you’ve got nothing to worry since a powerful business name generator can assist you in selecting the best name for your business.
4. Design and Deliver Outstanding Products
Like we said earlier, customers are the only thing that can make a business successful, and one way to ensure your business gets a steady stream of customers is to offer high-value products and services.
Although your brand's marketing will introduce your product to the world, the core of a successful brand has always been steady customers and great products.
And that’s why you need to devote a lot of time creating and fine-tuning your products, searching the market for innovation opportunities, and, most importantly, focus on continually providing value.
5. Create a Strong Online Presence and Market Your Company
The frequency and ease with which buyers locate a brand online significantly impact its online presence. Every entrepreneur must build their brand's online reputation, increase awareness, and make their products or services visible when consumers search for similar items.
Building a strong presence online demands time and effort, but it’ll pay off in the long run by increasing your brand's sales and awareness in its industry.
Every entrepreneur must make sure that their company has a strong online presence because, in today's world, your company's online presence is just as important as its physical location in a mall.
So, create a fantastic product, build a solid brand identity, and let your brand shine in its industry. Building a strong online presence will allow your company to effortlessly gain the confidence and loyalty of your target audience long before they become customers.
Also, ensure that your brand's impact on social media is focused on the target demography you want to attract to your business.
Large billboards may not be the greatest marketing choice for an e-commerce company, and an aggressive internet campaign may not be the best choice for a major construction company. So, make sure that your marketing efforts are aimed at reaching out to the individuals who need your product or service.
6. Focus on Enhancing Your Brand’s Customer Relationship
Knowing your consumers, connecting with them regularly, and meeting their needs are important to building a successful brand since the perception people have of your brand determines your company's identity.
Don't become so focused on your products that you lose sight of the fact that your success is largely determined by the perceived value of your items to customers.
Apple, Gucci, McDonald's, and every other well-known corporation thrived not just because of their products but also because their buyers feel these items will make their lives easier, better, or more connected.
With that in mind, here are some fantastic measures that may help you in developing a solid brand-customer relationship:
- Conducting extensive customer research
- Create enticing email newsletters
- Create comprehensive buyer personas and react to them properly
- Provide outstanding client service
- Gain the trust and confidence of your customers
- Ask customers for feedback
- Maintain your brand’s consistency
- Reward loyal customers
Implementing these measures will improve your company's success by connecting you with your customers on a deeper level.
7. Align Your Company to Market Trends
Success can be blinding, so don't let yourself become comfortable once you've established your brand strategy, created a strong brand identity, and amassed a huge client base.
The demands that your brand serves may not always exist, so keep an eye on the market and be on the lookout for any modifications you can make to your company’s strategy.
Entrepreneurs who monitor market trends are more aware of impending disruptive developments and have more time to adjust strategies, adapt their company, and remain successful.
A look at Nokia, Kodak, the music industry, Blackberry, Polaroid, and Blockbuster and it’s quite clear that the market can move extremely fast, leaving companies that failed to ride the waves of innovation behind.
Grow with Caution
Now that your company is established and successful, it's time to put in extra work to create a brand that will last the test of time. And the easiest way to accomplish this is to start from scratch rather than in a rush.
Don’t make the mistake of expanding your business faster than you should because you risk losing track of your finances, overvaluing sales, making deadly blunders, not employing the right people, not growing your customer service, and losing your brand's quality.
But when the time for your brand to grow and expand comes, make sure you have a clear scope and focus for your business, a thorough grasp of your new product, service, and target consumers, as well as your old products and their target customers.
When an entrepreneur expands their business too rapidly without committing time to study, strategy, and planning, the company's finances will be stretched too thin. If extreme care isn’t taken, the business may fail.
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Robb Fahrion is a Co-Founder and Partner of Flying V Group. He is passionate about helping businesses grow using the power of the internet. Robb graduated from Chapman University in Orange, CA and currently resides in Costa Mesa, CA. Robb enjoys writing about digital marketing, helping his clients turn their dreams into reality, and he is a HUGE Mike Trout fan.