5 simple steps to start a new brand
Even though there has been an increase in young entrepreneurs in Nepal , often with great business ideas, there is a relative dearth in terms of formulating and implementing effective branding strategies. Branding is almost an after-thought with most new entrepreneurs. However, it is common sense knowledge that businesses with a strong brand identity generate more revenue and profit. Therefore, it is imperative that new businesses invest as much time and resource to build their brand as they spend in curating the best possible service to their customers.
So, here are 5 simple steps a new business can follow in order to build and implement effective branding strategies:
Market research
The immediate step that most new businesses take is to start their marketing campaigns. However, a business needs to take cognizance of the following factors before starting their business or building a brand:
- Is there a need for your product?
- Are there competing brands offering similar products? If yes, how will you differentiate your product from your competitors?
- How do customers perceive your product/brand?
Doing effective market research is important because it can help you understand whether there is a need for your service in the market. Moreover, it can also help you understand who your competitors are and what comparative advantage and disadvantage you have over them.
On how to conduct effective market research, Please CLICK HERE
Value addition that the product provides
As a brand, you are committing your product to the customer. Hence, you have to build your brand in a way that it portrays the value your brand/product adds to your customer. These are the questions you need to be able to answer in terms of value addition from your brand:
- Why should customers choose your brand over your customers?
- Are your products better in quality or do they provide better value on investment compared to your competitors?
Before you engage in marketing your brand, it is important for you to know why exactly your customers need it.
Choosing the right name for the brand
Now that you have conducted a feasibility market research and identified the value your brand brings to the customers, it is time for you to think of a brand name that connects with the needs and desires of your customers.
Finding the appropriate theme for the brand
It is important that you build your brand that connects emotionally with your customers. For example, if you are developing a brand with a environmentally conscious product, it might be helpful if you choose green as your theme. Similarly, if you are starting a tech brand, it might be helpful if your logo/ website looks clean, white and minimalistic.
Marketing
Once you have done your homework in regards to market research, value proposition, brand name and theme, it is time for you to start marketing your brand. Some of the effective marketing strategies can be advertising and CSR related activities. Take cognizance of the fact that your employees are your best brand ambassadors. So, make sure to invest in internal branding as well. Customers ‘point of contact’ to your brand comes as much from your employees as from the brand/product itself. So, arrange for appropriate training of your employees as well.
