What brand and marketing do I need for my startup?
Starting a business is a daunting task to undertake. While it is no doubt an exciting time, it comes with a multitude of issues. If one thing goes wrong, it can cause the entire business to collapse if not handled correctly. Regardless of where your business starts, it will have problems. One of these problems could be getting an audience. If people don’t know you exist, how can you start getting sales? Therefore branding and marketing are so important, so read on for some branding advice.
Your brand is key to your business and its image. It’s what makes you unique and what could possibly bring you ahead of your competitors. How can you set yourself out amongst the crowd? Read here for branding and marketing advice.
Define your business plan
Before you make your first move, you need a detailed idea of the marketplace you are going into. This could be done through market research as well as competitor research. There are plenty of sources for this online. The general idea is to look at the audiences for similar businesses, and then define your own based on that.
Make sure your business idea is straightforward and clear, so it’s easier to move forward. The next thing you want to look out for is an oversaturated market. If you want to start a clothing store, but that store will be surrounded by multiple other clothing stores, you may have a harder time, especially if your products are similar. If that’s the case, try and find a unique angle for your business. Ask the question ‘Why should customers come to you?’ You might sell something unique or offer a special service.
This links to your businesses mission statement, why are you here? The obvious answer is with any business is to make money, but that isn’t what people want to hear. That line of thinking can also be detrimental to your business. You need to set out string business ideals and morals such as customer service or a focus on being green. Having good business morals and ideals is the right thing for any business to do, and it can help you connect better with your customer base. Solely focusing on the monetary gain will not help you succeed.
So focus on why your business is here, what do you hope to achieve for your customers?
Market research and your audience
Like mentioned earlier, having strong market research is key to starting up a business. If we look at electronics, we can see that there can be different areas within that market, such as kitchen, power tools, gaming etc. It’s better to focus on a niche rather than a wider area, as more specialised stores usually have more of what people want rather than the generalised ones.
It should go without saying, knowing your finances is a must. Before you do anything, know what budgets you need, and the cost of producing products. You need to make sure all expenses are accounted for, otherwise, your business may be doomed.
Follow this branding advice before starting up and it should help you succeed.