Proper branding should be at the heart of any business, big or small. In fact, one 2017 study found that customers tend to be loyal to reputable brands that share in their values. A study done by Harvard found that companies with better employer brands also pay less for talent. These stats show how branding is essential in every facet of a growing business. It is one way to distinguish your business from the competition in the market.
That is why you should invest in a brand strategy for your tech startup. It will give the business a sense of direction even as it grows. Good branding will also make a business memorable with a unique selling point. Let us tell you more about how your tech startup should develop a brand strategy:
Identify the target market for the startup
The first place to start in any business is to have well-defined target clients. To successfully brand a business, you will need to contextualize your market. It is not the best idea to have a generic target audience or demographic. You are more likely to experience faster growth when you have a narrower focus. Identify a specific target market. You don’t want to have a diluted sales & marketing effort. You will spend a lot with little Return on Investments (ROIs).
Tip: Focus on identifying a niche market and create a product that responds to an existing solution for your target client group.
Evaluate successful existing similar brands
It is a great strategy to examine what branding, positioning, and marketing communications tactics are working for your to-be competitors. Brand Auditor can help you to understand such things.
Develop a standout name, tagline, and logo
One factor that plays a key role when developing a brand for a company; is a memorable logo and tagline. A catchy slogan could be the one thing that builds patronage around your company and gives you an edge over the competition.
Select a phrase that draws customer attention to what you have to offer. An eye-catching logo will occupy a significant piece of real estate in your targeted customers’ minds. Logos and taglines are excellent in brand positioning. It is important to remember that the logo, name, and slogans are not for you. They are for the targeted customers. They are only great if they can effectively communicate to the target clients. It is not about how much you like them. It is more about how effective they are to the consumers.
Get your name out there!
Public Relations and Marketing are essential strategies to build a reputable brand in the market. For example, PR is essential for the general growth and development of any tech startup. Good PR will help in shaping the public’s image of your business. The company’s reputation will increase when you have a strategy to put your name out there. Whether through social media, traditional media, or by hiring a PR company to help you along. A good reputation will undoubtedly lead to more sales and monetary growth. As a startup, you want to increase awareness of your brand and grow your audience. It can be challenging to face off against more established businesses.
That is why you may need to invest in a PR team or firm that will help to push your business to the targeted clients. Form relationships with key players in your industry as well as the media personalities. Interactions on social media where you are a part of relevant discussions will create interest in your business. It will also help the company attract investors who may help with funding.
With any tech brand, whether one to start from scratch or one that is looking to revamp, research can’t be underestimated. Researching gives an in-depth perspective that is essential in technology brand positioning. It is the best way to get much-needed insights on the market, competition, and customers.
Yes, researching allows you to test hypotheses and identify any potential issues with your product or service. You will get a better understanding of the market landscape. You also realize and amplify authentic characteristics of your brand that you can highlight in your marketing campaigns.
The best research strategy is one that incorporates not only the employees’ views but also, importantly, the viewpoints of customers and other relevant stakeholders. Your research should encompass reviews of industry trends, outlooks from analysts, and competitive positioning. The findings from the thorough research process should have quantitative data, which you can use to do statistically sound analyses. You also require qualitative inputs from workshops and possibly interviews to give you context and perspective.
Tip: Again, you don’t have to do it on your own. You can seek help from a reputable Brand Auditor to help tell you ways to improve your tech startup.
Hire the right team
Branding involves creating loyal customers who are likely to be back or refer your business to their friends and family. Part of having a reputable brand is getting an excellent team on board. The team you select could either make you or break you. With new startups, it may be challenging to attract the best talents. Of course, the company may not be well known. Also, the money may not be just there yet. Still, you cannot afford to make wrong hires! Invest in your recruiting strategy, plus you should work to retain the top talent on board.
Generally speaking, hire people who are aligned with the vision of your business. It means that your company should have a clear mission that excites the top talents to be part of the dream team. Share your long-term goals with potential employees and focus on creating a team that is ready to champion the mission and visions of your business. In the early stages, you may want to tackle everything by yourself to keep the costs low. However, it is necessary to identify the areas where you need assistance. Having the right teams instills confidence in your customers about your product or service because they know that they can trust your team.
Tip: If you are a new startup, find skilled people to fill the gaps outside your areas of expertise. Take it one step at a time!
A proper brand strategy communicates the reasons for your existence, other than to make money. It clearly describes your brand and the aspects of your business that give it a cutting edge over the competition. When creating a brand strategy, it is necessary to pinpoint how exactly your brand is different from any other similar existing brands. Create a solution to a problem that resonates with your target audience.
Understand the consumers of your product and know what motivates them and what kind of products or services they will want to shout about from their rooftops. Knowing all these will justify why your business exists in the market. A clear brand strategy will help you create a unique connection with your target client group.