Why your startup needs a strong brand to succeed
Tags: Entrepreneurship, Work, Branding, Startup, Brand Strategy

When you think of brand, does a logo, brand color palette, or a cute catch phrase come to mind?

Photo by Erik Mclean on Unsplash

Contrary to popular belief, a brand is not just a signature swoosh or an unique profile.

In this article you’ll learn exactly what the concept of brand means and why a strong, specific brand is the key to your startup failing or succeeding.

What Brand isn't: Brand isn’t a name, its not a logo or even a product

What Brand is: A brand is a psychological stamp, what I mean is that it’s only in our heads.

It’s the perception you create by the experience and the association with your business.

When you get a brand new iPhone, how you open up the crisp white bag and open the vacuum sealed box, that's Apple flexing it’s brand. The experience put’s a stamp in your brain that “this is a luxury experience”.

When your customers interact with your business, they develop a gut feeling about it.

And that feeling is your brand.

Why is it important to have a brand?

A sexy idea can sell even if you don't have any products or services to sell. If you have no equity in your name, how can people believe it, or buy into it, or gleam any value from it.

If these can’t be readily identified by your customers, then you don’t have a brand. When it comes down to it, a brand is worth something all on it’s own.

My belief is, if you want escape your boring ass work, or strive to start something all on your own that is based on your values, you need a brand.

This means you are building something sustainable and most importantly, long-term.

Also, you can sell this brand one day for waaaaaaaaay more.

Build a brand. Build an asset. That shit pays off.

For example, Movado acquired MVMT watches for $200 million dollars.

Photo by Josh Miller on Unsplash

OR

Dollar Shave Clubs billion dollar acquisition by Unilever

Photo by Supply on Unsplash

That’s the power of a brand.

Boomer brands want you

Boomer brands like Unilever want access to brand equity and strong customer relationships that innovative startups have scaled in a short amount of time.

However, a brand that resonates with your customers on a rational and emotional level is where most startups are poorly equipped to do.

Where they get it wrong is that startups think they know what their customers want, and that they have rational decision making when it comes to your services or products.

IF ONLY!

Unfortunately, it’s not an effective approach. So lets change it up.

Make your customers feel

To win over your customers, you have to make them feel something. So tie in your customers emotions and looping it back with their reason to believe in your brand.

Steal their hearts and the wallets will follow.

Action Time

As an action item to get you thinking about your brand, I want you to do some research on brands you love. Think of this exercise as brandspiration!

Take 5 minutes and write down some brands that have made an impact on you. These brands will be useful in getting the shape of your brand identity. Get some consistent ideas that will help define and differentiate you.