Jeff Bezos, the founder of Amazon.com once said, “A brand for a company is like reputation for a person. You earn reputation by trying to do hard things well. Your brand is what other people say about you when you are not in the room.” Nobody could have ever defined as precisely and as succinctly as Jeff Bezos did. Startup founders and CEOs wrestle their minds with mind boggling possibilities of making headlines for all the right reasons. No doubt, branding takes a lot more than hullabaloo. Here are a few branding basics for startups:
Define and differentiate your business idea
Think about defining and differentiating your business idea. It all boils down to differentiating your service from that of your competitors. For example, WhatsApp was started in the year 2009 and surpassed its closest competitors hike messenger and telegram. The main motto of WhatsApp is to reach millions and millions of people. And as per the statistics, WhatsApp is already in the good books of 1 billion monthly active users.
Mission and Vision
You need to have a superior vision and a viable mission. Mission and vision differentiate your brand from run-of-the-mill brands. People start looking at your brand not as just another brand but as a brand with some purpose.
Once you have a clear view of your business idea, it is important to create a visual identity for yourself. Visual identity is all about having a logo, website, business card, letterhead etc. One of the best things about visual identity is that it emits the sweet fragrance of trust, seriousness and luxury that your brand is associated with.
It is time to start listening to your target audience. If you remain in-sensitive to your people, you will head no-where. As most of the industry experts opine, it is better to rely on open monitoring system that reflect all your Key Performance Indicators. Open monitoring systems provide terrific insights on what people think of your brand.
Create curated content and co-create products that are in line with the requirements of customers. By co-creating products that are in line with the requirements of your customers, you enjoy a competitive advantage. Co-creation is all about interactive brand management.
Suggested Read: 10 Less Known Facts about Jeff Bezos