Branding for Startups. 3 Common Misconceptions
Startup owners routinely work under extreme pressure of a diverse range of tasks for their new businesses.
Often branding has the least priority and comes at the end of their to-do list. New entrepreneurs tend to think small of branding as logo making and tagline writing missing on the branding benefits for companies of all sizes and industries, especially those who just start their journey.
Industry myths surrounding branding are not helping entrepreneurs move forward as fast as they would like to.
In this post, we try to tackle the most common misconceptions startup owners have.
Branding is Logo Design. With All the Consequences
Branding indeed includes a logo design. However, it's not reduced to just it. Branding encompasses your company's overall visual language that is everywhere. Your visual identity will ultimately be remembered, and your company or product will be recognized by it.
Branding is in every touchpoint of your project's visual presentation, but it's not only how your product looks. It is also about the emotions the brand evokes. And that's a totally different level of work.
New entrepreneurs often prefer to flex their team's creative muscle to internally develop their brand visual identity, only to realize later that they are stuck with not the most profitable idea.
At the same time, there's nothing wrong with outsourcing your branding to a professional agency, which will bring its mass industry experience and knowledge to the table to find the optimal and fresh solution.
Branding is for Big Sharks. Not Startups
There's a common belief that branding is needed only for well-established companies.
However, successful entrepreneurs start developing their brand way before any business operations are in place. This approach gives the new startups momentum leaving their competitors behind.
Those entrepreneurs who choose to do branding once the business is up and running are thinking short-term. Their brand will lack structure and memorability and will negatively affect revenue.
As the most valuable equity, a brand stays in the customers' memory and has the potential to drive sales. It's a magnet to attract only your ideal client who chooses to be with your brand, filtering out others.
I Don't See Value in Branding
Branding is undoubtedly an investment. And it pays off fast, given other parts of your business puzzle are sorted out. Any solid and well-positioned brand has all of the below benefits and much more:
- strong connection with its audience,
- organic traffic,
- high sales, less effort in advertising,
- best brains working for the company,
- quality press, and more.
Figuring out branding for a startup is a tricky business that requires forward-thinking, creativity, and flexibility, coupled with the knowledge of the best local and international practices.
Like other business project areas, branding is not an option. It is a strategic decision needed to be taken at an early stage to ensure smooth startup development and its edge compared to its competition.