- June 15, 2018
- Posted by: Asheesh Sinha
- Category: Business plans
You’ve built the thing—you’ve researched, designed, prototyped, and now you have a final product. The hard part is over, right? Not exactly. The engineering is only the beginning. Now, your product will hit the shelves, and you need to know exactly how to market it to potential buyers.
Branding Goes Beyond the Name
Branding is essential for any company—especially a new one. Branding shows the values and beliefs attributed to a certain company or product.
For example, Coke has an extremely strong brand. The “Coke” name means more soda. As an extremely Americanized brand, their mission is “to refresh the world in mind, body, and spirit,” and “to inspire moments of optimism and happiness through our brands and actions.” They have built this mission around an idea of peace through campaigns like the 1971 “If I Can Buy the World a Coke” campaign.
When building your brand, you must think critically about what you want your brand to mean—you need a purpose and set of values. What do you stand for? You must answer that question before you can cultivate your brand any further.
Logos Connect With Customers
When designing a logo, be sure to do a little research. Researchers have dedicated their lives to studying how colors affect consumer behaviors. Take time to look into industry research on the topic of color selection. The most important factor in choosing a logo and color scheme for your branding is if it’s appropriate for your product. You now know your product best and understand your company mission, so you should make note of that in your logo design.
From there, your brand must be consistent in its vision, colors, and fonts. Coke’s bright red and signature font has become synonymous with everything the company itself stands for—making it a wonderful case study for branding newbies. The psychology of color in Marketing and Branding is a complex topic but when done correctly, it can have a significant impact on the consumer behavior.
This kind of consistency will not only make your brand noticeable but also create loyalty in your customers. As another example, blind taste tests between Coke and Pepsi often show that Coke drinkers might just like Pepsi more than Coke. But Coke, as a brand, has stolen the world’s collective heart. Buyers continue to buy Coke despite the fact that Pepsi is often perceived as sweeter.
Some would argue that loyalty is priceless, but that loyalty really only lasts as long as you are visible. Make sure that your customers always know who you are and what you do. You should include your logo or brand on all your materials, even if you are just shipping something.
The Bottom Line
The importance of branding: every new company, product, or person deserves to stand for something—whether it’s world peace, freedom, love, puppy dog stickers, or easy-to-order Chinese food. Whatever the cause, you have the chance to make who you are clear through precise branding.
The work does not stop when the cranks stop moving. Now is the time to make a name for yourself. Be recognizable for not only the amazing thing you have created but also the way you present it to the world. That is the very thing that makes engineers into entrepreneurs. Hope with these tips you will be able to come up with or improve your startup’s branding. Branding strategy should be an integral part of every business plan. PlanThyBusiness.com team can help you come up with a world class business plan (which includes branding strategy).