Brand building is essential for a business. It will help to create a strong customer base with brand awareness.
Brand building is possible only of the business foundation is strong enough. In business, there is no specific rule to follow to achieve success. The strategy is different for every individual business. Its knowledge & willpower of the entrepreneur which turn the start-up business into an established one. Competition is growing day by day and a few businesses make it to the goal of success. Market research, competitor analysis, perfect business planning & understanding customer needs are some key points to build a strong foundation. To build a strong foundation, an entrepreneur has to plan a lot for positive business growth and perfect business management.
“Growth is never by mere a chance, it’s the result of forces working together”
Here are some tips to strengthen the base of a business:
- Do market research
- Determine your interest area
- Prepare a concrete business plan
- Create the best team
- Position your business with workable marketing strategy
- Go digital
- Use search engines for business promotion
Do market research
If you are sure about your idea then go ahead with your idea but do in-depth market research to find out whether a customer will adopt or acquire your service/ or whether your product is capable enough to fulfill customer needs? Customer need is the business offering. You probably heard this: “Sell the solution, not the product”. Finding out customer needs and the current market trend will help an entrepreneur to choose a business idea which would be a success in the long run. Market research helps to understand the situation of the market & find out target customer. Be specific about your target customers to plan a workable marketing strategy.
Determine your interest area
Interest area places a high role in starting a business. Find out the niche where you want to start your business. As an entrepreneur does business in that area, in which you have your interest. If you are a tech guy and think of starting a business in tech then go for it. As you will not regret if not succeed. Never follow anyone or their business idea. Try to use your brain, skill or creativity to understand the need of the customer and innovate new & creative business idea. In Quora, a lot of people asked to suggest a business plan. But in my point of view, before asking anyone you should find out your interest area. Have a talk with your family, friends & people who are currently running their business to get a clear picture of your business future.
Prepare a concrete business plan
A business plan should be short and brief. A business plan includes an operation plan, sales & marketing strategies, hiring, financial projection etc. It also includes investor funding, business tie-up, strategic partnership, business expansion etc. It’s a blueprint of the business growth & function. The business plan should be made with keeping a focus on business goal & objective. At the time of preparing business plan you need to shift your focus on below points:
- Up to how long would you like to make a business plan
- Determine objectives & goals
- Find out financial needs
- Plans to achieve the business target
These are some points which an entrepreneur needs to shed light while framing a business plan.
Create the best team
A business can’t function with a single person also can’t achieve the success. Business success is a whole team effort. Never hire your close ones as you would feel uncomfortable to say or order anything. Understand your business and hire deserving people accordingly. You may also outsource your recruitment but this won’t be that much good as no one other than you can understand your business. Never focus on grades, hire those who are smart enough & can work in a team. Only hiring best people can’t give you the best results. You should motivate, appraise & satisfy your employees as employees are your first customer.
Follow these tips while hiring employees:
- Finalize team goal and vision
- Prepare a suitable job description
- Never consider your near ones
- Look for smart, intuitive people rather more qualified
- Target oriented people
- People having high emotional intelligence
Position your business with workable marketing strategy
Positioning can be described as the marketing strategy to create a perception about the product or service on the customers’ mind so that when he or she thinks about this brand he can get the clear picture or idea about the product or service the brand offers. This can be done by creative marketing strategy. Before formulating positioning strategies there are analysis and research need to be done. A creative positioning strategy can drive customers from getting the product or service knowledge to purchase the product or service. So, what are the things needs to analyze first to curate a best & more intensive positioning strategy:
Who will use your product or service?
This is the first question you need to ask yourself to find out the target customers to whom you are offering your product. Customers are the only one who will be benefited from the product or service you offered. Before going to the market and framing marketing strategies do a market analysis and find out what customers need and would your product be able to meet their requirements. After this sit with your marketing team and formulate a promotional strategy which creates an impact on the customers’ mind.
What’s your USP?
Is your product or service is different from other competitors or unique? People will always go for the unique one if they find it more useful. Plan a marketing strategy to show people the uniqueness of your product and attract more customers. This strategy will also help you to create a brand positioning.
Include pricing in the positioning strategy
Price is another factor which can drive more customers to buy your product or service. Understand at what price your competitor is selling the product or service and then formulate your pricing. It’s not that always you should go with the lowest price but try to create a price which can attract more customers.
Brand positioning aims at creating an impact on the customers’ mind about the brand. For example: At the time of buying detergent we always ask for surf as it creates a place in our mind that surf is the detergent. Another example is Xerox. How many of you know that photocopy is the actual word to use in place of Xerox and Xerox is a brand? These are the result of best brand positioning strategies.
Digitization is the only way to create awareness about your brand quickly and with less effort. Even some government bodies are transforming into the digital world to make work easy, automated & error free. Digital technology is growing so fast that people in rural areas are now accessing Facebook, WhatsApp, Instagram etc. So, being a business owner you must think to take your business to the online platform. Jump to the online platform to acquire more customers and increase sales revenue. Now video or visuals are creating more impact. Use visual strategies to let people see what your product is all about and how they can be benefited? Going digital is the best trick to create a brand for your business.
Use search engines for business promotion
As we know SEO is a way of promoting a business. We all know about Google, Bing, DuckDuckGo etc. as search engines and we always search answers of our queries in these search engines. So, if a customer will find your product while searching for a solution then there might be a chance that you will get a paid customer. Start promoting your business over search engines not only to get customers but also to create a brand.
Unless & until people would know about your product or service, they are not going buy. Brand positioning helps to improve the image of the brand in front of customers and in turn, this will help to get more customers.