An idea is a seed that is planted to reap its benefits. Knowing where to start, however, is a challenge in itself. According to a report by the IBM institute of business and Oxford Economics, 90% of start-ups fail within the first five years of their inception.
Considering most startups are run by young aspirants with a hunger to succeed, why are we seeing such a high number of failures? Well, there are many reasons that lead to failure. Let’s list a few of them below.
- A limited understanding of the market: If you don’t understand your marketplace, how can you expect to conquer it? You can’t expect to sell a car in a vegetable market, can you? Until you figure out your audience and who they are, success will be a challenge.
- Insufficient research: Good marketing is all about the extensive research and market trends. Sure, you might have a general idea of who your customers are and what they want, but to connect with them, you have to dig deeper into their minds. And that’s only possible with thorough market research.
- Poor branding: The effects of poor branding can have a negative impact on your business. It gives your audience an inaccurate representation of your business and discourages you from realizing your true business potential.
So, how can these young-preneurs ensure they are on the right path to building a successful brand? How can they help their consumers understand their offerings and are able to create a unique place in the market?
To answer these questions, let’s look at Nike. Decades after its inception, Nike’s ‘just do it’ instantly connects with its audience. The swoosh logo design and ‘just do it’ stand for more than just sportswear. It’s a value that the brand is offering its customers from the beginning. It’s an assurance of the best quality money can buy. It’s the never say die attitude the brand represents. That’s the unique power of marketing and that’s how a brand carves out a special place for itself in consumers’ minds.
Let’s take a closer look at a few, key aspects of branding.
- Inspired Branding: the proper branding not only makes a strong impression on consumers, but it also allows customers to know what to expect from your company. Visuals, customer experience. Identity is the hallmark of good branding. It’s what sets apart the extraordinary from the ordinary.
- Accurate Positioning: Famous marketer, Philip Kotler has described brand positioning as “the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market”. To put simply, positioning describes how your brand is different from the others and how it sits in customers’ minds. So get your positioning right.
- Good campaigning: Who can forget the Flipkart kids, or even the ‘what an idea sirji’ campaign by Idea? What makes these some of the best campaigns in recent times? To put it simply, they both had a positive impact on the growth of the brand and managed to hit on universal truths that connected with us years after they first began.
In today’s hyper-competitive world, branding is more important than ever. It is not an option; it is a necessity. But you can’t simply build a brand as they did in the old days. Today, you need a cultural movement strategy.
We understand the challenges start-ups are facing due to the pandemic. And we also realize that going digital is the most effective way to reach the masses. These aren’t great times, but let that not stop you from doing what’s right from the word go!
We’re a group of young creatives and marketing professionals who understand the digital space better than most. Brand NEEV is one such partner who can help you lay a solid foundation for your brand, define your strategy and create a digital ecosystem. All this to achieve your marketing goals.
Seek solutions with Brand NEEV
To put it simply, Brand NEEV is a creative collective that empowers start-ups to help them become the brands of tomorrow. From Logo and Tagline to Positioning and communication, we are with you every step of the way. And we do this on a budget that fits your pocket.
This is who we are
Think of us as all-rounders of brand development where all your needs are taken care of. So you can focus on the business side of things. We’re a group of like-minded creative professionals who believe simple things can be done differently for different businesses.
Let’s connect
So, are you a young start-up looking to make your mark on the world? Click Here to get in touch with us, we’d love to speak with you!