The Early Bird Advantage: Why Startups Need to Prioritize Branding
As startup founders, have you ever experienced that familiar moment of déjà vu? It goes something like this: “Branding can wait. That’s not the most important challenge to solve right now.” In those early days, every startup founder wears multiple hats, from being creators to administrators. The hustle is real, and it’s no wonder that brand strategy often takes a backseat in our minds and meeting rooms.
The golden rule, it seems, is crystal clear: if it doesn’t make money, it’s not a priority. And yes, that makes perfect sense. But here’s where the twist comes in – as founders, you understand the difference between revenue and value. That’s why the race is always about valuation, not just turnover and profitability.
Why do Startups need to prioritize brand building?
Picture this: investing in a well-designed branding strategy early on gives you a massive head-start over competitors who don’t prioritize it. So, if there’s a right time for your startup to embark on the branding journey, it’s NOW.
Regardless of your industry, note a few reasons why you should embark on your brand-building journey right from Day 1:
Stand out from the crowd
No matter your product and category, you are unlikely to be the only one. Branding helps you stand out right from the get-go. It shapes your visual identity, tone, story, purpose, presence, and positioning. Your brand strategy infuses a reason for existence into your business that often carves a unique niche for you. While you might see yourself face to face with another me-too product, your brand strategy carves a unique positioning in the minds of the consumer, which nurtures recall and loyalty in the long run.
Establish your Why and say it out loud
You might have only an MVP (Minimum Viable Product), but an enduring brand story completes the picture for your customers. While your product will evolve with the market offering your customers ‘what to buy’, an enduring brand story adds a strong layer of ‘why to buy it’. This belief in the brand story propels them to not just partner with your startup brand but go that extra mile to co-create and build the product with you.
For any startup founder, the investor fraternity is always the most adored. But most founders make a mistake and believe that investors are only interested in the product, the growth map, and the financial sheets. But remember, Investors – they’re in it for the long haul. They want to know your ‘Why’ and your vision as well. To your investor, who today maybe speaking to multiple other founders, your brand strategy can give you an edge by showcasing the larger impact that your brand envisages to create in this world, and the impact referred to is the non-monetary one.
Build stronger channel partnerships
Doesn’t matter whether you are a B2B or a B2C brand, but your organisation’s reliance on channel partners will always be crucial. Investing in your brand from Day 1 helps your business develop an enduring lens that helps you identify the most relevant channel partners who don’t just have the financial muscle, but also share synergies with your brand. After all, channel partners are for a lifetime and identifying the ones that share the same ethos as your brand goes a long way in nurturing markets and business alike.
Infuse culture into your employees
Every startup organisation is only as good as its talent pool a.k.a. your employees. Though you may start small with a closely knit founding team, as you grow, you will have rockstars from all walks of life and discipline join you in the journey. Working towards a strong brand strategy right from the founding days nurtures values and guides the team toward a shared North Star, creating a solid bond. Beyond all the perks of a fun work culture, salaries and ESOPs, creating an unified invisible ecosystem with every employees striving towards a common goal, gives an unparalleled power and thrust to the growth of your startup brand.
Summing it up
Always remember that at every step of your startup journey, your brand plays a crucial role. Amidst product development, investor meetings, and partnerships, give your startup’s brand strategy the attention and resources it deserves, and watch how it propels your growth journey.
In a nutshell, dear startup founders, the time to embark on your brand building journey is NOW. It’s not just about making money; it’s about creating lasting value, standing out in a crowded market, and forging strong connections with investors, partners, and employees. So, put on your branding hat and let your startup’s story begin!
