How to develop your brand strategy? This is certainly one of the key questions that entrepreneurs should ask themselves.
Brand strategy can be everything for a startup business. Your brand can make or break you, and not only mean the difference between failing and thriving, but also in terms of hundreds of millions of dollars in company value.
Be intentional about it. Don’t get stuck or distracted and held back by branding, but do value it as a way to gain a competitive advantage and get more of what you really want.
1. Understand The Value Of Branding
If you are in the process of thinking how to develop your brand strategy remember that branding can impact every area and stage of your venture.
Most obviously the brand a company has will determine who its customers are and how much they will pay for a product or service. It will play a big part in sales and customer acquisition, and how much that costs. It will directly impact traction and growth potential.
What many entrepreneurs often overlook is that brand strategy can also impact their fundraising efforts and even their eventually exits.
A brand may be a big turn off to some investors, or the brand alone can make your company highly attractive to acquire, and add many zeros in value and the price you can achieve in a M&A deal. This is what I typically see when interviewing on the DealMakers Podcast entrepreneurs that have sold their companies for billions.
In some cases, larger companies have acquired far smaller ones and adopted their brand due to how popular and powerful it is.
It’s true that you can always change your branding later, but it will be expensive and probably painful as well. Better to get it right the first time around.
2. Brand Positioning Strategies
There are a variety of ways to strategically position a brand. If you are in the process of solving how to develop your brand strategy these most often include:
Price – Maybe not the most sustainable, but one of the most common strategies is to simply compete on price.
Service – Are you faster, more reliable, more convenient to do business with, or just more pleasurable to do business with?
Values – Are you an ethical, inclusive, green, high quality or otherwise value-driven brand?
See How I Can Help You With Your Fundraising Efforts
- Fundraising Process : get guidance from A to Z.
- Materials : our team creates epic pitch decks and financial models
- Investor Access : connect with the right investors for your business and close them