Let’s face facts: start-ups do not have time for business jargon or non-strategic concepts. Instead, they are focused on launching their venture and minimising overheads so that they can deliver a profit at the end of their first year.
It is important to distinguish between jargon and strategic business concepts, however, as the latter are crucial in driving your bottom line and repeat business. Take branding, for example, which is deceptively important for start-up ventures and remains extremely influential in determining the long-term performance of your business.
Why is branding so Important for Start-ups? Seeking Knowledge through numbers
So why is branding so important for start-up ventures? To explore this idea further, we researched some of the most striking branding statistics from 2016 and attempted to understand what they could mean for your business in the future: –
1. 64% of people cite shared values as the main reason they have a relationship with a brand
This was perhaps the most interesting piece of data, as it suggests that consumers are increasingly likely to partner with brands that share their social, ethical and morale values. This trend is only likely to gather momentum in the months to come, and it is impossible for start-ups to capitalise unless they invest in their brand from the outset.
This should start with the in-depth process of identifying the values that you consider to be core to your brand, using key adjectives and translating these into actionable statements. It is then that you can begin to position your start-up and target customers effectively.
2. 72% of marketers think branded content is more effective than advertising in a magazine
This is another interesting statistic, with 72% of marketers focusing on the creation of branded content rather than traditional advertising copy. The reason for this is simple, as the current generation of customers are more aware than ever before and sell susceptible to promotional copy, generic price promises and overt calls to action.
Instead, there is a real opportunity for start-ups to engage their target audience through branded content that is informative, insightful and exceptionally well-written. This serves as an entry point into trusting and loyal relationships with consumers, as your start-up become an authority in its chosen market and drives repeat business.
3. 60% of US millennials’ expect consistent experiences when dealing with brands online, in-store, or by phone.
There is a huge difference between a business and a brand, and it is increasingly likely that your customers will be able to make this distinction. 60% of US millennials have claimed that they have greater expectations of enjoying a consistent experience with brands, regardless of the channels through which they interact. Whether this is largely down to perception or not, the cultivation of a brand can help to inspire trust and loyalty in your customers.
This brings us full circle to our first point, as brands are able to deliver a consistent customer journey as they take time to understand the values that underpin their venture. It is therefore crucial for your start-up to extend these branded values across every single channel and medium, tailoring content but driving a consistent message that meets customers’ expectations.
These statistics underline the importance of branding for start-ups, while also highlighting why it should be a core focus for new entrepreneurs. They also offer an insight into the best practice for your start-up, as you look to create a memorable, engaging and ultimately trustworthy brand.
To discuss your branding or any other requirements, please contact us on 01423 206320