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Launching your Business: Finding Yourself

Just like we, as individuals, put in thought and effort into how we want the world to perceive us, brands are required to as well.

The whole marketing industry and its obsession with faces and the culture of choosing a brand ambassador and collaborating with influencers stems from this idea. We will discuss this in more detail later.

1. Pricing

First Approach

Low price is not necessarily always right.

 

 

If you are stepping into a well-established industry with some giants already in place, then being loud and cheap might not get you a good enough following.

If you know you are offering something extra or better than what the competition is doing then charging a bit more and targeting high-earning clientele is not the worst idea.

 

A lot of companies have done this and succeeded. Chipotle, for example, did this and they added value to their product by focusing on organic foods (made with organic ingredients). This is more likely to get you cult following from a specific group of people.

It’s the same idea as the one surrounding business models. The general belief is that finding your niche and then providing good value is the best way to establish yourself as a leader in any industry.

Glossier, a makeup brand is one of the leading and most talked about brands around and it is fairly new compared to some of the others in the industry.

 

It started in 2010, but they set themselves apart because they focused on natural looking make up and for that experience they charge more than the average makeup brand, even though it is not a designer brand or anything.

Second Approach

On the other hand, if you are looking to target people who are in the medium-earning range and who will not be bothered about the experience or anything, then you will adjust your prices according to that group.

Especially if you are offering utilities or something that has to perform a basic function and is not a luxury but a necessity, then offering cheaper prices will most likely work.

2. Brand Image

This is most likely the most interesting part of starting your own company.

This is the part that most creative people will be looking forward to the most. Especially if your product/service has to do with an experience or design/fashion/art then this is half the work.

Deciding a name and coming up with the logo as well as small things such as deciding the colours of your store or the colour palette for your brand are all very important in developing a brand image.

 

Every little detail sends a message to the potential client. It should, therefore, all come together to form a cohesive narrative.

While deciding on things like what we’ve mentioned above, you have to be clearheaded from the start. Decide the following:

⦁ What your brand’s values are

⦁ Which group of people you want to appeal to

⦁ What those people usually like

⦁ What you want to be known for

⦁ What kind of relationship you want to form with your customers

All of these things come together to give your brand a voice.

Furthermore, the saying “A man is known by the company he keeps” is true generally in life but also when you are looking to build a brand image.

Choose the people you choose to collaborate with very carefully. Influencer marketing is becoming incredibly popular by the day. However, with the rise of social media, opinions have also found a voice and so no celebrity or influencer is without fans and haters.

Measure what that person stands for before you partner with them to promote you. Are their followers your target audience?

Don’t just go for who has more followers on Instagram. Someone with less followers but who can bring you the right people who will actually convert as well is far more valuable than someone with millions of followers who are not interested in your product.

3. Customer Service

Brands approach their relationship with customers in different ways.

You have brands such as Wendy’s who are known for being rude and sarcastic on Twitter. That is the image they want to put out and people know what to expect. They actually get more engagement on social media because people are hoping to get a response from them.

This kind of relationship is more personal than ‘Thank you for you order. We will be in touch’ type of interaction.

However, if you are going for a formal relationship and keep things strictly professional then there is nothing wrong with that. You can pay a lot of attention to customer care and make sure all the queries and mentions you get on social media are duly responded to and that can work well as well.

The main reason behind having the kind of gimmicky interaction that Wendy’s has is to build a brand personality and for social media. Digital and social media marketing will get you more than half of your customers, especially if your target clientele is young people.

So these are all things you need to think about to make sure you have fun in what you are doing and also to distinguish yourself from your competitors.

This is the Age of Social Media and presentation is everything. Just see to it that whatever you decide on is easy for you to maintain. It is hard, if not impossible, to change brand personality once the initial impression has been made. Choose wisely.

Just like we, as individuals, put in thought and effort into how we want the world to perceive us, brands …

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