Building a brand takes a lot of hard work, patience, and creativity. It’s not just about creating logos and marketing materials – it’s about putting in the effort every day to make your business a success and keep it that way. But in today’s business climate, it can be tough to navigate the challenges of building a brand. That’s why it’s important to understand a few key things that can help your startup succeed.
1. Strategy IS important
Having a solid strategy in place is crucial for any startup. It can help you avoid pitfalls and make better decisions about how to grow your business. A S.W.O.T analysis (strengths, weaknesses, opportunities, and threats) can be a useful tool to identify your business’s strengths and weaknesses and identify opportunities and threats in the market. Taking the time to create a strategy now can pay off big in the long run and will significantly increase your chances of success.
According to a study by the National Association of Small Business Owners, businesses that have a written plan are 30% more likely to succeed than those that don’t.
2. Asking for help is okay!
As a startup owner, you don’t have to go it alone. Surrounding yourself with a supportive team can be a huge help, especially when it comes to areas where you may not have as much experience or expertise. Seeking out marketing or branding help, or even some help with the day-to-day tasks of running a business, can be a smart move. Every successful business owner has had someone who gave them the advice or support they needed to succeed.
According to a survey by the American Express OPEN Small Business Network, 50% of small business owners said they received valuable advice from mentors, advisors, or other industry experts. This demonstrates the value of seeking help and guidance from those who have been there before, as it can provide valuable insights and support.
3. Be flexible
No matter how well you plan, your business ideas are likely to evolve and change as you learn more about your customers and the market. It’s important to be open to change and adapt to new opportunities or challenges as they arise. If a particular strategy isn’t working, don’t be afraid to pivot and try something new. Successful startup owners know that there will be bumps along the way, and they’re willing to try different approaches to get back on track. Being flexible can help your business be nimbler and more responsive to change, which is key to long-term success.
According to a study by the Ewing Marion Kauffman Foundation, businesses that are more flexible and adaptable are more likely to survive and grow.
Building a brand is a journey, and it’s important to keep learning and adapting as you go. By understanding the importance of strategy, being open to seeking help, and being flexible, you can set your startup up for success. To learn more about the key points of building a brand, check out our blog post on why you need a customer-driven brand strategy. To learn more about the key aspects of building a brand, check out my blog Why you need a customer-driven brand strategy.
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