Most early stage startups focus all of their attention on their product or offering, however most fail to realize the importance of also investing in their brand foundation. The purpose of the brand foundation is to provide a framework within which to build your business and articulate the value you are delivering. Brand keeps you focused on your objectives, reminds you the direction you want to go and gives your business meaning that will carry on longer than your initial product.
Here are the top five reasons it’s important to invest in the brand foundation early.
1.) Attract investors
Investors see a thousand pitches a year, yet invest in only a few. The ones they invest in are usually those that tell the best story about how their idea is going to turn into a viable business. A brand foundation provides the basis for that story, helping refine the message, provide a viable outlook for the business and identify the go-to-market strategy investors want to see.
2.) Get your first customers
A well crafted brand foundation helps refine your message, but can also inform the direction and audience for your initial offering. By knowing who your product appeals to, you are better able to tell a compelling story, and get customers excited about how your product solves a business problem.
3.) Recruit top-level talent.
Everyone wants to be a part of something special, and a strong brand foundation can give a startup meaning by defining its vision, mission, values and principles. Values and principles are the core of a company culture and are a significant motivating factor in recruiting top talent to a startup. When people believe in the vision and mission of a company and connect with the culture of an organization, they can do amazing things.
4.) Informs your marketing
Startups often struggle to implement meaningful marketing programs. Their campaigns are inconsistent. Their messages wander. And they spend a lot of money on directionless marketing efforts. By implementing a solid brand foundation you can tell a meaningful, consistent story, that resonates with customers, from day one. And your agencies will thank you.
5.) Keeps you focused, even when you have to pivot
One of the greatest benefits of a good brand foundation is that it is also flexible enough to keep you focused when you inevitably need to pivot. A solid brand foundation helps keep the core culture and meaning of the company centered, even if the product, solution or customer market change. By keeping a set culture in place, it is easier to make changes without losing key individuals or your ability to focus on the strategic goals of the company.
With a solid brand foundation in place, your startup can set itself apart from the competition. You go from being just a great idea to being something that demonstrates value to all audiences outside and inside the company.
If you’d like to learn more about how your startup can invest in a brand foundation, feel free to contact me and let’s discuss your situation. You can get in touch through the contact form below, or via email -firstname.lastname@example.org. I’d love to chat.