Launching a product instead of a brand is a common mistake made by entrepreneurs. They focus on introducing something new or an improvement to similar products without taking the necessary time to build and introduce a new brand to the public instead.
Although people like to save money wherever they can, most are willing to pay more to purchase from a brand they trust. They build trust by associating the brand with quality and pleasant memories. It takes time for new brands to reach this level of association, which is why new companies sometimes skip over it and rush their products to the market. It requires a transformation in thinking to launch a brand before a product.
When Building a Brand, Focus on Telling a Story
Entrepreneurs tend to focus too much on functionality and features when releasing a new product to the public. When introducing a new brand, they should focus instead on developing a story and presenting a consistent message. It’s also useful to keep these benefits in mind when building a brand:
• Trust is the most important thing of all. Consumers buy products from brands they trust. It really is as simple as that. When they consistently have a positive experience, they will reach for that brand with no hesitation even when an unproven brand costs less.
• The new brand needs to stand out in some way. This is especially true if it’s entering a market already saturated with products similar to what the company wants to introduce. It’s easier to take the time to create a colorful logo and memorable slogan when first building a brand than it is to undertake the time and expense to re-do them later. These are just two examples of how a new company can differentiate itself from the competition.
• A recognized brand adds value in the mind of many consumers. They will pay more for a proven record of quality rather than take a chance on a generic or unbranded item.
• People make an emotional connection to the brands they buy because this helps to identify them as a person. The brands of clothes someone wears and the make and model of car he or she drives are just two examples of how choosing a certain brand can send a direct message to others.
• People tend to share positive experiences with brands and not individual products. Thanks to smartphones and social media, they can now do so faster than any other time in history. That’s why taking the time to develop a brand before releasing it to the public is critical to its success.
Launching a brand is a practice that requires a certain level of expertise. An experienced marketing company can assist you in developing positive and consistent messaging that people will come to associate with your brand.