Launching a brand is a huge undertaking, and you want it to go well, right? In this week's Five Minute Friday video, we talk about what you can do beforehand to help give your brand a better shot at success.
Hi guys, welcome back to another Five Minute Friday! My name is Caroline, and I’m the Digital Content Specialist at Launch. Launching is a big part of what we do here (hence the name), and there are a lot of things to consider before you put your brand out there into the world! Stick around to find out the 4 things you need to know before you launch.
According to the Small Business Administration, just half of all new businesses survive their first 5 years. In order to make sure your brand is one that does, there are 4 areas that you need to address that can help set you up for success, given that you execute them well and they accompany a good product, service, or value proposition.
Do Your Research
Research is the most important tool in your arsenal. It’s crucial in helping you understand the marketplace, your competition, and your prospective customers. We’re often blinded by our own assumptions - you may think that your product or service fills an unaddressed need in the marketplace but find that your competition already has it covered. That’s why research at this stage is so important: it gives you a better chance at being successful and it’s kind of acting like an insurance policy.
Most importantly, you need to talk to your potential customers and learn more about their pain points. Does your product or service take something and make it better (like building a better mousetrap) or does it do something totally different (like allowing people to rent out unused rooms as hotel space?). What problems does your brand solve for potential customers? Put your customer hat on for a minute and think about your own purchase habits. You won’t know what a target customer thinks unless you ask them!
Create an Audience Profile
Before you even open for business, you need to know who your prospect actually is. Develop a well-defined audience profile that goes beyond demographic information to include psychographics like hobbies, affinities, media usage, lifestyle, and other favorite brands. Making your audience profile thorough, you develop a fuller understanding of your potential customers and it can help you with creative development, positioning, and media placement later on.
Understand the Customer Journey
Something that we always discuss with our clients is the customer journey. This is especially important when creating your marketing strategy. Are there specific things that trigger a customer to seek out your product or service? What does their process look like when they’re shopping around? Having a good understanding the customer journey also helps you tighten your messaging and your feedback loop and helps you meet clients where they are. By being thorough, consistent, and interesting, it’s a lot easier to retain them.
Establish Your Positioning
Now it’s time to think about positioning. Where do you fit into the overall competitive landscape? What makes you unique? Keep those things in mind while you craft your mission statement. Share your positioning with everyone in the company in order to stay on-message, and in turn, on-strategy.
Solidify Your Marketing Strategy
After you establish your positioning, then we can think about your marketing strategy and messaging. When you’re first launching your brand, you probably want to focus on building awareness. Keeping that specific marketing goal in mind, you can then tailor your messaging, your media, and your placements to meet those business objectives.
Okay, that probably seems like a ton of stuff to do before you launch, but that’s the point! It takes a lot of planning and research in order to make sure that you’re successful and your business sticks around. But if you do your homework up front and you consult with subject matter experts, you’ll be much better off.