How to Launch a New Brand? An Effective Guide to Getting Started on Your Business’s Influence
Names of world multi-national brands are known by almost every person on the planet. These globally recognized brands also started from scratch at one point. If you strive to develop your brand, the best course of action is to develop a clear-cut business plan and adhere to each goal. Starting a new brand can be very straightforward if you create a clear brand development strategy, embody your business’s revolutionary idea, and remain patient and determined for the success of your brand.
Continue reading this in-depth guide to further understand the crucial course of action you have to master to build and launch a successful cannabis brand!
- Analyze the Market Situation
There's no right route to following without a proper market analysis.
The first step to creating an effective brand is to analyze the market segment which your business will enter. Founders of a new brand should understand what their business plan is, what dangers or obstacles they may face, what risks they may have to take, etc. All of these market entry points should be taken into consideration, and your marketing strategy for a new brand should cover all these points.
The leading strategy to develop a strong market analysis is by paying close attention to the activities of competitors. Analyze their mistakes and achievements and why those came about. Be a critical thinker when overviewing competitors by asking questions such as:
- What techniques do they use to promote?
- How do they promote their product?
- What product or service features make them unique?
Your goal to surpass your competitors and corner the market is the main motivation behind these questions. Utilize your research and findings to strengthen your business plan and come out on top of your market.
Global brands offer their products to a specific target group, and this method brings success. Determine who the primary buyers are from competitors, and find the problems they face to establish dominance in that target group. Create a portrait of your consumers to better understand their needs.
Reach out to potential customers and ask them questions to further understand the market structure. What is currently working from the competitors? What needs improvement in the market?
- Develop Brand Image
You can define the future of your brand by answering a few simple questions.
After studying the market situation and the activities of competitors, it is necessary to decide how your brand is portrayed to consumers. What new features can you give consumers? What benefits will they receive by using your products that they cannot find anywhere else? You need to determine the mission of your future brand and answer the following questions:
- Why did you decide to create a new brand?
- What do you want to achieve with your brand?
- How will your brand be different from the rest?
Think about brand positioning, how consumers should see your company in the market, what message the brand carries. The positioning strategy can be built on the rational qualities of the product, emotions, stereotypes, and beliefs of consumers. Positioning is developed to evoke a certain attitude towards the brand, to formulate positive associations with it. The main components of positioning:
- Clarity; providing your message clearly to the consumer
- Specific message addressed to the target audience; Show customers you are serious about meeting their needs
- Uniqueness and novelty; the competitors offer too many standard services, show why yours is an industry leader
All of the above criteria correspond to the corporate identity of the brand. A unique corporate identity allows you to highlight the brand among competitors. Developing a leading corporate identity influences the effectiveness of advertising makes the brand more recognizable. Some leading elements of corporate identity are:
- Logo; develop a memorable image for consumers
- Trademark; utilize legal methods of maintaining your brand’s representation
- Company fonts; choosing a text font that defines your business can have a very strong influence on customer opinion
- Color scheme
- Advertising hero
Corporate identity should be consistent with brand positioning. Marketers and designers strive to create a visual design that matches the interests and tastes of the target audience.
- Build a Brand Philosophy
To stand out among competitors, you should have your own values and missions.
The brand philosophy is essentially the mission and values that your company displays to the world. These missions and values express your company provides improvement for your customer’s life and the entire world. The company’s mission is very important for those who:
- Want to create a strong brand - this is about loyalty, recognition, community, and fans
- Are eager to be promoted as an industry experts, engaged in personal reputation
- Work for the future; creating positive product externalities, conveying forward-thinking values, and leading your niche.
In general, the brand’s mission is necessary for companies that plan to use marketing, service, business processes, products description. This is a concept that needs to remain consistent among all brand messages, and not just a couple of lines of text on the site in the “About Us” section.
4 Key Steps Towards Building Your Brand Philosophy
Step 1: collect abstracts about the company
You need to answer fairly simple field questions, but ensure to complete the questions as thoroughly and responsibly as possible. Be honest with your answers. It will help you develop the best image of your company’s mission.
Here are some example questions to start with:
- What do we do as a company? (what we sell, what services we provide)
- Why are we doing this? (aside from profit, what problem are we solving?)
- Who are we doing this for? Who is our target audience?
- What needs does our company satisfy?
- What are the client’s main troubles in the existing market?
- How do we plan to drive our success in the next 5-10 years?
- How do we help the community, people, the world?
Step 2: gather the answers into a key message
When you have reached answers you are confident in, you need to collect all of this into a single statement, which will be the brand message. Imagine that you need to go on stage and quickly tell the world why your business exists. How can you promote this message as understandable as possible? Developing a brand message that is understandable and adoptable by the customers is the most important feature, so take your time to develop this statement.
Ideally, you can create a mini-story of 3-5 sentences. For the brand’s public mission, this can be too much content that consumers don’t find interest in. Make the mission statement shorter to maintain interest. Start cutting off the excess, focus on what conveys the main qualities of your brand.
Step 3: test the mission on the audience
You can always test you ideas on the target audience to see the immediate feedback.
Developing the mission statement may seem like the end of the process, but new brands need to test their statements on their desired audience to determine the effectiveness. You need to check how well and it sounds for your customers, employees, and partners.
To make the mission not only sound great but also be effective, stick to the following criteria:
- The benefit; how much the target audience cares about the mission.
- Uniqueness - how the brand differs from others.
- Values - what values it translates, how the company confirms values with action.
- Transparency - how open, honest, objective the company is.
- Memorability - is it easy to remember this mission and share it with others?
Step 4: choose and finalize the best version
Refine the public version of the brand’s mission. Ensure it can be safely and universally used on the website, in presentations, and on promotional materials.
Develop an advanced version of your mission statement for internal use. For your primary assets: employees, colleagues, and partners. Here is why you should make a wider version for the command:
- It will cover most of the internal issues of the employees themselves;
- It can be a guide, foundation in non-standard situations (how to lead, what to do);
- It helps to develop a corporate culture, weed out people with other values, goals, and views.
Why Do You Need to Create a Brand, Not Just a Company with a Straightforward Vision?
The brand launch requires a lot of effort to be invested at the initial stage.
It is important to understand that the formation of branding requires financial investments, which pay over time, rather than immediately. While companies may find they are not capable of this creative process or cannot afford it, branding provides undeniable advantages, such as:
1. Sell more products at a higher price
One of the key advantages of a company that has managed to create a recognizable brand is the ability to sell goods at a higher margin than its competitors.
In this direction, branding pays off at the very beginning. When specialists work on the name, packaging, and advertising, the product becomes more visible to your audience.
2. Customer’s loyalty
Branding creates loyalty through the mission and promise of quality. The circle of loyal customers is created only due to the emotional connection that branding provides, which is then backed by the action of the company.
3. Promotion of new products under the same brand
If your brand gains popularity, it is much easier for a company to introduce new products to the market since customers trust yours.