Increasing awareness while building a brand is necessary for anyone hoping to scale a business.
Nobody will buy your product if they're unaware of its existence. Luckily, entrepreneurs can take various actionable steps to boost the public's awareness and understanding of their brands.
At the University of Cincinnati's 1819 Innovation Hub, startup founders receive insights on launching and scaling businesses. Below are five tips given to entrepreneurs about increasing brand awareness and finding a company's initial customers.
Build a consistent and appealing brand message that helps customers understand your business. Brand identity refers to the visual symbols of your company and allows potential customers to relate to your startup's mission, values and products.
"Crafting a consistent brand identity is essential from the beginning of your startup journey," Charles Matthews, professor of entrepreneurship and strategy at UC's Carl H. Lindner College of Business, said. "While your product or service may evolve over time, it is key to develop a cohesive company and brand identity that reflects who you are as a business from the outset."
The importance of developing a strong brand identity comes down to establishing trust in your business, differentiating it from competitors and building brand loyalty. Your mind instantly forms a connection at the mention of Apple, Nike and Starbucks. That's the power - and value - of a strong brand identity.
Before marketing your company and its products, determine what makes your business stand out from the crowd. That'll help you discover a target audience or, potentially, reveal that your product needs work to attract attention in the marketplace.
One of Matthews' preferred ways to hone your audience and value proposition is through drafting a brand mantra. This should be a three- or four-word phrase that appeals to both customers and employees while describing what your brand stands for.
Nike's brand mantra, for example, is "Authentic athletic performance." Through this brand mantra, the team at Nike knows how to message the company's products and who its target audience is.
In today's fast-paced business environment, it's essential to have a strong online presence.
"Brand identity consistency across all platforms not only reinforces recognition," Matthews said, "but also builds trust with your audience, signaling reliability and professionalism."
There are a few spots entrepreneurs should turn to as they build an online presence. First, launch a website and produce helpful content related to your product. Second, invest time and resources into whichever social media channels your customers are on, remembering each platform's voice.
Don't just build a digital presence; track its performance as well. Nowadays, it's simple to determine brand recognition and brand recall through surveys, while analytics tools can track time on a webpage and conversion rates.
Another way to generate buzz is by running promotions and contests. Incentivize customer referrals, provide product samples at no cost, run social media contests and use retargeting campaigns to reach those who've already visited your site.
An effective but costly way to spread the word about your business is by running advertisements. Before doing so, however, you must establish a consistent brand identity along with an overall vision, mission and value proposition. In Matthews' words, "Advertising doesn't build the brand, but rather builds on the brand."
Create a buyer persona to determine whom your ad campaign should target and where. If you're unsure of where your ideal customer spends time, learn where successful competitors devote their advertising time and money.
Brand awareness is a must for entrepreneurs hoping to get their company's name in front of potential customers. From crafting a brand identity to developing a strong social media strategy, there are multiple steps for startup founders to take.
UC's Lindner College of Business and the 1819 Innovation Hub offer plenty of opportunities for entrepreneurs to learn about marketing campaigns. Students also can join the Bearcats Student Creative Agency at the 1819 Innovation Hub to design forward-thinking marketing strategies.
Regardless of your startup's market, brand awareness is essential for its success. Incorporate the tips above and your business should start earning a positive view in the public eye.
Featured image at top: A man with a laptop at UC's 1819 Innovation Hub. Photo/Andrew Higley/UC Marketing + Brand
