Starting a new business can be a struggle. You’ll be competing with the thousands of brands already in the market and you don’t want to see all the hard work and investment fail before you’ve even begun. According to the Australian Bureau of Statistics, more than half of Australian small business will fail within the first 3 years.
So how can you differentiate your brand within the cluttered market and increase your chances of success as a start-up business?
1. Do not DIY
Small business owners often attempt to do everything themselves. As an entrepreneur, a majority of your time should spent working on your business. Working on the business means building a plan and strategy for the direction of the business NOT being a technician within your own business. You should also leverage the knowledge and expertise that reputable branding agencies have. Branding involves a lot more than just smacking a name and logo your business card or online store. It involves a branding strategy that that is a culmination of consumer psychology and science. Remember branding has to be seen as a successful long-term investment and asset to your business, NOT a commodity can die at any time.
2. Get a website
With the rate of technology more than doubling every year, there is no excuse not to have a website. If a client is trying to find information about your brand, you can bet that they will try to find your website online. If you’re tight with your start-up budget, you can simply start with a basic website which includes your company contact and social media details. You can then build up from there once you get established or get more funding. Having a website is enough to increase the chance that your business will be growing by 54% (TNS Research).
Use merchandise creatively in your marketing campaigns.
3. Give Out No Catch Freebies
Journalist Jo Fairley has a simple motto; “When you have a great tasting product, get it into people’s mouths”. Spread your brand and business to everyone anyway you can. Freebies could be considered as a traditional marketing strategy but we consider it is a timeless strategy. Who doesn’t love something for free especially when there’s no catch? For example, if you are a local mechanic after servicing your clients’ cars, you can leave custom bottled water printed with your brand and message in your client’s cars before they drive away. By employing this simple and cost-effective strategy, you will be increasing your brand recall and getting happy clients in return. If they like your giveaway they’ll likely return to and do business with you down the track.
4. Think Outside The Box
Most start-ups don’t have the funds to advertise on the Grand Final Footy commercials or take up full- page advertisements in popular magazines. There are many other creative ways to spread the word about your brand without breaking your budget. For example, you could create an engaging Youtube video incorporating a contest with merchandise giveaways that could be featured on your website and social media platforms. This way you get your target audience involved while creating excitement and longer-term cost effective brand recall via your merchandise giveaways.
In order for your start-up business to survive and thrive in a competitive market on a budget, you just have to be smart about what methods will work for your business and target audience. Ensure you discuss all pertinent factors with your branding consultant. Call PromosXchange on 1800 PROMOS (776 667) so we can help you with ideas that will for your brand.