Most technopreneurs generally start out by focusing on what they’re good at and what they can sell. This is good and a must. Without an MVP you are not going anywhere.
But once your business gets to a $500K or even better $1M per annum mark, you will need a good brand strategy.
If you don’t have a brand, then you just have a service or product without a real vision or identity. It is often commoditised in a noisy marketplace. Unless you are an AirBnB or an Uber!
You’re pretty much just selling stuff. (And you feel like your services are more than just stuff, right?) Without creating a brand strategy, your business has nothing to guide it on a path towards long-term impact and success.
So what exactly is a brand strategy?
A brand strategy encompasses the characteristics, attributes, personality, and core essence of a business. It’s what helps your business make an impact and build a culture and following beyond your services.
You might be asking, do I need a brand for a $1M business?
Not everyone thinks of starting with a brand strategy when they first launch into business, but having the right strategy in place will make building your business, attracting clients, and positioning your services so much easier.
A brand strategy consists of a number of elements such as your voice, style, promise, message, story, values, vision, identity, and target audience.
Most technopreneurs tend to skip over everything and jump straight to their identity and target audience. However, the other, sometimes-less-tangible elements of your brand play a large part in shaping how your target audience perceives you, connects with you, and feels about becoming your potential client. As all of these emotions are crucial when it comes to building a brand, don’t overlook these other important branding elements.
An effective brand strategy is essentially your guide to influencing your target audience’s opinion of who you are, what you’re about, why they should care, and how you can help them.