Launching a new business or rebranding your current business is exciting for many reasons. It gives you a chance to demonstrate your individuality and tell customers why they should work with you.
In 2016 we rebranded our agency from Digital Annexe to Your Favourite Story and you can read more about that here . Our rebrand gave us the chance to examine our work and redefine our goals.
Before launching we spent months prepping and mapping a strategy around our new brand. Often many businesses fail because of improper planning and management. As customers become more knowledgeable, businesses will have to do extra work to keep informed. Here are 4 tips you need to know before you launch your business in 2017.
1. Study your audience
You may have a clear idea for what your business will be, but do you know whom your business will be for?
The people who use your product choose to do so for a particular reason – you need to determine what that is. Your strategy should be aimed towards them, offering the best experience possible. Where you choose to target customers can determine your entire brand. Many businesses focus too heavily on their own needs and forget to consider the needs of the consumer.
2. Know your competition and what makes you different
What sets you apart from your competitors? Do you know what your brand offers a consumer that others do not?
Well you should have answers to both those questions, one big mistake new businesses make is focusing internally without doing market research on what competitors are fully offering.You have to do your homework before getting into a competitive market. Think about what makes Apple different from Samsung? Both are fantastic phones, but what is Apple selling that sets it apart from its competitors?
You don’t want to go into a meeting and not be able to tell a customer why your company is different and worth their consideration.
3. It’s all about exposure
How often do you share?
Before launching your brand ask yourself if you have you have set enough goals for your social media strategy. Social media is the public eye of your business; this is how your customers will see you. Prepping enough content for the launch and even beyond that is important to build tension when launching a brand. Having diverse coverage across a number of social channels is key when launching or rebranding. Buyers are knowledgeable and don’t want to buy from a brand they don’t know. Explore new areas of marketing to create buzz around your launch, think about social influencers and how they can be used and even introductory promotions you can offer.
4. Don’t underestimate analytics
How are you going to measure your marketing activities?
If your answer is only sales, nothing else, then you are missing out on valuable data.
Many new brands don’t see positive profit results for quite some time. It is important for a brand to not only see money as the only metric, but also explore a full range of stats. How else will you measure if your business is successful?
How can you tell what works for your brand and what doesn’t?
Analytics can really deliver incredible business value. For example it can help you improve your SEO performance or drive more traffic to your physical stores.
Your analytics should challenge you to always be learning and growing long past 2017.