What is Startup Branding?

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Startup branding plays a vital role in establishing a strong foundation for your business's long-term success. It goes beyond designing a logo and encompasses various aspects that help your startup stand out in a crowded market. By focusing on branding, you can effectively convey your unique values, build customer loyalty, and gain trust among your target audience. Not only does branding differentiate you from competitors, but it also generates free word-of-mouth promotions and increases customer acquisition

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Additionally, a well-established brand allows customers to perceive higher value in your products or services, enabling you to command higher prices. To build a memorable brand for your startup, start by understanding your target audience and crafting a compelling brand story that resonates with them

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But branding has some clear benefits that can increase customer acquisition of any startup by helping in the following:

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1. Building Customer Loyalty

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Branding in startup helps your company stand out from others and customers begin to identify with your unique values. It strikes an emotional chord in your users when you convey your story consistently across various social media channels. As the CEO of Starbucks, Howard Schultz puts it, "If people believe they share values with a company, they will stay loyal to the brand." Branding helps in addressing the problems that your startup is going to solve for users and building customer loyalty. And most importantly, customers would trust to purchase from a more familiar company rather than an unknown one.

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2. Getting Free Word of Mouth Promotions

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Often, when a product is too good, it sells on its own. Branding in startup helps not only polish your product but leave a lasting impression on anyone who has tried it. When customer loyalty increases, they will want their family and friends to use your product and share their satisfaction. Branding helps in getting your startup free promotions which leads to higher rates of customer acquisition. Use social media to increase brand awareness by sharing useful posts and communicating with your users to solve their issues.

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3. Customers are Open to Paying More

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Research has revealed that 46% of customers say that they're open to paying more while purchasing products from trustworthy brands. This proves that people believe in the brand value of products and consider certain brands to be of higher value than others. This simply doesn't refer to luxury brands, but even brands of common products. They have their own loyal set of customers who believe in their products and buy them regularly. Think of your favorite drink or snack and you got the answer.

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Besides, startups have to keep the prices of their products lower than their competitors to acquire and retain customers. Branding helps in increasing the quality of your product so you can pitch in higher prices.

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So how to build a memorable brand for your startup?

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The first step to branding is to know your target audience. This ensures that your story and values align with that of your users.

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People often think that branding is just about logo design, but many other aspects are involved in the process of branding. Of course, creating a company name is a priority, but startups are encouraged to set a brand voice before. Startups should come up with keywords that describe the company the best such as wise, helpful, warm, etc. They should also come up with a mission statement. For example, Samsung has the mission statement, "to devote its talent and technology to creating superior products and services that contribute to a better global society."

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Next, your startup should work on defining a color palette that matches the moodboard of your company. A unique color can increase brand recognition by 80%, so this process shouldn't be taken lightly. Typography should be set and designers should begin designing a logo based on the prior process of knowing the audience, the voice of the brand, the mission statement, the mood board, the color palette, and typography. Ensure to document this as brand guidelines for teams across various departments like Marketing and UX Design to refer to.

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Conclusion:

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Branding in startup is a must in boosting your business, however, the process can be tedious and time-consuming. It requires skilled experts to ensure that your brand captures your values and effectively conveys them to the target audience. If you are looking to kick-start the branding process of your startup or need a revamp, we got you. We have a team of creative wizards who have years of experience in branding for leading startups and companies.

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Don't trust us? Head over to our website and check out some of our past design projects

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Sources:

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1. https://www.ceotodaymagazine.com/2018/01/colour-increases-brand-recognition-by-80-but-how-many-brands-can-you-recognise/ 
2. https://cub.club/blog/starbucks-founder-howard-schultzs-shared-values-and-nine-other-tips-for-retaining-customers/#:~:text=Starbucks%20founder%20Howard%20Schultz%20recognises,in%20the%20modern%20business%20environment. 
3. https://www.samsung.com/levant/about-us/company-info/#:~:text=Our%20mission%20%26%20approach,on%20its%20people%20and%20technologies. 
4. https://www.oberlo.com/blog/branding-statistics 

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Read More:

How To Build MVP: Step-by-Step Guide - Startup with MVP Characteristics

Best UX Strategies for User Retention that Actually Works

5 Key Factors to Consider When Choosing a UX Design Agency: Visual Design Expertise

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