'Brand Building' - Why Venture Builders must establish credible brand equity early

In this opinion piece, Quake partner Alec Middleton talks about the importance of establishing a strong brand presence in the early years of your SaaS B2B technology venture.

 

Intro

As Jeremy Bullmore once said, "Brands are fiendishly complicated, elusive, slippery, half-real/half-virtual things". Brand building is complex and multifacetted. Even most marketers don't understand how to do it properly. 

When you're building a B2B SaaS product, you're also building a B2B SaaS brand. A brand is more than just a logo or a name; it represents the collective perception and experience that individuals associate with a particular product, service, or company. It encompasses the visual elements, messaging, values, and overall identity that distinguish one entity from another in the minds of consumers. Brands carry emotional and symbolic meaning, fostering a connection with the audience that goes beyond functional attributes. They serve as a promise of quality, reliability, and consistency, influencing consumer preferences and building loyalty. 

A strong brand not only facilitates recognition in a competitive market but also acts as a powerful tool for conveying the unique story and values of a business. Ultimately, understanding a brand is crucial because it shapes consumer perceptions, influences purchasing decisions, and establishes a foundation for long-term relationships, playing a vital role in the success and sustainability of any business.

 

Why is brand equity important for a start-up technology businesses?

Brand equity is particularly crucial for a startup technology business for several reasons. Firstly, in a rapidly evolving and competitive tech landscape, where innovations abound, a strong brand can serve as a beacon of reliability and trust. Building a positive brand image helps establish credibility in the market, assuring customers and stakeholders of the startup's capabilities and commitment to quality.

Secondly, brand equity contributes to customer loyalty. In the tech industry, where solutions may be complex and require ongoing support, loyal customers can become advocates, helping to generate positive word-of-mouth and attracting new users. A reputable brand can also facilitate partnerships and collaborations, crucial for a startup looking to expand its reach and impact.

Thirdly, in attracting investors, brand equity is a valuable asset. Investors are more likely to support a startup with a strong brand, seeing it as a signal of market acceptance and potential for growth.

Finally, a well-established brand can command premium pricing, crucial for startups looking to capture value in competitive markets. It allows the business to position itself as a leader rather than a commodity, potentially leading to higher profit margins and sustainable growth. Overall, brand equity is a strategic advantage that can significantly contribute to the success and longevity of a startup technology business.

 

What tactics and techniques are best for building great brand equity?

Building great brand equity requires a comprehensive and strategic approach. Here are some key tactics and techniques:

1. Define Your Brand Identity: Clearly articulate your brand's mission, values, and personality. Ensure that every aspect of your business, from visuals to communication, aligns with this identity.
2. Consistent Branding: Maintain consistency in your brand elements, such as logo, colors, and messaging, across all platforms and touchpoints. Consistency builds recognition and trust.
3. Understand Your Target Audience: Conduct thorough market research to understand your target audience's needs, preferences, and behaviors. Tailor your brand to resonate with them emotionally and functionally.
4. Exceptional Customer Experience: Provide an outstanding customer experience at every interaction point. Positive experiences create brand advocates who can significantly contribute to positive word-of-mouth.
5. Quality Products/Services: Deliver on the promises your brand makes. Consistently providing high-quality products or services builds trust and contributes to positive brand perceptions.
6. Effective Communication: Craft a compelling and authentic brand story. Use various communication channels, including social media, to engage with your audience and share your brand narrative consistently.
7. Innovate and Evolve: Stay relevant by continuously innovating. A brand that adapts to changing market trends and customer needs maintains its relevance and perceived value.
8. Community Engagement: Build a community around your brand. Engage with your audience on social media, participate in relevant events and create opportunities for your customers to connect with each other.
9. Strategic Partnerships: Form partnerships with other reputable brands or influencers in your industry. Associating your brand with established entities can enhance credibility.
10. Monitor and Adapt: Regularly assess your brand's performance, gather feedback, and be willing to adapt. The business environment evolves, and a successful brand needs to stay agile and responsive.
11. Corporate Social Responsibility (CSR): Demonstrate a commitment to social and environmental issues. Consumers increasingly appreciate brands that contribute positively to society.
12. Employee Advocacy: Your employees are brand ambassadors. Foster a positive internal culture, and empower your employees to embody and promote your brand values.

By employing a combination of these tactics and techniques, a startup can build and strengthen its brand equity over time. This establishes a solid foundation for long-term success and growth.

 

Start with a great name

Selecting the right company name is a critical aspect of establishing a successful brand. It serves as the cornerstone of the brand identity, conveys the essence and values of the business and creates a lasting impression. A strong company name is memorable, easily recognisable, and reflects the products or services offered. It plays a pivotal role in differentiating the business from competitors, enhancing brand recall, and facilitating effective communication in a crowded marketplace. Additionally, a carefully crafted company name contributes to the establishment of trust and credibility, influencing consumer perceptions and purchase decisions. Your name is a powerful marketing tool, laying the foundation for a positive brand image and long-term success.

You can't buy a domain and get an email address without a name. In our ventures to date we've been really careful to make sure that the company name sends the correct first impression. It needs to sound like a technology business. Other considerstaions have been;

1. Is it easy to spell, read or pronounce e.g. Ten Space
2. Is the .co.uk domain available in the format you would expect it to be? i.e. short, as pronounced, not extended e.g. www.tenspace.co.uk
3. The social media handles are available 
4. Are there any companies with the exact same name that are dominating google searches?
5. Are there any competitors that sound similar
6. Is there any copyright on the name from another company in the same field

If you're happy with your name and it ticks the boxes, sense check it with a few trusted people and get it locked down quickly. Too much procrastination on this topic will stop you from moving forward with your idea.

 

For more information on this topic, contact alec@quake.co.uk and he'll be happy to discuss and help.