FRUGAL BRANDING TM The Basics of Branding for Startups

FRUGAL BRANDING TM The Basics of Branding for Startups There's never been a better time for startups! The government is coming up with all kind of policies and incentives to promote 'Startup India'. There are programs such as Incubator Programs & Accelerator Programs, benefits such as tax exemption, investment funds & easier norms, etc. to foster entrepreneurship and facilitate establishment of startups. Many startups feel branding is only for large, multinational corporations with large budgets. They feel it's an expenditure they can hardly afford as resources are limited in the early days, and there are so many other more important things to spend their money on. But branding is just as important for new startups as it is for established corporate players. How Branding helps Branding helps startups focus. It helps you look at, and discuss your product or service objectively. It helps you articulate values, define differentiation and build a communication platform that attracts customers – something that’s getting increasingly difficult to do in the current scenario of unlimited choices and the onslaught of communication via diverse media. Branding is a way of communicating your offering and value to the world; establishing a presence and points of difference that will hopefully urge consumers to try your product, choosing you over others. Basics of Branding 1. A catchy name Finding a good brand name is not easy, and care must be taken to ensure it’s original and unique. There are many different ways to select yours. Your brand name could convey your brand's position or activity or benefit. It could be an innovative coinage; it could be based on the founder's name. A smart way to find your ideal brand name would be to shortlist a few names and evaluate them based on ease of reading & pronounciation, relevance and originality. Then, a trademark search to check it's not already taken. Last but not least, a little market research to check what your target audience thinks of it: do they like the sound of it, does it give positive vibes, does it convey what you want it to.