Branding
Are you a corporate refugee? Are you looking to start a business? Are you considering being an entrepreneur? Entrepreneurs have many tasks such as raising capital, attracting talent and getting their businesses off the ground. Start to think what you are good at and avoid the naysayers.
One of the first steps you will need to start a business is to define your brand.The American Marketing Association defines a brand as a name,term,design,symbol that differentiates one seller from another. To increase your brand’s chance of success,you need to know five things:
1. How strong is the perception of your brand, and what would make it stronger?
2. What is the true level of consumer satisfaction for competitor brands?
3. Will your brand introduce emotional connections with consumers who do not currently exist in the market segment?
4. What percent of the market will consider change because of the disruptiveness of your product?
5. How much awareness can you gain for the brand?
Therefore, the answers to those five questions will determine your chances for successfully branding your product.
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