The COVID-19 pandemic has had consequential challenges for many businesses. Amongst the uncertainty, this year has also created an opportunity for many. There have been numerous reports in newsfeeds of entrepreneurs worldwide snatching the chance to start a new business during the lockdown period.
In the UK market, despite the impact of the pandemic- ‘new business start-ups have so-far increased by 60% in 2020 compared to 2019’ (referencing Startuk.co.uk research). The realisation that we can start a business and run it from home whether that be B2C crafting and selling on Etsy to pop up local takeaways or skilled individuals being made redundant and starting up a consultancy. The increase in entrepreneurial activity is something to celebrate!
We can confidently say that the COVID-19 pandemic has changed the way we ‘do’ business – businesses are responding the best they can, innovating to get through these challenging times.
Where will these new start-ups be in 12 months?
According to The Telegraph, 20% of new businesses will not make it past their first year – considering the report shows on average over 650,000 businesses are registered in the UK every year – the failure figure is high!
How can businesses lower the risk of failure?
Many contributing factors add to business failure. Marketing is among the list and getting to grips with how you communicate your brand and how well you know your audience. We have picked out a few major marketing elements that will support the impact your brand marketing has on the success of a business.
Develop a marketing plan
A plan will help avoid budget problems, and keep the business focussed
Keep your brand consistent, and customers will remember and trust you
Your brand identity can be represented in many ways; from your logo and colour scheme to your mission statement! Your brand should showcase who you are as a company and will help your audience decide why they should buy from you and not your competitor.
Who is your target audience? The group of people who are most likely to buy your product or services
Brand positioning describes how a brand is different from its competitors and where, or how, it sits in customers’ minds.
One common mistake that we make is forgetting that people buy with their emotions.
A good brand will be true to your company’s strengths and relevant to your customers’ needs, while also differentiating your company from the competition.
This is the value you deliver to all of your customers, all the time. An effective brand promise helps build a strong brand, represents your brand experience and has emotional connections with the core customer.
To motivate clients, a brand promise must achieve the following three goals:
- It must convey a compelling benefit
- It must be authentic & credible
- It must be kept, every time
A customer persona is a semi-fictional representation of your ideal customer, based on market research and real data about your existing customers. When creating your buyer persona(s), consider including customer demographics, behaviour patterns, motivations, and goals. Once you gain insight into your customers, you can better engage them with a more effective experience.
Is the brand identity providing an accurate representation of the business?
Brand identity includes logos, typography, colours and messaging, and it complements and reinforces the existing reputation of a brand. Brand identity attracts new customers to a brand while making existing customers feel at home… Your brand identity must be consistent.
Look – What does your brand look like?
Voice – What does your brand sound like?
Personality – What impression does your brand leave?
How can Refined Marketing help your small business?
Refined Marketing is a full-service integrated marketing agency based in West Lancashire. We specialise in all aspects of Graphic Design, Copywriting and Digital Marketing tailoring our services to support start-ups and small businesses. Our industry knowledge is rooted in our specialised sectors – engineering, marine, technology, and construction; although we have had the pleasure to broaden our B2B/B2C client base in a variety of markets.
Do you need help with your branding?
Have you got a new project idea that you need a fresh pair of eyes to look at?
Are you a new business that needs support to launch their brand?