Branding On Budget: How Entrepreneurs Can Still Make It Work
For branding on a budget, there are many ways how entrepreneurs can save money while building a strong brand. First of all, some changes should start inside the company.
- One of the key elements is to determine the cause behind what a company does, the key factor moving forward for any entrepreneur. Lack of clear vision and passion is a red flag for any business. Perhaps the most important ingredient here is being passionate about your idea, and translating that message into why you do what you do to a greater audience. As Steve Jobs once said: “People with passion can change the world,” it holds the secret to entrepreneurial success for many. For those struggling to find their passion, it doesn’t have to be a hobby that makes you happy today, but something that is deep rooted in your childhood or a past experience that can now be channelled as the key driver of your business.
- Businesses that have their “why”, have the key-differentiating factor, as building a brand is about establishing that connection with the target market. Every startup and SME should tell their authentic story. It is time for brands to embrace the softer side and move away from institutional identities in favour of more personable characteristics that customers can relate to. With Gen-Z on the way, consumers don’t speak the language of “features and benefits,” brands will need to connect on a human level, where feelings and emotions take over buying decisions.
- Another key factor many entrepreneurs miss out on is having a clear understanding of the market. To stand out, first, look into your competitors. And that doesn’t mean just in the UAE. Observing your rivals and peers around the globe, is your first step to success, as those may enter the market anytime. What are they good at? What mistakes have they done? That will help objectively evaluate your idea, as well as provide an insight on ways to stand out. Analyse your consumer and market trends, study their culture and ways they do business / buy products. Deep dive into legal policies of establishing a business as well, make sure you understand your options well before making any important decision.
- Establishing your brand story will help you save a lot of budget on advertising, boost your PR opportunities, and ensure your message reach a wider audience. It is essential to bear in mind the new Generation Z, which is expected to be the largest group of consumers by 2020. Generation Z is a brand-conscious community. To attract their attention and to survive in the modern dynamic market, companies in UAE will need to create unique seamless customer experiences, online and offline, that people love talking about. Establishing unique brand story, connecting with your audience on a more emotional level through social media, networking, word-of-mouth will remain to be the key elements of success, that are still quite cost-effective and more efficient than traditional advertising.
- Also, running a successful company is about continually innovating and adapting to new market demands. Nothing is constant but change. Quite often business owner get overwhelmed with company’s success where they may forget to listen to the consumer and adjust accordingly.