3 Essentials For Building a Brand
To become ‘the talk of the town’ one needs to be brilliant in their craft. And this is exactly what I learned in conversation with Ashneer Grover, President and Managing Director of Bharat Pe.
Bharat Pe revolutionized the online payment system and surpassed its competitors. The FinTech company that serves small businesses and Kirana stores in India also provides particular additional benefits.
Ashneer also stirred up another storm on the scope of Indian reality TV with the show Shark Tank India where he is one of the sharks who invest in startup ideas, giving common people with big ideas, a big push into the business world.
But how does a business become viable?
And why are not all businesses successful?
What is the most fundamental need of a business?
The answer is branding.
Regardless of your business’s size, kind, or future vision, businesses succeed with a brand.
1. Establish Trust
To understand this, think of all the reasons why you have loyalty with certain brands and why you don’t with some. The brands you keep going back to are most likely those that rarely disappoint you. As a consumer, one seeks consistency. And brands that deliver on their promises can create a bond of trust and increase the number of repeat consumers and create a ‘brand awareness’.
To achieve this, your promises need to be simple so that there’s a reduced chance of coming short.
2. Simplicity & Convenience
Focusing on the saying ‘a little goes a long way’ works perfectly when trying to brand. Nobody likes to spend more than a few seconds or minutes navigating a product or a service. Begin with a simple name that is congruent with the product you are trying to sell. Because when there is transparency, the levels of communication become more reduced and efficient.
The next step is understanding that simplicity works because people are looking for convenience. Depending on how easy to use or easy to avail your product is, the demand for your product will vary.
3. Product-market Fit
As an entrepreneur, it’s essential to keep in mind that the product needs to fix a problem or plug a gap in the market. The brand is a tussle between what the market wants and the product offers. Once you have arrived at that sweet spot where these two match, your product is bound for success. Today consumers are looking for the least friction and higher accessibility. A product that caters to all these issues builds a reputation for itself, thereby ‘building a brand for itself.
There are several ways to establish a brand and its awareness. Sometimes, businesses even have to evolve to continue to provide value for their consumers. But if you are an entrepreneur trying to create brand value, the rule of thumb is always to stay true to the business’s core values and find a clientele whose issues you can resolve. Because the only way to be successful in business today is to build a brand.
To gain more such insights, head to my podcast Figuring Out.
Instagram | LinkedIn | Twitter | YouTube | Facebook | Buzzsprout | Spotify | Apple | Google
