There are countless things to think about (and worry about) when you are building and scaling a business. From finalising your offer to going through the rigorous motions of Series A funding and everything in between, it certainly takes up plenty of headspace. But the thing that can often get overlooked yet has the ability to affect the trajectory of your growth is, you guessed it, your brand.
In this article we’ll look at why a brand can carry your business forwards, paying attention to the key problems having a good brand solves.
Ultimately, it will show why your brand needs to be thought of as your most valuable asset to showcase your offer.
What challenges does a brand solve for a growing business?
All companies seeking investment to support growth have broadly three main concerns* that occupy 95% of their time:
- Funding – how am I going to secure the money I need to do xyz?
- Revenue – how can I show value to support the funding requirement?
- Talent – how can I attract the best people to help me generate the revenue we need to succeed?
*It’s important to note that these concerns don’t go away as you continue to grow, they just become more nuanced to solve!
You may be thinking something along the lines of “But surely a robust business plan will address these concerns?” And that’s absolutely right. Making sure you have clearly articulated your business model, target market, audience profiles and reasons to believe are essential of course. But you can’t put a business plan up on your website. That’s the brand’s job.
Your brand is effectively the way to communicate your business plan to whoever needs to hear it – customers, investors, talent. Anyone you want your business to talk to, the brand is the mechanism in which to get their attention, allow people to make sense of your offer and why they need it. Your brand is your mouthpiece of your business. So in that sense, it’s quite an important bit of kit! Especially as you set out to tell the world who you are and what you are doing to change things. Whether you are starting up, scaling up, or continuing to build momentum in new areas, your brand is right there with you – not just by your side, but leading the way.
But what sort of brand is needed to set you up for growth?
Brand credibility
If the purpose of your brand is to communicate your business plan, then one thing is for sure it needs to be credible. Investors only buy into what they believe, so if there is anything that feels forced, fake or surface level, there isn’t likely going to be much interest. People need to get excited about what you are bringing to the table, but it must make sense and come from a centralised core purpose.
Ensuring your brand is hooked directly into clear reasons to believe and proof points is essential and will turn it into your most powerful tool when it comes to achieving growth.
The consumer mindset
As humans we have an incredibly short attention span. A few seconds at most before conclusions are made, that’s it. Clarity is key – what is it you are offering and why should they care? Your brand needs to start with where your audience are, explaining exactly what problem you are solving for them. Get this across and it should be a no brainer for them to choose you.
Staying ahead
Although clarity is essential, saying what you do on the tin isn’t the most inspiring angle (unless you’re Ronseal). Pairing clarity with creativity will set you apart from the rest of the field. Remember, Airbnb probably weren’t the only ones with the same insight on flexible accommodation options, but their brand certainly made it feel that way. Even if you achieve significant funding without paying much attention to your brand, don’t think that will last forever – own the space first and you’ll be a force to be reckoned with.
Hiring the best talent
The best people go where they can do their best work. Simple. And in order to continue to grow and beat the competition, it’s your people who will get you there. We know it’s no longer a world where salary or material benefits rule – this will always be a factor of course, but when the ceiling is reached on those fronts, what else do you have in your toolbox to attract the best talent? Your brand is there to showcase what you’re about not just to your investors or customers, but potential candidates as well (read more about this here). If they can see that their personal values align in some way with your brand, it’s an easy decision for them to make to join you.
Your brand exists to unlock growth
All businesses need to have a visual presence in some form, but it’s the companies who see their brand as one of their most important assets rather than a necessity who ultimately win. Seeing beyond it just being a name or logo and understanding that your brand is in fact the way people view you in the world and the value you offer will allow you to benefit hugely from further investment, increased revenue and securing the very best talent. It’s ultimately your route to growth.
Speak to us if you’d your business to be brought to life.