How to Build a Brand: 6 Things Early Stage Founders Need to Know
Grit, determination and an idea. As an early stage brand founder, these are the basic ingredients you need to embark on this exciting journey. With so many moving parts it's often hard to know where to start or what to do next. In this article we cover the 6 foundational elements that are worth getting right.
Explore Your “Why?”
In our experience, the reason a brand exists has a lot more to do with you as a founder. It's not just about a good product that fits the market. We always say “people connect with people” so don’t be afraid to tell your story and how it led you to build your brand. Your "why?" doesn't have to be tear-jerkingly aspirational. It could be as simple as your story to discovering a gap in the market/problem and why/how you wanted to find a solution. This is how you begin building a brand with purpose.
Define Your Brand Pillars
These are the core values and characteristics of your brand that will set you apart from your competition. They are the building blocks that will make crafting your brand identity, USP and strategy to market A LOT easier. We always tell founders to come back to their brand pillars when they’re at a crossroads on decision making. Think about how you want your brand to be perceived? What social and sustainable practices you want to champion? etc.
Pinpoint Your Target Market
Get clear on who you want to sell to. Think about this in terms of countries, industry categories, demographics (age, gender, financial or relationship status) alongside your preferred routes to market (ecommerce, in-store retail, marketplaces etc.). Consider the psychographics of your target customer too from lifestyles, types of content they consume to shopping habits. The answers to these questions often direct future decisions.
Do Your Competitor Analysis
Please, don't skip this step! It's an eye-opening exercise that we love helping founders with no matter what stage they're at. The goal is to compare your competitor's strengths and weaknesses to yours to assess your position in the market. Is there opportunity to improve or a gap you can fill?
With your competitor analysis you can get as detailed as you want from comparing social media strategies to product offering, pricing and delivery charges, ecommerce flows and discount/bundle offers.
Get Clear On Pricing
Building sustainable margins is key for long term success. We have yet to meet a founder who doesn't want to make a profit and scale with investment. Consider your cost of goods, whether you're working with retailers, distributors or online only, budgets for PR and marketing and your competitor's prices. Your pricing reflects your position in the market not just your bottom line so it's important to get this right! You can read more about calculating pricing in this article.
Spend Time On Packaging + Design
How will you visually stand out online or on the shelf? These are the first touch points for your potential customer and first impressions matter. If you've used your brand pillars to steer a cohesive brand identity your design journey is already off to a strong start!
Before reaching out to a designer or agency, have an idea of the aesthetic you want or even how you want your customer to feel opening your products. You can pull inspiration together on a Pinterest moodboard or take photos/screenshots of what you love and the elements that resonate with you most. These exercises will be valuable when it comes to having chats with your designer down the line.
Truthfully, even after working hard on all these elements, it can be daunting to make the final decisions without the input of experts in each area. With a lifetime of lessons learned and hands-on experience under our belts, we’d love to help you build your brand in our upcoming early stage mentorship program! Click for details and to sign up for the waitlist.