Startup Branding Strategy from Martin Thoma
In his latest post for Talk Business & Politics, Little Rock branding expert Martin Thoma has some advice for startups.
Thoma notes the growth of startup activity in central and northwest Arkansas, and calls out organizations including Innovate Arkansas for their roles in developing what's become the foundation of a burgeoning tech startup ecosystem.
Thoma reminds founders not to forget about the importance of branding, even for early-stage ventures. He suggests three brand fundamentals: brand identity, brand purpose and brand culture.
A snippet:
In the northwest, the Walmart-fueled economy is generating dozens of shopper marketing services and tech companies every year. UAF researchers are producing innovative science and technology spin-offs. In Central Arkansas, UAMS Bioventures, the UALR Nanotechnology Center and Innovate Arkansas are spawning new enterprises. Incubators are incubating and venture capital keeps forming; the state may need to go back to its retired slogan, “the land of opportunity.”
Observing all this business-birthing makes me think of how important great branding is to the great startup. There’s often a notion in startup culture — informed by the “agile” and “lean” philosophies — that the race is to the swift. That is, the critical competency is to ship, and mistakes or bugs will be addressed in subsequent iterations. This may work in technology, but it doesn’t work with brands. After all, software bugs are easily repaired; reputational damage is not.
There are good reasons not to fuss with branding in the initial startup phase. It’s easy enough to believe in the persuasive force of one’s own vision. It’s possible to argue that branding is too expensive, time-consuming, foreign or unnecessary due to the size of the startup and “free” digital and social platforms on which to build. On the other hand, a clear, cohesive brand strategy is the surest way to communicate value, engender loyalty and establish referability among all customer groups — partners, buyers, investors and employees. “You never get a second chance to make a first impression,” as a business mentor once counseled me.
Good stuff. Read the full post here.