How Important is Brand Positioning in Starting or Scaling a Business?
Whether you have capital or not, it is imperative to create a concise business plan. Part of the strategy of this business plan includes a marketing plan and brand positioning.
The questions for the latter are simple:
Do you have an idea of where your business sits in the market? Are you premium, budget, or mid-range?
Who is your ideal customer? Describe them. What age are they, what business do they have, what position do they hold?
How do you intend to speak to them? What marketing channels do they use? Where do they hang out?
This then identifies what budget you need to allocate to attract that customer. If you are after a premium business, then slapping together a website and a Canva logo is not appropriate. In fact, attracting a premium look and feel requires a level of Creativity and marketing campaign strategy to meet that market/customer type.
What to do if you're not capitalised for Branding? Then you must create it. Our team have a blueprint that we follow for building businesses, brands and scaling. By starting with Mode 1 (Bootstrap Mode), however ultimately leading into Mode 2: Utopia.
Mode 1: Bootstrapping
Bootstrapping includes highlighting your expertise, and/or content. At the end of the day, the customer and revenue centres around one thing. Sales. You. Supply and Demand. When commencing the Business Plan for our Get Scaled brand, it started off with this logo (you might recognise it):
Is the above logo the ultimate Vision of the Brand? No. This is:
The second logo is a premium look and feel, designed to speak to our ideal customer. Is it important to test the idea, concept and monetise ahead of spending a fortune on scaling it? Absolutely. Why? Because the market needs to be tested before you go live. Fail cheap, fail fast.
Once you have identified there is a market, you have value, and have a customer-base or following, it is time to invest in Mode 2. And budgeting for it.
Mode 2: Utopia
The goal is to plan for your Mode 2 at the beginning of the Business, Concept/Brand and work towards it with Clarity around the Vision, development of a Business Plan, Strategy, Roadmap and Execution.
We do this with all of our clients, and help them build their plans from the point in their business they are at the time and their desired goals, with Scale in mind.
