Why startups need to focus on brand now more than ever

When you're just starting out in business, customer acquisition can feel like oxygen. The first few months, you're in survival mode - just trying to get from one day to the next. But as soon as you start getting some traction and experience product-market fit for your business, it's time to prioritise your brand.

The truth is, you had a brand from day 1.

Every interaction with customers - even if it was just you on the phone to them - builds a perception of your business in their mind. This is the definition of brand (not a logo!)

But now you have some movement - and have possibly even got some funding to help you take your business to the next level - you NEED to start investing in your brand.

Why?

Building a strong brand yields all sort of tangible business successes - from being able to charge a higher price and therefore increase your margins, to being front of mind lowering the pounds and dollars you're spending ferociously on direct response ads.

But now, balancing your long-term brand-building with short-term sales campaigns matters more than ever.

As we head into 2023, we're in for an even more turbulent ride than the last few years. With the macro-economic environment looking bleaker than the winter outback, these challenging times ahead will test even the most resilient ad enterprising of entrepreneurs.

That's why your brand is one of the most overlooked secret weapons you can leverage right now.

The financial benefits of a strong brand

• You can charge more, therefore increasing your margins

• Triple your speed to profitability (reports have shown that a strong brand 3X path to profitability)

• Lower ad costs (Airbnb, for example, now spend virtually nothing on paid search, with 90% of their web traffic coming directly as a result of their brand marketing efforts)

• Achieve £0 CPA through word-of-mouth (meaning customer loyalty transcends into advocacy - they love you so much they recommend you to others).

These difficult times also provide an opportunity for you to lift your head above the parapet, be there for your customers, deliver memorable experiences, and truly live up to your brand values. In crisis lies opportunity, as they say.

With plummeting media costs, if you can afford to advertise, now is also your time to take market share from your competitors.

Just remember, the likes of Airbnb and Uber were born in the last recession. Build your brand for the long-term so your business can be cited in the unicorns to emerge from this economic crisis.

So, for 2023 and beyond, are you ready to make your business bloom through brand?

Bloom is an award-winning marketing agency specialised in brand performance, to help businesses achieve the next level in their growth journey.

With work featured in the likes of Forbes, The Independent, and Sifted, we are proud to have delivered tangible results to our high-growth clients.