On Thursday 25 February, 2021, resident Growth Expert, Daniel Lohrmann from ikaros facilitated an AMA with Amy Faulkner and Alex Marshall from StartswithA; a specialist brand consultancy that advises companies on how they can harness the power of their brand.
They shared the following key insights:
What is brand?
“Brand” refers to everything someone thinks and feels when they hear a company’s name. While there’s a million and one things you could consider when building a brand, you don’t need to figure out all those things at the start, you just need enough to be credible. Whatever you don’t have or get wrong, you can always come back and fix later.
The importance of strong branding
77% of marketing leaders consider strong branding critical to growth, without this it is very difficult for a company to scale or grow. In fact, 82% of investors want companies they invest in to have a strong brand – if you have one, this will make investment negotiations a lot easier.
How to build a brand
The starting point here is to clearly communicate your company’s value. The ingredients you need to do this are:
- distinctness (easy to identify, difficult to forget),
- clarity (zero confusion about the who, what, why and how of your business), and
- consistency (staying “on brand” every time, all the time).
The biggest branding mistake companies make
The biggest mistake a company can make is to start with design instead of strategy. If you start with design or what seems “trendy”, your company is at high risk of becoming directionless or unmemorable – there’s no real sticking point that resonates with consumers.
If you missed out on February’s AMA but still want to pick Amy and Alex’s brains, feel free to reach out to StartswithA through the Contact form on their website!