Why Every Entrepeneur Needs to Learn Branding
Branding is memory.
In today’s world, we rely on our memory. For everything. Branding is the position in which your customers know you or the product you are selling. If customers rely on their memory, you should be the first one in it.
Branding will help you win the customer’s memory. And their business.
Branding Creates Trust in Your Customers
Trust is the foundation of any business.
Without trust, there will be a few, closer to none, customers interested in your product. Build trust with your customer. Branding is the best way to do so.
Branding will give your business a clear meaning. Imagine you are a teaching a finance online course. You are the best at what you do. But, you don’t have a brand. You say: “I will make you a $100 per day.” That’s horrible branding. First, who is your hero customer? How is their problem resolved with your product? Why should they go with you?
There a hundreds of financial courses that sell the $100 per day method. That being said, no one ever goes to their course.
Branding is a combination of showing your hero customer that you acknowledge their problem. And why you are the perfect choice.
After you do that, you have their trust.
You Want To Be The First Option In Their Minds
The first one will always be the first one.
Our memory remembers the first and last instances of a journey. If you are the first, you always be in their minds.
Branding opens a door to be recognized. To be first. Do you know Netflix? Of course you do. When streaming service started, there were 2 big players: Netflix and Hulu. We all know that Netflix was first in the streaming service business. They took the majority of the market. And they hold it tight. Hulu tried to fight against them. However, everywhere you looked, Netflix was number 1. And Hulu was number 2.
The difference between the two? Netflix had $7.8 billion in revenue in Q1 2022. In the other hand, Hulu only had $4.4 billion in revenue in all of 2020.
There is a clear difference between first and second. Branding gives you the platform to be the owner of your customer’s memory.
Branding Establishes A Clear Path For Production
Don’t be everything for your customer. Yet.
As an entrepreneur, you are probably trying to do anything to make money. That is a confusing message to your audience.
The most important lesson about branding: confusion destroys businesses. When I started writing on Medium, I wrote about everything popular at the moment. I earned views and a couple of followers. But that wasn’t a brand. That wasn’t a future. That was just trying to do everything. All at once.
Branding sets the borders for your decisions. As an entrepreneur, you know what you do best.
Use branding in your advantage. Find the product in which you are strongest at. Find your hero customer. Find their problems. And Find the reason they should solve them with you.
What type of brand are you going to create?