Don’t be a product success but a brand failure
Let’s start with textbook basics first. A strong brand aids in generating equity in the consumers’ mind, which is a valuable metric to measure and monitor. But having a strong brand is not a means to an end, and in many instances it is just the beginning. The product underneath the brand should perform at the highest standards (both in terms of emotional and functional delivery).
Why should startups invest in building brands? Because it is important and it is foolish not to leverage the differentiating platforms their products already occupy. Every founder should have clarity about one important market dynamic — competitors with “me too” products are waiting at the corner. When product differentiation is minimal, having a strong brand makes a world of difference. But that is only one side of the story. Investing and building a brand right from the very beginning ensures that you don’t need to worry about “me too’s” at all.
Startups have a set of strategic advantages right from the beginning. They are not trying to find selling space in crowded categories, and have products that have taken birth through fresh and out-of-box thinking with innovative business models. All these factors are ideal for building strong brands, which unfortunately continues to be under-leveraged by startups.
