Even if you’ve got a low budget, you can still move on to brand your startup or small business. But, you need to deploy some branding strategies to see it work. Not all strategy is effective; therefore, you need to know the ones to try out. Since you’re on a low budget, you need to utilize low budget branding strategies. When you adopt the right strategy, your startup or small business will run effectively and still gain profits.
Here are some foolproof tips that will help you brand a startup or small business on a low budget.
1. Extensive market research
First, you need to conduct an extensive market research to come up with an exact report on what is your target. First, start by identifying your client’s or customer needs, then, plan towards delivering the purpose of these needs.
Next is to state your mission. After discovering who your customers or clients are, you’ll have to define a mission statement. This will act as a solemn guide as you move on with other branding strategies to kickstart your startup or small business.
Also, try to deal with your competitors smartly. Your competitors may have a higher budget than you do but a well-researched competitor analysis will help a lot in this. A big thanks to the internet, at least you can access various competitive analysis tools that would help you come up with a distinctive strategy that will keep you on top of others.
2. Work with affordable freelancers
Don’t be afraid, some cheap freelancers are professionals. You should make your research on their work. Expensive freelancer not always the best option. However, think for a second could you do an extensive work for £10? They will help you develop and build up your startup by contributing in various aspects. Also, to get your startup online, you can take to inexpensive CMS builders like WordPress. Click here to find out how you can find the right designer for your branding project.
3. Don’t just pick a name
Be careful while choosing a name you’d use to brand your business. Spend more time to decide on a great, captivating name. You can even engage other people to help you choose a good name if you’re stuck between two or more options. Simpler names will do a lot of good, a shorter name would be better, a less-than-ten character name might be best.
When you don’t choose a good name, you may want to rebrand the business sooner than supposed and that would incur additional expenses.
4. Be specific and straight
Create a business plan; try to be specific when creating this plan. This will act as your branding strategy and you should stick to it unconditionally. This way, you would not waste your limited resources or go against your budget.