The appropriate choice will allow the audience to feel like they are receiving a personalised experience as well as allow the brand to keep a track of audience feedback, and take necessary corrective actions, well within time.
While this could be a potentially great idea for the initial stages of a startup, the saying may not always hold true in another part of the startup lifecycle, i.e. expansion. Hence, one of the most effective ways of expansion is to open the company to public investments by launching an Initial Public Offer (IPO). Following a series of much-talked-about IPO debuts in recent times, the country’s emerging startups are knocking on the doors of the general public markets. Not only does the process help startups raise capital for their short and long term needs, but it also influences the Indian investors and their faith in startups.
A prerequisite for startups getting ready for a big, fat IPO entrance, is branding, which has become more vital than ever. A robust branding allows startups to acquire new customers as well as retain the existing ones. Unlike private fundraising like venture capital, wherein investors focus more on the technical aspects of product development and achieving certain metrics, a public issue entails building up the brand through an appropriate brand strategy that would be a guiding factor throughout the startups’ lifecycle.
Role of reputation management
Gone are the days when startup businesses could operate quietly, locally, and thrive without any thought for building a larger reputation. Word of mouth is still relevant, albeit it changed its medium from offline to online! Reputation management is predominantly a crucial part of building a brand as a startup business. As Rome was not built in a day, it is imperative to understand that an upright online reputation does not happen instantaneously, and it requires efforts channelized in the correct direction.
The importance of strategic brand communication
One of the core undertaking of brand management and strategy is brand communication. It serves as a promotional tool to influence the consumers, cognize the corporate as an entity and demonstrate its offerings, while maintaining its desired positioning. The objective of brand communication is to connect and deliver meaningful focused messages concerning the brand, to its key stakeholders, including consumers about what the brand stands for.
Connecting with stakeholders
Regardless of the sector that any startup may be in, or, for that matter, the part of the world, the stakeholder pie is always going to be diverse. It is essentially an amalgamation of different ages, backgrounds, identities and education levels.
Communicating with each one of them requires tailoring content appropriately. Once the startup develops an understanding of its audience, a customised strategy can be curated. It is important to shift the perspective and speak to each audience’s priorities. Startups need to make sure that the strategies coordinate with each other to ensure the target audience isn’t overloaded with content and that the communication aligns with brand goals.
Ultimately, the content should be inclusive and representative. One should know the specific needs of the audience, and ensure that these needs are reflected in all the brand’s communication.
The significance of choice of platform and timeline
Once a startup has clarified its intentions and developed a message, the next step is to finalise what format or the medium should be utilised to communicate with the stakeholders. The appropriate choice will allow the audience to feel like they are receiving a personalised experience as well as allow the brand to keep a track of audience feedback, and take necessary corrective actions, well within time.
It is ideal to explore multiple channels to reach the audience because everyone absorbs information differently. As a startup, if the brand’s aim is to reach the audience across a varied range of groups, the mode of outreach could be any or all of the following – social media, direct mail, email, phone, text, radio, print and TV advertisements, billboards. Understanding the audience’s preferences, habits, and how they spend their time, will help them determine the best method of communication for them.
Once the channels are determined, the brand would be able to determine the frequency of the communication. For instance, if social media platforms are the best way to communicate with one’s audience, the brand may need to share more updates more frequently as opposed to target audience preferring emailers or newsletters.
Conclusion
In a nutshell, when a brand is successful in uniting its customers with their needs and the brand value, the end result is brand loyalty, which ultimately leads to brand longevity. Branding is everything, especially for a startup planning to foray into an IPO. Thus, it is critical to take time for all startups to carefully curate the brand identity over a period of time so as to create its desired reputation in the minds of its customers, and eventually, investors, seamlessly.
Source: Business World
