How to Build an 8 Figure Business: Focusing on the Essentials
Welcome to ‘Branding For Purpose’ In this guide, we’re going to zoom in on the most critical aspects of starting a successful business—areas that will shape your brand and set the foundation for growth. When I started my branding agency, these were the exact steps I focused on to create a strong brand presence right from the start.
We’ll cover six key areas that are crucial for building a brand that resonates with your audience and stands out in the market. Let’s dive in!
1. Initial Market Research
Before you do anything else, you need to understand the market you’re entering. Market research is your chance to gather insights about your industry, understand what customers need, and see where your competitors stand. I remember spending weeks on research—digging into what was missing in the market and where my services could fit in. That groundwork gave me the confidence to move forward.
Key Points:
Use online tools, surveys, and competitor analysis to gather insights. Focus on identifying market gaps and understanding customer needs.
Identify where the gaps are—what isn’t being done, or what could be done better? This is where your opportunity lies. When I found that many businesses struggled with cohesive brand storytelling, I knew I had found my niche.
2. Finalizing Your Brand Name
Your brand name is the first impression people will have, so it’s worth taking the time to get it right. It should resonate with your brand’s mission and be easy to remember. I spent countless hours brainstorming names—each one had to pass the ‘could I spell this after hearing it once?’ test.
Key Points:
Brainstorm 10 potential names, check domain availability, and test them with a small focus group for memorability and impact.
Don’t rush this step. Once you have a shortlist, make sure the domain and social handles are available. For my agency, the right name was one that felt professional yet creative—it struck the balance I needed.
3. Defining Your Target Audience and Personas
Next, you need to know exactly who you’re speaking to. Defining your target audience and creating detailed buyer personas helps you tailor your messaging and offerings. Early on, I created personas for my ideal clients—small business owners who needed brand guidance but didn’t have big budgets. Understanding their challenges allowed me to position my services effectively.
Key Points:
Create 3-4 detailed buyer personas that include demographics, psychographics, and key pain points. Use these personas to guide your messaging and product development.
Get specific. The more detailed your personas, the easier it is to connect with your audience on a personal level. I still refer back to my original personas when developing new services or marketing strategies.
4. Crafting Your Unique Selling Proposition (USP)
Your Unique Selling Proposition is what sets you apart from everyone else. It’s your promise to your customers, and it’s why they’ll choose you over the competition. When I defined my USP, I focused on providing personalized branding strategies for businesses that couldn’t afford big agency fees. That clear focus has been a key driver of my agency’s success.
Key Points:
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Write a concise USP that highlights your uniqueness and value. Test it with your personas to ensure it resonates.
Think about what you do better or differently than anyone else. Your USP should be something you can stand behind 100%, and it should resonate with your target audience. My agency’s USP is about delivering high-quality, high-value branding without the hefty price tag—something our clients truly value.
For [Your Brand], we provide [Your Target Market] with [Your Product/Service], that delivers [Key Benefit] unlike [Primary Competitor], we [Key Differentiator].
5. Establishing Your Brand Personality
Your brand personality is how your brand ‘speaks’ to your audience. It should align with your values and resonate with your target customers. Is your brand friendly and casual, or professional and authoritative? My agency’s personality is approachable and collaborative—reflecting our belief in working closely with clients to achieve their goals.
Key Points:
Define your brand’s tone, voice, and personality traits. Ensure these are reflected consistently across your website, social media, and customer interactions.
Consistency is key. Once you’ve defined your brand personality, make sure it shines through in every piece of communication. Whether it’s a social media post or a client email, your brand’s voice should always be recognizable.
At [Brand Name], we embody the spirit of [core attribute 1], [core attribute 2], and [core attribute 3]. Our brand is designed for [target audience], who value [key value 1], [key value 2], and [key value 3]. We are committed to delivering [unique selling proposition] through our [products/services], ensuring that every interaction with our brand leaves a lasting impression of [desired emotional response].
Our tone is [adjective 1], [adjective 2], and [adjective 3], reflecting our dedication to [brand mission or vision]. We believe in [brand belief or philosophy], and this belief drives us to [specific action or commitment].
6. Developing the Right Communication Strategy
Finally, you need to communicate effectively with your audience. Your communication strategy should align with your brand personality and be delivered through the right channels. Early on, I focused heavily on content marketing—blogging and social media where I built my audience. Each piece of content was crafted with our personas in mind.
Key Points:
Create a content plan that includes key messages, channels, and frequency. Ensure all content aligns with your brand personality and addresses your audience’s needs.
Think about where your audience spends their time and how they prefer to engage. Whether it’s Instagram, LinkedIn, or a weekly newsletter, your messaging should be consistent and tailored to their preferences. This approach has helped my agency build strong, lasting relationships with our clients.
Our communication strategy aims to effectively convey our organization's mission, values, and goals to our stakeholders, including employees, customers, partners, and the community. The primary objectives are to:
- Enhance brand awareness and reputation.
- Foster transparent and open communication.
- Engage and retain customers.
- Support employee engagement and alignment with organizational goals.
- Facilitate collaboration and information sharing.
By focusing on these key areas, you’ll build a brand that resonates with your audience and stands out in the market. It’s the same approach that helped me grow my agency from a small startup to a trusted name in the industry making an 8 figure income every year. So, take these steps, apply them to your business, and watch your brand thrive.
Next Steps:
Looking back, I wish I’d had a tool like Stratify AI when I was starting out. It would have made navigating those early challenges so much easier. If you want to fast-track your success and make these steps even more seamless, I highly recommend checking it out. It’s like having a strategic partner by your side, guiding you every step of the way.
Check this: Stratify's AI Strategy Builder
Thank you for joining me on this journey. If you’re ready to start building your brand, don’t hesitate—take the first step today, and remember, success comes to those who prepare.
Specialist at SANOFI || Digital Asset Management || Veeva CRM || CSPO?SCRUM MASTER || IIM Indore
7 个月Way to go Vishal and good advice. ??
The journey and realizations about struggle and reaching the dreams is so well put. here is a proof that how our story too can become an inspiration for oneself too!
I help CMOs & Brands leverage sound into a strategic business advantage. 80% increase in brand recognition through sonic branding (McKinsey & Co.).
7 个月I think your desire to create something impactful is such a great source to pull from when the going get tough in this industry.
Leading Brand Consultant & Product Strategist driving business growth.
7 个月Building a brand with purpose is essential for long-term success. How do you recommend balancing brand personality with evolving customer expectations? Excited to see how these strategies can transform startups!