Unparalleled branding not just increases the value of a company but it also provides the employees with direction, motivation, and makes acquiring new customers easier. To understand this fully, we conducted some experiments recently during the course of our workshop with 10 Techstars startups, where we ran multiple exercises to help teams understand the wonders of branding.
Why Branding is so Important for Start-ups?
According to Entrepreneur, there is a noticeable decline in investments due to investor hesitation and awareness of over-valuation. Deals have slipped almost by 4% and funding fell by 24%. With investors becoming increasingly wary of throw away discount modules and freebies at their cost, startups need to move towards a more sustainable and viable business model. And that’s where branding steps in.
For lean and early startups, it isn't just their idea and prototype that is going to attract any kind of meaningful funding; the company also needs to have a unique identity, credibility, and must ensure that they can sustain in the market for a long time. These were some of the unidentified problems we dived into during the workshop.
Understanding How Design is Key for Start-ups
We saw this brand strategy workshop as an opportunity for the 10 startups, as part of the accelerator program, to untangle problems together, by going through a series of group exercises designed to get to a specific outcome. Since design is key for any start-up to thrive in the digital world, having the workshop facilitated for start-ups from different fields proved to be extremely beneficial. The Workshop was all about getting stuff done and achieving the milestone that could be used to kick-start things or make informed decisions later.
The group exercises were intended to help participants understand how to develop brand attributes, brand positioning, messaging, and goals. To make them as interactive as possible, attendees were divided into groups of 4-5 people with demo worksheets to practice on some of the existing brands. This process helped them understand how they could also take the same approach towards their own business and apply the learnings.
Below is one such image of the attendees’ filled up worksheets and the designer taking them through the whole process of defining brand attributes.
What Were the Results?
Through multiple such activities and worksheets, we helped the participating start-ups realize that it's not only about the product and what they’ve built, but also about who they’ve built the product for, and why they’ve built it in the first place. As we moved forward, companies started to understand their users, and that having a close interaction with them would reduce the chances of having unlikely assumptions which would otherwise result in the failure of their product.
To help them assess their service and users better, we got folks from other companies to share with us different perspectives, which helped in generating possible solutions. Furthermore, companies learned to empathize with the users and explored more about their experiences.
In Their Own Words
"The workshop with Analogy was deeply insightful about the thought and structure that goes into creating a strong brand identity." - Ray Newal, Managing Director India, Techstars
Want to participate in our next workshop or want us to conduct one especially for you?
Let’s put the brand back into Design Thinking!