Building a successful company is hard, really hard. There is a reason that nine out of ten startups fail.
The holy grail for all companies should be to start generation traction. After all, traction is the best way to improve your chances of startup success. Traction is a sign that something is working. If you charge for a product, it means that customers are buying. If your product is free, it means your user base is growing.
Traction is powerful. Any problem you might be facing as a company is easier to tackle when you got traction.
In other words, traction trumps everything.
And while it is easy to measure more people buying your product, it is a different story if you want to measure your brand awareness is growing. How the traction of your brand is happening.
In previous posts we talked about the different building blocks of a brand, we talked about finding your ideal customers, we talked about creating your brand story, we talked about finding a name and a logo for your company, building a visual brand and your brand voice. But all of these different building blocks of your brand have been mostly untested for now; they are still assumptions.
If you want to grow the awareness around brand you need to start running tests and validating the different building blocks of your brand. Eric Ries coined the term “validated learning” in his book the lean startup:
Progress in manufacturing is measured by the production of high-quality goods. The unit of progress for Lean Startups is validated learning, a rigorous method for demonstrating progress when one is embedded in the soil of extreme uncertainty.” – Eric Ries
When building a lean brand, we need these same principles to measure our success. After all, a high equity brand gives you many advantages.
In addition to the obvious benefit of driving market share, a strong brand can command a price premium, augment customer relationships, ensure successful line extensions, and help an organisation attract talent to name a few.
In this post, we’ll discuss the importance of building brand awareness and how to measure it, so that you can add structure and success to your brand building efforts.