Rolling Stone Council’s Branding Advice for Budding Entrepreneurs
30 July, 2023
Branding, a fundamental aspect of any business, goes beyond a smart concept. It necessitates addressing customer needs, distinguishing itself from rivals, and enduring more than a fleeting fad. These elements collectively form a brand’s niche – a secure position in the market. Without this well-defined niche, a brand may find it challenging to sustain customer interest and consequently, its ascending sales. Whether you’re contemplating starting a business or striving to elevate your existing venture, take into account the following guidance for those grappling to establish their brand’s market position. Here, seven business visionaries from the Rolling Stone Culture Council share their top advice for unsure entrepreneurs aiming to solidify their niche.
Entrepreneurs having trouble carving out a market position for their brand should directly engage with their target audience. Understand what matters to your customers and merge it with your brand ethos. This strategy cultivates authenticity rooted in research and fosters customer loyalty. Refrain from trying to cater to everyone; instead, concentrate on the requirements of your highly-specific audience. – Dan Serard, Cannabis Creative Group
Revisit Your ‘Why’
What prompted you to launch your brand? What was the compelling urge that propelled you into initiating something initially? Reconnect with that genuine reason for existence. Concentrate on your instinctive desire, and the answer should emerge. – Michael Kennedy, Component Wine Company
Every industry has unspoken “norms” of behavior and anticipations. Medicine: white lab coat. Hospitality: enthusiastic receptionist. Real estate: strong handshake. Snack food: flavor bursts. Make a list of your industry’s stereotypes, anticipations, and “norms,” then list each rule’s opposite. Shatter a convention to discover a unique space. Be unexpected. Finding a niche often stems from disrupting the standard. – Sarah DaVanzo, Pierre Fabre
Identify what distinguishes your brand from its competitors. Recognize your unique selling propositions, strengths, and benefits. Emphasize the value you deliver to customers that others cannot duplicate. This unique value proposition will assist you in carving out an exclusive niche for your brand. – Billy Carson, 4biddenknowledge Inc.
Discover what truly ignites your passion — what you would do without any compensation — and if there’s a market demand for it, clients will seek you out. My firm emerged from my advocacy in the cannabis industry. Industry contacts noticed my passion for the work I was doing, sought my assistance in promoting their companies, and I transformed it into a thriving business that’s been successful for 10 years. – Evan Nison, NisonCo
Experiment. Collect data. Refine. Don’t view it as a setback if you don’t immediately resonate with the market. Utilize it as a chance to polish and fine-tune versions of your message until you hit upon one that strikes a chord. It’s a vital step in establishing a robust foundation for growth. – Michael Klein, cannabisMD
When you’re battling to determine where a brand belongs, reassess the brand. Entrepreneurs occasionally become so enamored with their ideas that they insist on realizing them even when the market isn’t receptive or the brand is excessively niche. Be prepared to confront reality and readjust as necessary to successfully launch your brand. – Cate Rubenstein
In conclusion, branding is an art that requires understanding of customer needs, industry norms and unique selling points. Entrepreneurs should not be afraid to experiment and adjust according to market demands. Whether it’s gym marketing or advertising for gyms, finding the right niche is crucial for success.