3 Important Branding Insights for Minority
If one believes the US Senate Committee on Small Business and Entrepreneurship, then he will know that over the last ten years, the minority-owned business has reached new heights. Minorities form nearly 50% of the total start-ups in the US with annual sales closing to $700 billion. However, when economic turmoil occurs, minority-business fail at a higher rate than other businesses. Now, this is due to the systemic racism at financial institutions, making it difficult for minorities to obtain debt finances.
Therefore, we have decided to help you get acquainted with all the DIY branding tricks that will help founders of colors and minorities to build a successful business. Read On!
The Actual Scenario with Minority-Owned Business in the US
If you are well aware of Branding Insights for Minority , you would know that minorities make up to 40% of the total US population. However, minority-owned business ownership is only represented by 20% of the community.
The total venture capital that black founders receive is less than 1%. In contrast, only 8% of the venture capital-funded start-ups are women, and fewer than 0.4% are Latina.
Despite all the rising challenges faced by the black community, the business opportunity for them is enormous. Now, this is because, by 2044, more than half of the US population is projected to belong to minority groups.
3 Effective Branding Insights that will help minority founder to build a successful business
Now, that we already know what the problems are and how deep it goes, its time that we come up with solutions. We at Designfier are committed to helping you with all the effective branding strategies that will help you to form a successful business.
1.Your brand isn’t just a company’s name and logo
Your company’s brand is defined by the business name, logo, brand voice, design, and everything visual about your company. It is that asset and sets of features that differentiate one organization from the other. The visuals of your brand form your brand identity that is what you, your customer, and prospects can see.
However, what most businesses fail to reciprocate is that a brand is not only bounded to these things.
A brand also is the integration of all the user experience, social media followers, fans, and prospects that are associated with the company. The company’s reputation, products and services, and the company’s value are all small integration of your brand. All the actions that you take on behalf of your company directly influence your brand.
One should always be proactive while creating a memorable brand identity and un a building a strong brand. If you leave your brand identity and brand to luck, it is always going to hurt you and your business. The goal of branding is to spread the stories of the company in a way that helps in creating loyalty, awareness, and excitement.
Therefore, do not restrict your brand to just your logos and taglines. It would help if you broke the horizon to see beyond the typical methods and should always look to reach and connect with as many people as you can.
2. Brand Strategy is Important for Your New Business
Before you start your business, you must define your company’s vision, missions, and values. However, if you haven’t done it yet do not get discouraged. You can start it now. Better late than never!
Once you make all the things clearly defined, you got to articulate your brand positioning. It explains how any company differentiates in the marketplace and how you are different from your competitors. Brand positioning is also essential when you are forming a business plan. Lender and investors will want to understand how you differentiate and why such differences will help you in success.
Building a race-neutral and a sex-neutral brand while still embracing what helps you get your brand unique. Or you can also create your unique perspective to develop and articulate a unique identity that the lenders and investors are not often seeing.
If you are a founder of color or a minority founder, there are high chances that you have a unique perspective. It’s not unusual for minority entrepreneurs, and founders of colors to observe various problems or to provide solutions to other business owner from other groups. Such a unique perspective allows bringing innovative products and services that are designed for everyone. On the other hand, it helps you pick up a segment of the target audience and create products or services for a particular market segment.
To explain in simple language, positioning a brand is summarized in one or two sentences, i.e., what you do is different than others. Rather than targeting a vast market in which one faces massive competition, you can find a market that is large competitors don’t understand as their marketing and leadership teams don’t look like the target audience. Once you know how to position your brand, you need to articulate your unique selling proposition.
Your business’s unique selling proposition is what your company stands for. For example,- Apple’s USP is seen in user experience; everything they do means to have a user at its core.
Therefore, once you define your USP, it will be time for you to create your core brand identity asset. All you need is to have the right business name for your new business, a unique logo, a website, and other visuals that reflect your brand.
3. Brand Strategy Execution
When you are done discovering and developing your core identity, you need to find the right way to communicate about your brand via marketing. Execution is a crucial part of your business on a path to success. However, here as well, minority entrepreneurs face various obstacles and a scaling gap.
However, suppose you are a popular celebrity like Rihanna. In that case, you will be able to help yourself create a powerful brand like Fenty. It offers substantial shades of foundations and other products, including skin tonics that targeted women of all ethnicities and body types.
However, before Fenty, most of the beauty brands focused on a segment of the beauty market. However, after Fenty’s launch, other beauty brands had to vastly reflect on the lack of diversity in their products and marketing. However, not everyone is a global megastar like Rihanna.
However, the fact is that you need not be a global superstar to differentiate your business. No doubts, Fenty succeeded because of Rihanna. But it is also reimagined how a beauty brand has the demand of serving all the women and not just a small subset of women.
Moreover, execution is where most of the business either fail or come up with something exceptional.
Things need not be always the way businesses want. Setbacks are still on the verge of happening when you are eyeing on the long run. You need to understand a few extra things concerning brand and brand positioning. It would be best if you made some creative changes in the way you are projecting your brand to your audience.
With the right knowledge and the proper guidance, you can always be cautious about market infatuation like the falling economy or some drastic economic turnbacks. As a minority community, you will still have to go from a lot of extra hardships when compared to the general difficulties an average business owner has to go from. But business is all about hard work and a lot of sacrifices.
All the Best!