Category: Uncategorized

In the U.S., thousands of eager entrepreneurs start new businesses every year. According to the 2019 United States Small Business Report, there are currently over 30.7 million small businesses in the U.S. but only 50% of small businesses will survive 5 years or more.

Entrepreneurs start out full of hope with a ton of passion for their new business venture or product idea. Quickly they become engrossed in running their business and feel the pressure to generate revenue. Many will place most of their focus on product development and rush through their operational plans in a race to get to market. In this rush and excitement of getting to market, they often skip the crucial step of developing a brand strategy. They fail to see the importance of branding as the foundation of long term success. Many don’t even understand what branding really is or the difference it makes. 

So first, let’s talk basics. What is a brand?
To put it simply, branding is everything! A brand is not just a logo… it’s the complete expression of your company or product in consumers’ minds. It is everything people perceive of your product, from the functional (what your product does for me) to the emotional (how your brand makes me feel). 

It’s the entirety of fundamental truths about your brand, including your brand identity, architecture, personality, voice and messaging. It tells people what you stand for, what you believe in, what you offer, what makes you different and why people should consider you.

Why is it important?
Effective branding can help you stand out from the competition, recruit and motivate employees and, most importantly, attract your ideal consumers. Let’s have a closer look at how strategic branding can position you for long term growth.

1. Builds brand equity & generates value
   Professional branding helps build trust with your customers and consumers. It delivers a perception of quality by communicating your business as a well established, professional, and trustworthy company. A well-designed brand can mean the difference between a sale and a rejection of your brand.
   
2. Generates brand awareness
   Strong brand design creates a visual hierarchy that helps tell your brand story, it creates a consistent language, and ensures that your brand is memorable in consumers’ minds, all which helps to increase brand awareness.
   
3. Drives sales 
   A high quality, distinct and consistent brand experience will help persuade consumers to buy your brand and helps drive loyalty.
   
4. Differentiates your brand from competition
   Branding helps differentiate your business from the competition and appropriately position your brand in consumers’ minds.
   
5. Saves you money and time long-term 
   Often brands will go to market with subpar branding and/or packaging only to find that retailers and/or consumers have a higher standard, forcing them to redesign the product. This is costly not only in the branding work but in the possible damage to your brand reputation. We recommend you start with a strong branding foundation; it will save you time and money in the long run and will help you make a great first impression with retailers and consumers.

In the current and increasingly competitive business landscape, branding is not a luxury, it’s a must. Branding is the key to making a memorable impression, establishing an emotional connection with your consumers, and building loyalty.  

Once you have established your strategy and defined your branding, it is important to consistently keep it at the forefront of consideration as your brand grows and especially as consumer wants and needs change.  Branding is an ongoing process. To ensure long term growth, brands need to commit to staying relevant over time by staying ahead of consumer needs, adapting to changes in the market, and redefining how your brand markets itself while staying true to your core brand essence and what your brand stands for.  

– Emma Medina, Director of Brand Strategy at Smith Design

Sources:  https://smallbiztrends.com/2019/03/startup-statistics-small-business.html, https://cdn.advocacy.sba.gov/wp-content/uploads/2019/04/23142719/2019-Small-Business-Profiles-US.pdf

the beauty revolution discover the major cultural shifts that are impacting, and changing, the beauty category

at the touch of a button

There was a time when cultural trends were easy to define. Information took time to reach an audience and a lot fell away before it reached mass consumption. Today, there is so much content that can be communicated and spread in less time than it takes to say “gone viral,” it can be hard to keep up.
Miguel Gambino, New York City’s chief technology officer said it best:

“The phrase ‘the only thing that’s constant is change’ needs to be adjusted to ‘the only thing constant is the increasing pace of change.”

Historically brands formed deep connections with people and could rise to icon status. Brands had meaning which in turn gave them tremendous equity and value. Today, with the speed of technology, changing demographics and desires, this landscape is much harder to navigate.

Culture is overwhelming & disposable. The abundance of choice has rendered us paralyzed and that choice and availability has led to poor quality products and a loss of meaning in our possessions. Where once choice was desired, now it’s simplicity.

Culture is divided. Technology has created digital bubbles that affect what is marketed to us. The cultural landscape is fragmented and It is imperative that brands are proactive in taking a personalized approach versus mass marketing.

Culture is always shifting. There is a power shift that is happening in culture all the time. From the #metoo movement that challenges long-held patriarchal norms to a power shift between brands and their consumers. According to Emily Weiss, founder of Glossier:

”Women are in the driver’s seat. They are
in charge of their routines, and they can find all the information they need from their friends or from other women in the world and online.”

Within this new cultural landscape, a fundamental change is occurring. The once steady plates of the beauty industry, Luxury & Identity, that promised exclusivity and magic in a bottle, are being challenged by a culture that is committed to redefining both.

codes of luxury redefined

The desire for luxury goods has always been fundamentally tied to identity
and a perception of wealth & success. But according to RTG Consulting:
“about 62% of Generation D (as in digital, those under the age of 20)
no longer equate success with financial wealth.”

responding to change

As the industry transforms we are seeing new approaches applied across a broad range of categories that are impacting the way brands are innovating and marketing their products. Here are 6 ways brands can stand out in a sea of same.

be experiential – If you can think it, you can experience it! UX in all its forms has become an essential part of any marketing budget and due to the dynamic nature of the medium, is constantly evolving.

be edible – You are what you eat. Cap Beauty in the NYC’s West Village has a Grocery section, selling everything from coconut butter and matcha sticks, to supplement powders and vitamins. Bobbi Brown’s new book “Beauty from the Inside Out” challenges the myth that an expensive skin cream is the answer for good looking skin.

“It’s honestly about a healthy lifestyle. All the creams on the market, nothing is going to give you healthy looking skin. So it’s got to be … what you put in your body.”
Bobbi Brown

be non-conformist – While the trend is to swim against the tide, don’t be tempted to head to the local tattoo parlor. As personalities such as James Charles are challenging our beauty norms, there are more and more products on the market that encourage out-of-the-box experimentation.

be sustainable – From single use shaving cream that dissolves with water in your palm to refillable make-up packages from Kjaer Weis and sugar cane derived skincare, brands are innovating and thinking beyond the recycling bin to ways that sustainability can be a part of a whole brand philosophy. And beyond sustainability, support for ethical practices are on the rise, most recently from Unilever who have announced support for a global ban on animal-tested cosmetics.

be experimental – Over the years, beauty has become very serious, but we can see that some brands are setting the stage for that to change. We think it’s time to loosen things up and have a little fun. Panda bear face masks anyone?

be consumer led – Glossier has made a business out of being responsive to their consumers’ needs by having them play an active role in product innovations.

Rethink and Redefine Change is good. Let these shifts in thinking be your guide as you navigate the tides of change… think authenticity over artificiality The emerging generation has grown up in a digital age, knowing that nothing can be taken at face value. This desire for authenticity extends to a desire to be true to who you are. think creativity over fantasy Beauty has been selling fantasy for decades, but today reality sells and connects with a consumer who values creativity and individualism over pretense. think access over elitism The impact of badge brands has faded now that luxury has become mass. Brands must find a new way to stand out and attract attention beyond being status symbols. think freedom over status Millennials and Gen Z see experience and freedom as a symbol of luxury, not possessions. As a result, BMW considers Uber their competition, not Mercedes. think legacy over heritage Relying on heritage-only communication is less important today than incorporating values and behavior that leave a lasting legacy. A big part of this shift is recognizing that sustainability is a must, not a nice-to-have. thanks! jane@smithdesign220.wpengine.com:8888/smith