6 Rules for New Brands Seeking Minimum Viability; Do It Right, Not Right Away.

Thanks to Denise Lee Yohn for her observations in the HBR Blog Network.

Many brands fail due to having no or otherwise, a vaguely pre-defined brand strategy. Some entrepreneurs assume that their new product or innovation is so brilliant that they only need to “make it available” in the market and people will immediately embrace it.

 

Others, typically technology companies, develop core applications that have multiple possible uses, and because they are not sure enough which of the applications will be the most compelling, so they just place them in the market to let the consumers decide.

In both of the above mentioned scenarios, entrepreneurs overlook the brand strategy and its importance related to the success of the brand. Pre-defined brand strategy aligns the internal employees with the common ground of brand goals and objectives, as well as helps determine the product differentiations and parities.

Most entrepreneurs are usually in such a rush to get a new product launched, they forget the value of brand strategy as the foundation for a successful launch. And some mistakenly presume brand strategy with the product strategy, without realizing that the brand is much more than mere product.

At The JLC Group, we often caveat guidance to clients with a basic tenant: “Do it Right, Not Right Away.”

Today, entrepreneurs like Eric Ries have introduced a new hypothetical concept to test product or brand hypothesis with minimum resources called Minimum Viable Product (MVP) or Minimum Viable Brand (MVB). It is comprised of the core brand elements that are mandatory to assure internal focus and alignment as well as external relevance and differentiation. The MVB model revolves around 6 WHAT questions, to be answered for better brand strategy:

1)    What we stand for – Brand Promise

2)    What we believe in – Brand Values

3)    What people we seek to engage – Target Market

4)    What differentiate us – Point of Differentiation

5)    What we offer – Brand Credibility

6)    What we represent – Brand Image

These are the six questions that need to be addressed and understood within an organization prior to making a new product launch. Contrary to popular belief, customers’ brand perception determines the value and strength of the brand, but it’s an organization that creates perceptions on customer’s mind about the brand through promotions and marketing efforts. What I personally believe, we should never leave any determinants in the consumers’ court to let them decide the future of the brand. This is something organizations need to inject effort from their end.

6 Rules for New Brands Seeking Minimum Viability; Do It Right, Not Right Away.