Branding and Positioning | Which is the Most Important?
In this video, Matt reacts to the business coach and their thoughts on what is the most important first step to nail when starting a business. But will Matt agree?
There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this new series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!
Video Transcript: Advice Video:
Success if you’re going to start your own business in 2024. If I was to ask you which is more important, opening the business up and setting it up to open up or branding and positioning. If you answered branding and positioning then you are well on your way to success in business.
You see most people do not spend enough time in branding and positioning. So that when their business starts it actually starts making money right away and instead they do it by trial and error. And when they open up their business because they haven’t spent enough time in branding and positioning, they’re actually they’re competing is on price. And that is a downward spiral because there will always be someone that has a lower price than you. You don’t wanna be there so you want to set up your branding and positioning long before you actually start opening the business up and setting that business to open up.
Matt’s Reaction:
Okay so his claim is setting up your brand and your position is more important than setting up say the company structure, checking account, EIN number, sales tax permit, whatever else. I agree in the sense that I think it’s really important to know who your customer is gonna be and what you’re gonna offer them that’s different than your competition. So I agree more on the positioning side than the brand, right. What the brand name is and the colors in the logo design, I don’t think are critical. But understanding who your customer is and what choices they have when they’re considering a business and what you can offer that would make them pick you aside from just “hey but we’re the cheapest” that is important. And that is worth thinking about and that is worth understanding before you go into the business. What you’re gonna offer that people are gonna say “Hey that’s the person I wanna work with” or “That’s the business I wanna do business with”, not just because they offer the lowest price but because they offer the best value or the best fit for my specific need versus something more generic or something less specialized. That isn’t as good of a fit for my exact circumstance. So positioning yes, branding not as much. And business setup that really only has to happen after you figured it out and start doing business. You don’t need to set up all the structure of the business first and then try to figure out what your business is gonna do or if it’s even gonna work.
