Approximately 543,000 businesses are started each month. Although hundreds of thousands of businesses are started each month, even more than that shut down each month. So how do startups survive in today’s market? The new trend helping thousands of businesses start up successfully and grow their success rather than shut down is called, microbranding. A microbrand is defined as “a small-scale brand recognized only in a certain geographic location or by consumers in a specific micro market or niche market.”
More and more businesses are starting by first developing and promoting a microbrand in which they sell one specific type of product. Once the product proves successful and gains a customer base, the business has the opportunity to add more products related to the initial product. This way, by the time they develop more products and invest more money in the company, they already have a customer base to sell their new products to, giving them a higher chance of success with their new products.
One company that has been successful in starting up using microbranding is Kylie Jenner’s cosmetics company, Kylie Cosmetics, LLC. Kylie Cosmetics started off as a microbrand that just sold individual lip glosses. After gaining a following and continuously selling out new lip gloss lines within minutes, Kylie Cosmetics now sells various types of makeup including eyeliner, mascara, eyeshadow, and so on.
Here’s the key to successful microbranding:
Find your Niche
Even though there are millions of products out on the market, there are products in every industry that could use improvement. It is important that you find a niche that makes sense for you as well. Going into an industry you are passionate about and knowledgeable of will allow you to develop a high quality product, and build a better relationship with your customer base.
Build your Following through Marketing
I cannot stress this enough, but just like with any startup, marketing and public relations is an absolute must if you want to start a successful business. Kylie Jenner didn’t have much difficulty in this aspect of starting her company because she already had millions of followers on her social media accounts. One way to get your microbrand noticed is to reach out to people on social media that are in your target market and send them a free sample of your product, or a discount on their first order if they sponsor you. This means they will send out a post or story of them using your product and/or write a review for you on the product. This allows you to reach their followers as well, most of whom are also in your target market.
Quality is Essential
Considering you are gaining a following primarily based on people’s satisfaction with your product or service, quality is essential. If they are not satisfied with your product, they are not going to want to recommend it to their friends and you are not going to be able to increase your following. Make sure that your marketing of the product and product quality match up on all counts.
Have a Long-Term Plan
A microbrand is a great way to get your business started, however no company carries on for years and years on selling and marketing just one product. You need to have a long-term plan and long-term goals for your business so that once your microbrand does gain its following you know where to go next to grow your company even further.
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