“The 22 Immutable Laws of Marketing”, a book on marketing by AI Ries & Jack Trout’s compendium of innovative rules for understanding and succeeding in the international market, in which one of the law is “The Law of the Mind”. The law states that “ It’s better to be first in the mind than to be first in the marketplace.” Ries & Trout has further explained that “If marketing is a battle of perception, not product, then the mind takes precedence over the marketplace.” So, marketing is all about delivering a holistic experience about the product to the audience through branding. And for SaaS companies, investment in branding enables its product to be in TOMA (Top Of the Mind) and stand out from its competitors and SaaS space has already reached its tipping point, it becomes crucial for establishing a strong identity in an already crowded marketplace.
Bill Macaitis, former CMO at Slack had said in an interview that “Your brand is every single touch point your customer has with you during their journey.” Simply put, branding is the impression which the audience, prospects, and customers carry about the founder, company and company’s product and/or services. Branding is not about the only logo, or tagline or website graphics or slide decks, it’s a much deeper concept. SaaS branding is more about the customers and not about the company. It is all about how you want your customers to have, the perception of your services.
According to Harvard Business Review, those companies who do not have any branding strategies yet should ask following questions –
Sound branding offers something additional which no other competitor is offering, in other words, a distinct differentiating factor. For an e.g. Apple. Can it be replicated? Similarly, your product or service should have a unique & valuable differentiating factor to get into the minds of your audience.
After having that unique factor in the product, it has to internalized and the whole of the team needs to believe in it. The team should share the value, beliefs, and goals of the organization and define company’s value proposition. After that, it’s time to build a website, design a logo, brand positioning statement (based on target audience (persona), competitive advantage, category), brand identity & tagline also if that is making a brand more effective, content based on what you want to convey to your target customers on different marketing channels.
This whole exercise is not one time, it is dynamic. As the technology continuously evolves, to align to that, business has to change its strategies and accordingly brand has to be redeveloped.
For SaaS or any product, the brand is not just for the prospective customers but it’s for prospective employees, contractors and most importantly investors. A company’s brand equity, i.e. consistent branding effect on the customers, is critical when it comes to investor relations. Investors are looking for a sound value proposition and return on investment. Hence, branding plays an important role in communicating company’s image, reputation, integrity, market position, and vision, which leads to a solid brand equity which helps in gaining investor’s confidence for new products or extensions of the already existing product line.
No doubt that, the customer is at the heart of company’s brand, and brand experience depends on the product and service you deliver and how you deliver. Product or service can be anything but ultimately what matters is whether the business is delivering its promises to the customers or not.
The brand builds trust, and trust leads to sales. And building trust takes time, there are no shortcuts, hence to develop a good brand what is required is persistence & patience.
Summing it up in five major steps in developing a brand is,
MobiLock Pro, a Mobile Device Management Solution for corporate-owned Android and iOS devices. We consistently innovate and adapt to new technologies, and with changing technologies and understanding the changing needs of our market, we modulate our business strategies. And in line with that, we recently have done a rebranding exercise and have a new brand identity and an improved website for a better experience for our prospective customers.
Nema Buch is a Research & Marketing professional, also writes for MobiLock Pro on Enterprise Mobility trends, SaaS, and different Industry Verticals.