Last weekend, the MEST Lagos Incubator held its first event in 2017, a fireside chat centred around Branding and Marketing Strategies for Startups.
For over 180 minutes, Bode Pedro, Ferdy Adimefe, Dotun Olowoporoku and Neku Atawodi-Edun were engaged in insightful conversations with a very inquisitive and diverse audience of startup founders, aspiring entrepreneurs and friends of MEST.
We’ve rounded up the best and brightest ideas from our speakers, which you can apply to your startup or stash somewhere safe for the next time you need a shot of creative energy.
Read on for the best gems from the MEST Fireside Chat 2.0.
Branding is the experience your product promises:
Your startup’s brand is more than just your logo! Many startups overlook the true potential of what a brand can and will accomplish, settling for just a logo.
A logo is a business’ identification in its simplest form via a recognizable mark or symbol; on the other hand, a brand is an emotion behind what someone feels and sees when they interact with your startup on any level. This emotion could be Actual or Factual. For example:
Actual: “Helps you sleep better” or “Reduces pain instantly.”
Factual: “Makes you happy” or “Feel young again!”
Is your brand able to elicit an emotion in your customer? Does that emotion separate you from the pack?
If yes, therein lies the genesis of your brand.
Your startup should always be collecting data:
At the start of your company, create an opportunity for data collection. You always need to be deliberate about obtaining information from your current users – names, emails, phone numbers, age, occupation, location etc.
The best form of data you can get is usually from the people who currently use/want to use your product. You can then use this data to iterate on what seems to be working with your customers.
With B2B products, the key factor driving marketing strategies shifts from the customer’s emotions to the customer’s bottom line:
Whenever attempting enterprise level sales, you should ask yourself the following kinds of questions:
– Does this reduce the cost of production/operation for the potential customer?
– Does it in any way drive better sales for the customer’s business?
– Does your product improve the company’s brand?
– How juicy is the Return on Investment to the customer?
In addition, there are added factors of existing business relationships, office politics, your startup’s success rate or how precisely your product outperforms current alternatives.
These were our biggest lessons learned from the Fireside Chat. Find them useful? Which one would you implement immediately?
After the event, we had a chance to speak to the three speakers to hear their thoughts about MEST. Here’s what they said:
Dotun Olowoporoku, The Starta
Ferdy ‘Ladi Adimefe, Imaginarium
Bode Pedro, Casava Limited
Keep your eyes on this blog for more updates and see you at our next event to be announced soon!