Despite the fact that startup mortality is increasing, large health and wellness brands like Lululemon Athletica, L’Oreal, Coty, and Fitbit continue to grow stronger and larger every year.
According to the US Bureau of Labor Statistics, 20% of startups fail during the first year of operation, 45% fail within five years, 65% fail within ten years, and 25% survive for up to fifteen years.
The pandemic didn’t make things any easier for young health and wellness businesses, being that 4.3 million startups were birthed in 2020, and over 2.81 million startups have already entered the market in Q1 and Q2 of 2021.
So, if you want your business to stand out from the crowd of generic companies and strong competition in the wellness industry, you’ll need to understand how to build a great brand.
1. Begin by Researching your Target Customers
Creating a strong brand identity for your young business is only possible if you have a solid customer base. Many entrepreneurs assume that branding their wellness business is only about marketing. However, no matter how hard you attempt to market your company, it’s only your consumers that’ll push it to success.
The best way to create a wellness brand that customers would gladly engage with is to involve them in the development of your health products as well as the formulation and implementation of your brand’s rules.
All of this, however, is only feasible if you have a deep grasp of your target audience, their health needs, how they react to your products and services, how they view the brand and products of your competitors, and what they actually desire from wellness brands in general.
2. Create a Powerful Brand Identity
Every company has an identity, and your brand’s identity includes what it says, your values, how you display your products, and how you want people to feel when they interact with it.
Your brand’s identity is essentially your company’s personality as well as a promise to your audience. And, for your wellness brand to stay competitive, its identity must be evaluated and modified regularly to ensure that it delivers the company’s basic promises to customers.
So, use Google Analytics, customer surveys, reviews, and social media discussions to track your company’s progress. This would show you how customers talk about and connect with your brand and help you identify and concentrate on specific areas that need improvement.
Brands like Fitbit, Peloton and Tonal continue to perform strongly in the market because they’ve all got powerful brand identities.
3. Get Your Company the Perfect Name
A strong brand name will set your startup apart by successfully communicating your brand’s identity, purpose, vision, and aspirations. Mirror, Zara, Beyond Meat, Lush, and Gucci are just a few examples of companies that continue to stand out with the perfect name.
So now that you’ve gathered essential information on your audience and developed a strong brand identity, it’s time to unleash your creative side and find unique words that satisfy the naming requirements of your wellness company.
With how fast businesses are pouring into the wellness industry, we know it can be difficult finding the right brand name. But it doesn’t have to be that way because getting a team to assist you in the naming process can make brainstorming easy.
So, gather your team, educate them on what makes your wellness brand unique and encourage them to explore their creativity while brainstorming. Allow your team to use dictionaries, thesauruses, and any other tool that’d help them come up with the most intriguing and engaging names.
Remember, the goal here is to create a list of names that are both relevant to your company’s goals and appealing to customers.
But if you don’t have a team and creating a list of names looks like a tough and time-consuming process, feel free to use a powerful business name generator to find the perfect name for your business.
4. Develop Your Brand’s Visual Identity
After establishing your brand’s tone, personality, and giving it the perfect name, it’s time to let your brand speak to its intended audience. The best way you can achieve this is by getting an exciting logo, attractive typography, brilliant colors, and an appealing website.
But don’t stop there; embrace social media and use sites like Facebook, Twitter, and Instagram to build your brand’s voice and establish good brand-customer communications.
Grow Your Business Wisely
Don’t make the same mistake most entrepreneurs make by trying to grow your business obsessively. By growing too soon, you risk losing sight of your finances, overvaluing sales, making fatal mistakes, not employing the right people, not expanding your customer service, and losing your brand’s core identity.
About The Author
Grant Polachek is the Head of Branding at Inc 500 company Squadhelp.com, the worlds #1 naming platform, with 30,000+ customers from early-stage startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation.