Why do many Startups choose to Fail?

There is a misconception in understanding the fundamental difference between marketing and branding. In fact, a number of consultants would take a step back and think of the difference between both. To briefly explain the difference, Branding is building a nurturing, sustainable and trustworthy relationship between you and the target audience, in which the target audience chooses your brand for satisfying a certain feeling. For Example, comfort, confidence or maybe a sense of fulfilment. On the other hand , Marketing is in simple words delivering the right message at the right time.

Now the understanding has been established, let’s dig deeper to why startups choose to fail?

First thing that comes across 90% of entrepreneurs minds is to choose a name for the startup, design a logo, social media pages, digital marketing channels and a healthy bank account. However, with time the healthy bank account will not remain healthy, the target has not been met, financial statements do not look good. As a result, the business is dry. The reason why; there wasn’t a fundamental strategy on Brand. Why are we in this business, what sort of values are we applying, what is it about us that would make customers trust us. How can we build and sustain the relationship between us and the target audience?

Brands aim should be in having a target audience that believes in them one way or another. One of the most common examples of a sustainable brand is TOMS shoes, it gives customers the sense of being a good person by giving back while buying one pair of shoes and giving to a poor kid another under the “one for one” statement. It’s about how you make your target audience feel about your brand, products, services or space regardless of industry.

Build the strategy , build the trust to avoid any route to failure.