Building a brand can be tough. As many budding entrepreneurs will tell you, you’ll often find yourself running the show on your own, taking care of everything from marketing to customer service to social media management. Having to keep so many balls in the air can feel overwhelming!
This is why it’s so important for every brand and business to have a clear set of goals to guide them. Having goals will help keep you focused, and motivated, and will even help you to measure your success along the way.
If setting goals for your brand has you feeling clueless, read on for some important tips to help you define what those goals should be:
Do a SWOT Analysis: SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis allows business owners to evaluate their position in the marketplace. Before you begin drafting your other goals, you must evaluate these four components. Taking the time to do so will help you to build on what you do well, address what you may be lacking, minimize risks, and take the greatest possible advantage of your chances for success.
You can conduct your own SWOT analysis of your brand by downloading this worksheet here.
Consider Your Why: It may sound simple, but ask yourself why you started your business in the first place. Is it to make money and be more financially independent? Is it to keep you occupied? Does your business help fulfill a passion you want to share with the world? Take the time to dig deep into your reasons for starting a business. And don’t be shy! There are no wrong answers here.
Image and Perception: How do you want your brand to be perceived? To answer this question, consider your target audience. Is your product or service budget-friendly, or do you aim to serve a more privileged clientele? What about their lifestyles, interests, and behaviors would drive them to purchase your products or service?
Consider Your Brand’s Purpose: Ask yourself, what particular problem does my business help to solve? What change do you want to bring about? How do you want your clients to feel, both while working with you and after?
Consider the Future of Your Brand: Where do you want your brand to be in one year? How about three years? Five? Consider how your brand and business might change over the years and make note of any ideas or plans you may want to implement in the future.
Knowing what your goals should be when starting a new brand and business can be confusing. Asking yourself the questions presented here will get you thinking so you can articulate and pursue your brand goals more effectively. After all, getting a firm grip on your brand goals is essential to creating the strategies that build long-term success.