Brand development is not easy, requiring stakeholders to look into various things before making the final launch. Those who work in haste or try to launch the brand without knowing the market insights always fail to put out quality stuff. Some people always remain confused about whether to launch the brand or not. They are not sure whether the services offered by the brand are competitive enough. This problem has often been seen among startups, who usually do not understand the market adequately.
Minimum Viable Brand (MVB) is the most proper solution to resolve this confusion. It is a term often used by entrepreneurs whenever they are looking to work on something new. It solves all the problems of startups getting confused about whether to launch a new brand. It lets them know if the brand is good enough to make a name in the market. Once it is understood completely, launching a brand becomes relatively easy for startups.
In this blog, we will discuss Minimum Viable Brand in detail so that every startup founder can understand how this method can be utilized as a stepping stone for brand development. It will let them know how to establish a new brand face to get the market’s attention quickly. Let us first look at the basic definition of Minimum Viable Brand below.
What is Minimum Viable Brand (MVB)?
Minimum Viable Brand refers to the most basic model of a brand. It is used by marketers when the brand is under development. The primary purpose of MVB is to build a brand face at the initial stages. It does not exhibit the complete services offered by the brand. Instead, it focuses only on describing the central theme of the brand.
The concept of MVB is considered extremely helpful for startups. It gives them leverage to put forward a preliminary face of the brand in the market before the actual launch. This helps them know what people think about the brand. This knowledge is essential and is usually taken as live feedback from the market. It helps to correct existing problems of the brand present in every department.
For instance, if an automobile company plans to launch new car models in the market, it should first build a stable marketing base by showcasing teasers of car logos. This will help propagate an industry idea that can be ideally used to create a solid branding base for those models.
With the help of Minimum Viable Brand, startups can see which things are working and which are not. It is a brand concept displayed to a limited set of people so that timely feedback can be gathered about the performance and quality of the brand.
How Can Startups Develop a Minimum Viable Brand?
Being a startup founder, some of you always stay confused about what type of brand face should be presented initially in the market. This confusion can be sorted out using the Minimum Viable Brand concept. If you do not know how to develop it, look at the critical points below.
Define Your Mission
First, you need to define the brand’s core vision. This illustration is important because it gives people a quick view of the brand’s central idea. This idea will work as a core point to attract customers. It will define further things related to the brand that will help to grab people’s attention. So, defining this mission in an impactful manner is quite important.
The mission statement will work as a stepping stone to introduce your brand name and quickly get the attention of targeted customers. It will also define the core values that make your business different.
Define Brand Theme
Next up, we have got the critical illustration of the brand theme. Many people always remain confused with the question of showcasing brand themes. Some do not even understand this theme and why it matters for an impactful brand presentation. The brand theme is a general illustration of the look and feel of the brand. It helps to set up a visual narrative about the brand, such as how it looks or what type of visuals it represents.
It is best advised always to create the brand theme uniquely. Your company’s visual asset illustration should not be like other brands. It should have a creative theme, which helps attract customers’ attention quickly.
Define Value Proposition
If you want to grab the buying intention of your customers, you need to first showcase to them the value proposition of your products/services. It is a statement that lets them know how beneficial your product is and why it should be considered over others in the market. This point should be defined very strongly in your Minimum Viable Brand. It holds the key to making your brand successful, especially if it is new in the industry.
The value proposition statement should be clear and concise per best market standards. It should be defined in a manner that allows everyone to understand the quickly brand’s core values. It offers excellent leverage in setting a solid footprint as a new startup in the market.
That brings us to the end of this article, in which we have discussed Minimum Viable Brands in detail. It is undoubtedly essential for startups to understand this concept. It helps them put forward an initial brand model in the development stage. It allows them to get critical market feedback that precisely helps to improve the brand as suggested by the people. That is how proactive brand development strategies work, and Minimum Viable Brand is undoubtedly one of them.