First of all, the obvious disclaimer: this statement is applicable to start-ups and companies which are less than 5 years old. Beyond 5 years, you need a healthy dose of both.
So now that we know which kind of enterprises we are talking about, let’s look into what is considered to be the biggest factor of a good brand: GOODWILL. GOODWILL is developed by a combination of lot of factors: your innovation, your customer support, your interactions with your clients, the quality of your product / service, and many more.
Thus, you will need a healthy stream of clients, to show your exceptional client management process. You will need a healthy stream of prospects to explain the superior quality of your product or the benefits of your services.
Once you deliver what you promise, your GOODWILL will be generated automatically. And so will be your brand.
And you will also keep the precious cash flow active, which is paramount for a young enterprise.
One of our favourite clients is less than 4 years old. Based out of San Francisco, they had an exceptional IT product which keeps tab on selected KPIs, both yours and your competitors. The best of the product is it is highly customisable according to the industry. The problem was, not many prospects or clients got a chance to experience it.
Why? They focused on the brand first. They spent a lot of time on advertising with a focus on brand awareness, and explaining their position. But there was not enough focus on creating a system to generate leads.
When they got in touch with us in December 2014, they had a 3 months deadline. Survival of the start-up beyond 3 months looked like an impossible task. We helped them with our lead generation and lead qualification services. The recovery is in progress and their sales numbers for this quarter are already looking good. Probably after a year, they can again start focusing on the brand building process to grow it.
So once again, if your enterprise is young: focus on Sales. Your Brand will follow.