Everybody, both within and outside the entrepreneurial sphere, has personal experiences shaping their life approach. But the truth is, while some life events may feel deeply specific and individualized, many will experience similar disadvantages and complications to others across the globe. While most accept such changes as part of life, you can take advantage of the lack of awareness, understanding, and advocacy around an issue and build a unique brand.
In a world where an increasing number of businesses are built online, the most successful ventures remain inspired by real life. Turning a physical solution into a recognized brand is another challenge and marks the place where personal and entrepreneurial expertise must harmonize. Some, such as Hudson Shapiro, the founder of Tumlove, believe finding that sweet spot can allow entrepreneurs to watch their brands grow organically through common appreciation. Here’s how you can achieve the same using your life experiences:
Find a gap in the market
Life experience-based brands can have an inherent advantage over others, but it’s essential to ensure a solution doesn’t already exist. For example, if you struggle for time in the day to cook, the likes of meal replacement formulas already exist, so attempting to build a brand in that space may not be the best idea.
“You need to create a brand that consumers can associate with the issue,” Shapiro said. “Use your personal experience as a motivator to help others, and you are more likely to develop a product that solves the problem. If you don’t have a sincere passion for filling a gap in the market, you shouldn’t waste your time and energy because the brand won’t be scalable.”
Entrepreneurs with personal inspiration in their field of operation should find this first step simpler than others. Filling a space in the marketplace works best when motivated by a desire for change and improvement.
Be patient with product development
If the issue is as significant as your personal life suggests, then the chances are creating a foolproof, sustainable solution that will stick in your consumers’ minds could take time. The most significant upside is available when the problem is complex and no other entrepreneur is prepared to expend the time and energy necessary to address it.
“It takes time to create a product and packaging and achieve the certifications necessary to launch a successful brand,” Shapiro explained. “You need to persevere and be patient while maintaining the ambition for a high-quality, certified product. Only when you have achieved that can you look to grow your product line.”
Becoming a household name necessitates a product that has been comprehensively tested. While shared issues can be influential in a brand’s development, all consumers have individual nuances in their experience that can shape the perception of your product.
Understand and utilize eCommerce
The vast majority of start-up brands will be unlikely to achieve placement in key supermarkets within their first year of business. However, it is possible to achieve the growth of a brand in the online direct-to-consumer model. Yet, in the eyes of many, eCommerce is becoming increasingly favorable to established companies over new entrants into the market.
“eCommerce faces rising advertisement costs on social media platforms,” Shapiro said. “Increasingly, it is becoming more difficult to build a brand purely on marketing because many platforms are transitioning into artificial intelligence. This obstacle could widen the gap between legacy brands and start-up companies.”
Early experience with eCommerce companies can circumvent the entry barrier for those unfamiliar with the space. By engaging with an online shopping environment, you can understand how to build a trustworthy brand and develop a unique sales proposition. You can thus become less reliant on dedicated marketing efforts and more focused on organic growth.
An effective product that fills a void for like-minded people is therefore argued to be the key to building a household name. If you keep your personal experience as the primary inspiration for a business venture, your brand should grow.
