Fortification of New Venture Branding through Brand Image and Brand Identity : An exploratory study to shed new light on branding for new venture entrepreneurs

Sammanfattning: Introduction Entrepreneurs embarking upon a new business venture have a vast amount of responsibilities to consider during the new venture phase, therefore strategically taking action to gain a competitive advantage in the marketplace is a necessity. While there exist many routes towards acquiring an edge over the competition, branding proves to be a highly effective and influential strategy. As entrepreneurs are left to their own business development devise, there is no one approach towards creating a brand. Brand image and brand identity are two components of the brand strategy that impact and leverage the success of the branding design. Nonetheless, it is up to the entrepreneur’s own accord to implement these components, thus the general consensus is unknown as to whether they take into consideration aspects of branding, specifically those of brand image and brand identity during their new venture development. Purpose The purpose of this study is to shed new light on branding for new venture companies, specifically investigating the brand image and brand identity perspectives. Method The primary data for the research was gathered through a series of semi-structured open ended interviews among five entrepreneurs who all cultivated a new venture for no longer than two years of age. Furthermore, secondary data was compiled from suitable peer-reviewed articles and published books sustaining appropriate theories and models. Conclusion The discovered research indicates that branding in general is a known valued strategy among new ventures but not necessarily a highly ‘worked with’ concept. As a whole, the new ventures work with branding activities to a various extent but for the most part did not show a comprehension of what entails brand image and brand identity. However, the findings show that new venture entrepreneurs withhold their own interpretations of the terms, but those meanings did not translate into the actual essence of what brand image and brand identity signify. Furthermore the research suggests that new ventures unknowingly consider some aspects of brand identity and brand image in their development phase. They were found to deliberatively acknowledge some facets of brand identity and brand image but also were recognized as disregarding others. Even though there existed some unknowingness, inconsistencies, and lack of comprehension among the ventures in regards to brand image and brand identity, it is important to note that the entrepreneurs upheld an eagerness to learn, thus suggesting that their future branding strategies may become successful.