So many start-up businesses fail because they keep on repeating branding myths which most people seem to believe are “best practices” in the field. Below are 5 branding myths which you must stop believing and repeating if you want your business to succeed.
#1. “Your logo is your brand.”
While your logo does need to embody all that your brand stands for, your logo is only part of your branding efforts. Your brand encompasses every slogan, every ad and every move you make in your business. Your brand embodies not just your company colors but your mission, vision, your history, and the sphere of clients you would wish to attract in the next five years or so. Don’t get so hung up on that logo because that logo can change. That doesn’t mean that your brand needs an overhaul too.
#2. “You can rely on word-of-mouth.”
Unless you are in a highly-specialized niche with only two other companies as competition, you cannot rely solely on word-of-mouth. In most cases, you cannot DIY your way to a great product in terms of advertisements. Even the biggest corporations spend a fortune advertising and marketing their products. So should you, even if only on a smaller scale. You need to invest in professional work and crucial marketing components like content marketing services if you want your business to grow.
#3. “Your brand is all about you.”
One of the biggest branding myths is that you can dress your brand up according to a single imagined persona. You have to remember that your brand is more than just an idea and definitely more than just a trend.Your brand is your relationship with your clients, and more so an image of the ideal client you would like to serve. A powerful brand answers the question: “How valuable am I (product) to you (client)?” When you fashion your brand to be only about yourself, you disconnect from your intended market. You do not pave ways to communicate, and this can eventually dig your hole into non-existence/non-relevance. If you want to be valuable to the market, you need to prove your worth.
When you fashion your brand to be only about yourself, you disconnect from your intended market. You do not pave ways to communicate, and this can eventually dig your hole into non-existence/non-relevance. If you want to be valuable to the market, you need to prove your worth.
#4. “You can rest easy once you’ve established your name.”
Alas, the market is highly competitive. The competition can always sneak up on you so even if you’ve won multiple awards or have name recognition– these accolades do not mean you can be complacent. One way for your business to die is to be overly confident about your work. You need to constantly study your clientele and your competition, and you need to do it daily.
#5. “You should invest mostly in brand building.”
While building your brand is important, don’t spend too much money on the initial stuff. Small businesses, or at least the ones that succeed and grow well, have moved away from branding myths like this one. If you want to last in the business, leave enough steam for brand maintenance. It’s even advisable to have only a general idea of what your brand is at the beginning. Just refine the image later on. After all, your intended market will also change, and change constantly.
What other branding myths can you add to this list? We’d love to know them. Feel free to tweet us!
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