5 Branding Myths
Branding is the one concept most small businesses just getting started struggle to understand the value of. As a small business owner, more that likely, your first concern is getting business cause after all that is why you wanted your own business right? To make money, right? Well, to be effective at attracting business you need to create a brand. This is true even if you are the brand. So why aren’t you trying to brand yourself or your business? Perhaps it is because you believe one of these 5 branding myths.
- There is no ROI resulting from branding – not everything you do as a business owner is going to yield direct and tangible ROI in sales. If all you are focusing on is sales, they you will be chasing the sale all day long. Branding paves the way for future sales. When you are known and known for whatever it is you want to be known for, the sales will come. Branding shapes what you are known for and that allows you to stand out among all the others.
- I have a logo and that is all that I need – Granted your logo is how people recognize your business but that is about it. Having a brand entails how your business interacts with its customers, your values, culture, everything you do, say, make. All of this leads to your customers have a perception of what your business is all about.
- I can’t afford to brand my business – actually you can’t afford not to. While you will have costs associated with this, this is your businesses greatest asset. Being it is the totality of your business including customer awareness, don’t you want potential customers choosing you over your competition? This is what sets your business apart from just creating a job for yourself.
- Word of mouth is all I need to get new business – in this day and age, if it was that easy, we all would be doing it. Word of mouth alone will not build a brand or a business. In fact it may lead to you having to close your business. The build it and they will come no long applies these days. You have to have your business stand out from all the others. I have seen many give up because word of mouth got them started but it did not lead to growth.
- My product or service will sell itself – this is perhaps my favorite because if nobody knows about your product or service then how is it going to sell itself? The second part of this myth is that there is a difference between your product and your brand. As an example: Starbucks sells coffee (product) but is that their brand? Why do you choose them? Why do you love Starbucks or not love Starbucks? You see the brand is about how you perceive Starbucks as a whole. I know people who do not care for their coffee but love to go there so they drink something else.
So, now do you understand why you need to invest in branding your business and why these branding myths are stopping you from being the successful business owner you want to be? If you need help in this area, we would be glad to answer any of your questions.