The Three Big Branding
Myths
Avoid these three
branding myths at all costs
Hows many of these have you seen or used
in the past?
For
most small businesses, branding is as mysterious as the meaning of
life or the income tax code. There are many misconceptions that small
businesses don’t possess the need, resources, or ability to brand
themselves. Let’s explore three of the most common branding myths and
clear a path for a better understanding of how you can effectively
brand your company.
The
First Big Myth:
“Branding is something only big companies do.”
As a
small business owner you probably mistakenly believe that branding is
something only large corporations with big name products and huge
budgets can do. The truth is that all companies, no matter what their
size, product offering, or market position need to create and nurture
a brand identity.
Practically, every large corporation was a small business at one time
or another. Nike, Ebay, Starbucks, Kinkos and FedEx all started as a
humble, small business with a better idea. Hewlett Packard started out
in a garage. McDonald’s began from a single hamburger stand. Like you,
when they opened their doors nobody had ever heard of them. They were
just another unknown start-up looking to make a sale and survive until
the next month. Sound familiar?
Each
of these companies created a brand that steadily evolved as they grew.
The common thread they shared is they all found the “one thing” that
made them stand out from everyone else in the marketplace. This “one
thing” was the unique value they offered the market that their
competitors did not posses. McDonald’s “one thing” was dependable fast
food, FedEx embodies reliable overnight delivery, and while Ebay has
established a way to sell your stuff to a community of buyers and
sellers.
Creating and communicating the unique value your company offers,
regardless of your size, is the foundation of a successful brand. As a
small business, you need to discover the “one thing” in your business
and build your efforts around it.
The
Second Big Myth:
“All I need to do is get me name out there.”
One
of the most common mistakes small businesses make is the belief that
prospective clients are sitting around just waiting to purchase their
product. They are certain that what they have to offer is the best
product and everyone in the market will be running to them with money
in hand, beating down their doors to make a purchase. If they can
“just get their name out there” the sales will pile up.
Unfortunately, this overconfidence is the downfall of many honest,
well intentioned entrepreneurs. They forget one of marketing’s
fundamental principles: people only buy from you when they know and
trust you. Hearing about you and recognizing your name is not enough.
Printing business cards, hanging a sign in the window, and placing
yellow pages ads are acceptable methods of announcing your open for
business and gaining basic exposure. But positioning your company they
can trust requires you to do much more. Today’s consumers are well
educated, busy, and possess many alternatives for your product in the
marketplace. Getting them to recognize your name is only the first
step in a journey that requires numerous branding encounters. You must
work to initiate a conversation with them so they understand the value
you bring to their lives.
Far
too many small businesses fail at marketing because they don’t
understanding the importance of branding within their marketing
program. Branding creates awareness, allows you to educate your
prospects of your benefits, and lays the groundwork for a trusting
relationship. When you make a decision to do more than “get your name
out there” you will attain more success than a vast majority of small
businesses in your market.
The Third Big Myth:
“My product sells itself.”
If
you find yourself basing the success of your business on this
statement you are in deep, deep trouble. No product or service is good
enough to sustain growth in a dynamic and competitive marketplace
without any branding. Your product may be the greatest thing since
sliced bread and currently flying off the shelf but that will
inevitably change.
The
only constant in the business is change. No matter what your product
or service and regardless of how well it is selling now, it will face
forces that are aspiring to overtake it. Your target market is always
looking for a better, cheaper way to solve their problem and your
competitors are busy scheming to provide it to them. This is a serious
threat to your business when you choose not to have a branding
strategy.
When
you operate on the notion that your product sells itself, you are
playing right into your competitors’ hands. Without a branding
strategy, you allow them to define your brand and dictate what your
market perceives. You are at high risk of becoming a victim of “FUD”;
a terrible ailment which results in lost sales, low credibility, and
eventually failure.
“FUD”
stands for the three negative emotions of fear, uncertainty, and
doubt. Your competitors will do their best to try to instill these
three blights into your prospects perception of you. They attempt to
paint an unflattering picture of your product so it is perceived to be
a less desirable, high-risk option during the purchasing process.
Although this may seem unfair, even unethical, it happens all the time
in a competitive marketplace. By your inaction, you’ve handed them the
perfect opportunity to dictate the conversation with the prospect. The
troubling thing is, you have very little defense against their attacks
because you have no branding strategy.
You
have given up control of your brand and it’s entirely your fault!
Even
though you may currently enjoy a competitive advantage, your product’s
benefits seldom have enough strength to endure a direct attack.
Ultimately, you target market is the master and determines your fate.
They are greatly influence by what they see and hear, whether it is
accurate or not. They form opinions and make decisions from the most
frequent and convincing marketing messages that they receives. And,
when they hear only the message of your competitors you will lose the
battle with a resounding “FUD.”
The
bottom line is: you must have a branding strategy if you are going to
thrive.
|
Creating Your Branding
Strategy |
|
1.
What's your Branding Strategy
A branding strategy is the most overlooked part
of a small business. Without a strategy, you allow your
competitors to dictate the character of your brand in the
market!
(more)
2.
Branding Strategy: Perception is Reality
You
cannot control your brand you can only influence it.
Ultimately, your prospects, clients, and customers control
the
success of your branding.
(more)
3.
The Branding Process
Successful small businesses approach their brand marketing as a
critical
process. What have you done to brand your business today?
(more)
4.
Elements of Your Brand
Your brand
identity consists of several key elements that define your
offering. It’s important to use these elements in combination to
appeal to your target market.
(more)
5.
Critical Branding Questions
Not
sure where to start when creating your brand? Answer these
important questions to help with your brand strategy.
(more)
6.
Brand Marketing Resources
Find
brand marketing resources that will help you create you create
brand strategies to help your small business marketing succeed.
(more)
|
Coach Ron's Recommended
Resources:
|
