Time and again we see entrepreneurs throw away precious finances trying to grow their business with traditional branding techniques, just because everyone else is doing it. These branding myths can break a company before it even gets off the ground. Times have changed, technology has created new ways to build and brand your company; traditional techniques don’t necessarily work anymore. Being aware of the following five myths will help you avoid these mistakes and save countless hours of frustration and confusion.
Myth #01: Offering a consistent and great product will produce a flourishing business.
Is the quality of your product or service important? Of course it is, but it has very little to do with how successful your new or established business will become. Some very profitable, successful brands offer a marginal product while some failing businesses offer some amazing products. The success of your brand venture is dependent on much more than just the quality of your product.
Solution: You can always launch a beta test for your product or service to start getting that key bit of initial exposure. Post it on social networking sites and ask readers for their opinions and feedback.
Myth #02: The more you spend on advertising the more you sell.
Many brands spend huge amounts of finance on their monthly advertising budget; most of this money is wasted on ineffective and many times illogical advertisements. There are much smarter ways to build a brand. There is a place for advertising in branding, but it’s brand maintenance, and not brand building. Advertising lacks the credibility that building a brand requires.
Solution: The best way to build credibility is to utilise the media. Online, print and broadcast media outlets are looking for quality content and contributors daily. You’ll gain solid exposure and credibility if your campaign is planned and executed correctly.
Myth #03: Word-of-mouth and referrals will make you a successful, profitable business.
We have heard many new business owners say that they don’t spend a penny on advertising or any other branding method because they’re waiting for the “word-of-mouth” to kick in and build their brand. With a different customer attitude and the many options available to the consumer, waiting for word-of-mouth to build their brands leads many businesses to grand ‘dead ends’.
Solution: A great way to build a list and incorporate word-of-mouth into your marketing is to launch a blog. They’re free to set up and, if used the right way, you’ll not only engage your possible customer, but you’ll also build loyalty and word-of-mouth.
Myth #04: You need to possess a wide range of skills to become a prosperous entrepreneur and a brand.
We have seen many attractive, skilled, well-organised, astute, business-minded individuals who failed to create even a single profitable brand. If you’re great with people, a real motivator, good at accounting and a hard worker, you’ll have an advantage for sure. But the truth is that even if you have none of those above mentioned attributes, you can still be an extremely successful entrepreneur. Master the skill of ‘Daily Marketing’ and make it your no. 1 priority.
Solution: Dedicate yourself to doing five new things each day to grow your business– make that call, post on a new site, launch a blog, release a promotional advertisement. Your business is likely to grow by leaps and bounds almost overnight.
Myth #05: The costs to brand your enterprise (including advertising, PR, marketing and social media), are large.
So many people accept this myth that it’s practically written in stone. Yes, many new brands fail because they lack funding. But you don’t need to spend a fortune to launch or grow a prospering brand. You should focus on marketing to larger markets online and build your credibility and trust through media features and placements.
Solution: You can reach hundreds, even thousands, of new contacts and potential clients using the online tools such as Twitter or LinkedIn. Another great way to get robust exposure for your concern is to contact local media outlets and influence them to run a feature on your present business. This type of coverage shows larger-scale media outlets that you’re unquestionably newsworthy.