Build Your Brand The Right Way
As you begin to to journey into the world of business, you will realize that a name and reputation play a major role in determining the success of the business. You will have to make a brand, a reputable one, out of your business. In your attempt to establish yourself as a major player in whatever field you choose to go into, there are rules you should play by and mistakes avoid. Here are some common mistakes to avoid when trying to establish a brand.
I will let you take a second to think about how focusing on customers could possibly be a mistake in establishing a brand. Sounds unreal right? Right. However, it is a classic rookie mistake for any start up that aims to establish itself as a major brand to think more of the customer need than the competition. It creates a situation where you as well as the competition consider the need of the customer and end up churning out painfully similar goods with nothing to set any apart.
Begin by evaluating and analyzing the competition then find a way to be different. Positively different.
Assuming Rapid Growth Is A Birthright
There is no such thing as rapid growth. If anything, it is slow and tasking. However, rookie entrepreneurs have failed to understand this fact and spend heavy on advertising to launch a brand. Advertising should only be used after the brand has been established.
As a startup, you should engage the services of a PR firm and let advertising come much later. PR services don't come cheap but cost considerably less than advertising and should be used by companies that have already acquired a bit of reputation and built a substantial business, if not, it's a waste of effort and finance.
Telling Yourself That Names Don't Matter
Imagine walking into a phone store and telling them you want to purchase a Research In Motion Phone. That name is an awful lot to give a phone and is one heck of a mouthful. Research In Motion realized this and in a bid to save their failing brand, they renamed it to Blackberry and the rest is history.
The point is names do matter and entrepreneurs should develop a marketing strategy and tailor their naming to mirror that strategy.
Spreading Too Thin And Losing Focus
The problem with some entrepreneurs is that they want to solve everybody's problem and hope it solves the problem in their pocket. The moment they establish a bit of a foothold, they start thinking of branching out immediately.
Let's take Yahoo for instance. Yahoo started out as just a search engine and was worth $140 billion in the stock market. Today, Yahoo has diversified ( yahoo mail, yahoo groups, yahoo pager etc) and is worth just above $30 billion. Google on the other hand stayed a search engine for the longest time ( they have succumbed to the temptation now) and is worth $498 in the stock market.
Moral of the story? Know the right time to expand and do it methodically.
Furthermore, if you have gotten your unique selling point, stay true to it. Never lose focus and attempt to do extra at the expense of the original idea. Be flexible, but tailor you flexibility to suit the original idea. Know what stands you out and verbalize it as often as possible.
The Visuals Count
Take a moment to imagine Coca Cola. What comes to your mind first? The bottle, yes? Great brands have been established on foundations made by their visuals.
Before launching a brand, look for a visual that fits it perfectly. This may involve changing the brand name or logo or both. VISUALIZE!! People remember what they see.
Begin by evaluating and analyzing the competition then find a way to be different. Positively different.
Assuming Rapid Growth Is A Birthright
There is no such thing as rapid growth. If anything, it is slow and tasking. However, rookie entrepreneurs have failed to understand this fact and spend heavy on advertising to launch a brand. Advertising should only be used after the brand has been established.
As a startup, you should engage the services of a PR firm and let advertising come much later. PR services don't come cheap but cost considerably less than advertising and should be used by companies that have already acquired a bit of reputation and built a substantial business, if not, it's a waste of effort and finance.
Telling Yourself That Names Don't Matter
Imagine walking into a phone store and telling them you want to purchase a Research In Motion Phone. That name is an awful lot to give a phone and is one heck of a mouthful. Research In Motion realized this and in a bid to save their failing brand, they renamed it to Blackberry and the rest is history.
The point is names do matter and entrepreneurs should develop a marketing strategy and tailor their naming to mirror that strategy.
Spreading Too Thin And Losing Focus
The problem with some entrepreneurs is that they want to solve everybody's problem and hope it solves the problem in their pocket. The moment they establish a bit of a foothold, they start thinking of branching out immediately.
Let's take Yahoo for instance. Yahoo started out as just a search engine and was worth $140 billion in the stock market. Today, Yahoo has diversified ( yahoo mail, yahoo groups, yahoo pager etc) and is worth just above $30 billion. Google on the other hand stayed a search engine for the longest time ( they have succumbed to the temptation now) and is worth $498 in the stock market.
Moral of the story? Know the right time to expand and do it methodically.
Furthermore, if you have gotten your unique selling point, stay true to it. Never lose focus and attempt to do extra at the expense of the original idea. Be flexible, but tailor you flexibility to suit the original idea. Know what stands you out and verbalize it as often as possible.
The Visuals Count
Take a moment to imagine Coca Cola. What comes to your mind first? The bottle, yes? Great brands have been established on foundations made by their visuals.
Before launching a brand, look for a visual that fits it perfectly. This may involve changing the brand name or logo or both. VISUALIZE!! People remember what they see.
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