Most Dangerous Brand Mistakes And How To Avoid Them
According to the United States Bureau of Labour Statistics, about 20% of new businesses fail very early within the period of establishment and close to 50% or more fail to make it beyond half a decade of its establishment.
As we advance in time and age, research has shown that what use to work then isn’t what is working now. The brand success playbook has totally changed and those unable to blend with this change are “falling into the river”.
There are brand mines that could destroy a new brand or long-standing brands with myriad of experiences.
Here are some of the most dangerous brand mistakes and how we can avoid them.
1. POOR BRAND STRATEGY
Every great battle in history was won on account of a working strategy. For you to thrive and be relevant in your industry, you need a great brand strategy because if you do not strategize, you will be taken out of the market by those who have a strong positioning in the market, especially when you are just starting out on “deep waters”.
Have you ever wondered why brands and businesses do not outlive their founder(s)?
The answer is quite simple. They didn’t strategize and plan well for the future.
Perhaps you are just getting into the system, ask yourself, how can my brand disrupt the market? What can separate my brand from other existing or future brands?
As an existing brand, what can your brand do to stay relevant and stand out in the industry?
If top brands are consistently strategizing and planning every day, you as a new brand need to do the same, probably even more.
You need help with strategy? REACH OUT!
2. LACK OF VISION
In other for you to thrive in your industry, a clearly defined vision is required. Brands that outlive their owner’s work is based on this principle.
“People work better when they know what the goal is and why. – Elon Musk”
If you lack vision for your brand, there’s no way you can effectively motivate the brand representatives to achieve goals.
Also, your brand would struggle fitting into the market because you end up doing what other brands are doing. Brand loyalty sets in which would short live the life span of your brand. Your brand won’t be innovative as you will depending on other brands for ideas.
Having a vision and mission statement is very key if you want to stand the test of time. It is not how well you look but rather how far you can see.
3. NOT UNDERSTANDING YOUR IDEAL/TARGET AUDIENCE
This can’t be over emphasized; you must understand that not everyone is your audience.
Just as Toyota’s are considered for the lower to middle class, while sophisticated brands like Mercedes Benz and Rolls Royce are considered for high class individuals. It will be daunting for Mercedes to target the lower or middle class individuals for product sales because it will result to poor or no sales at all. Targeting your audience and understanding their language is key.
Know your audience, brand your products and/or services appropriately to appeal to them and also leverage platforms where they are visible.
4. POOR BRAND IDENTITY
There is an African adage that says “people eat with their eyes first before they eat with their mouth”.
If your brand has a poor visual identity, you have indirectly limited your brand from reaching its full potential. People fall in love with the packaging first before the content.
Having a great product is not enough. Poor Branding and identity design can reduce the potentials of an amazing product to sell its worth. Having a good brand identity creates credibility, trust, improves sales and advocates for an improved brand perception.
In need of a brand identity crafted strategically to suit your brand? Contact us today.
5. FOCUSING ON SELLING, NOT BRANDING
A lot of businesses still deal on the old marketing strategy that ‘a good product sells itself’. Yes, this is true to a limited extent but definitely not effective for winning an audience in this current day and time.
There have been countless occasions where a new brand comes into the market and wins the heart of customers who has long been loyal to an older brand just because their positioning and strategy was carefully orchestrated.
These are few main things out of many others that can hinder your brand from reaching it full potentials.
Do you need help with your branding your business/business idea or you need help rebranding your existing brand? You could book a free discovery session with us to help you clarify your brand goals and let your company reach outstanding heights and do great exploits. Flying is good but soaring is better. Get Started!
Really insightful post. Y’all nailed this one🔥🔥
Amazing I learnt a lot, we need more of this.
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Beautiful and practical! Thank you for sharing
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