In the past two years, we have seen a huge influx in people starting their own businesses, whether this is online, dominating new markets or even making new markets from a bad situation such as COVID. With this influx, many people have been running before they could learn to walk meaning that there have been a lot of mistakes made which has caused many of these businesses to fail. The power of branding is ridiculous, but if you don’t get it right, you can miss your market and cause a business to fail. In this article, we will go through some of the most common branding mistakes to avoid.
Not defining your brand strategy first
One thing that is essential is to delve deep into the industry you are in as you need to understand the whole landscape which includes competition, strategic positions, their faults and how you can improve the industry which will then be the way that you can define your brand from your competitors. This is much more important than developing a brand logo that won’t work as you have not done your research properly. This is all about the bigger picture, you will need to align your business vision to that of what your customers need. This is not easy and some opt for professional help, and if you are looking for help, opt for a branding agency Manchester-based or London for the best in the industry.
Failing to differentiate your brand
We see so many different forms of marketing messages and ads a day, whether this is on your mobile or on your computer, it is unavoidable. In order for your business message to break through the rubbish, it must not just be a colourful logo, but it must also be unique. A great design not only makes you stand out but also makes customers remember you. Look at it this way, if you imitate the competitors of your industry, your customers will look at all of these and then opt for the cheapest option. When you are setting up a brand, you need to show the value of your business to stand out.
Not connecting to the right audience
If you don’t connect with the right audience, how do you expect to make the most amount of sales? It isn’t just about the best design, or what you like or think your audience should be, but what your customers are wanting. If you are going to start the branding process, you need to define your audience including:
- Were they live
- What they do
- How old they are
- What is their income
- What are their needs
Many competitors are already achieving personal ways in which they can connect with their customers. If you fail to do this simple task, then you will be getting left in the dark and leaving your competitors to have a bigger share in the market. If you are failing to connect to your audience, start by asking your existing customers what they are after and their needs so that you can meet their needs which then brings more value to your brand.
Stretching your brand too far
In recent years brands have been aiming to dominate new markets and brand extension is a huge topic for discussion. This is not always the best way to reach the highest number of customers as this can go wrong, very wrong. Even some of the biggest companies have got this wrong in the past such as Virgin, it is everywhere, but also nowhere, this is due to them having their fingers in too many pies. Concentrate on making your brand amazing before reaching for other pies. Often brand extension is not to dominate the same field you are in, but often unknown territory meaning you will not be able to give the same experience as a competitor who solely deals within that industry due to their wealth of knowledge. Coke did this right with their diet coke and other flavours, but when McDonald’s tried to include pizza within their menu, they did not meet the needs of their customers which then turned into a flop as nobody wanted it.