It is all about branding and creating an identity in the big, bad world of brands. As a rookie entrepreneur, you would know that designing a brand is easier said than done. It is all about sweating it out and coming up with a unique appealing idea. It involves a lot of research, hours of brainstorming and, let’s face it, a dash of luck as well.
Why do some brands FAIL?
Sometimes it’s the inability to tap the right DNA, and other times, sheer bad luck.
Often, it has been cited that the failure of certain brands can be contributed to few common mistakes that business owners ignore completely. So, if you are at the branding stage of your venture, make sure you don’t commit the same mistakes.
Goof Up #1 – Keeping only Customers in View
There is no doubt that customer is the king. You have to work to satisfy your customers. However, when designing a brand, thinking only from the point of view of the customers might just not help. You also need to look analyze your competition and find out what they are up to. Keeping in mind the market analysis as well as the competitors’ view point, you need to come up with a brand that would be appealing to the customers and at the same time, different from your competitors. This is what will make your brand unique and give you a strong hold in the market.
Goof Up #2 – Lack of Right Focus
While coming up with the brand, you need to decide what you intend to focus on with it. The market place is strewn with competition and to make a mark, you need to think about something different to prove your mettle. For this, you need to establish your goals and then work out some strategies to achieve these. A lack of focus is what proves to be destructive for most brands.
Goof Up #3 – ZERO Importance to Names
If you thought that you can name your brand anything and it would work, think again. Brand names really matter, which is why it is very important to come up with a good enough name. However, don’t rush into deciding on a name. For this, what you need is a well thought out strategy. Go ahead and first decide on the kind of strategy you intend to follow to market your goods or services. Based on this, you can come up with a name. Make sure that it defines your product and at the same time is in tandem with your plans.
Goof Up #4 – Lack of Visual Appeal
If you look at some of the popular brands in the market, you would find that just by looking at their logo or reading their tagline or even the color of the packet is all that you need to identify the product. This is what is known as visual appeal. You need to come up with an idea that would be appealing to the customers and also easily identifiable. Of course, your visual designs and logo need to be in line with the marketing strategies that you have in mind.
Goof Up # 5 – Looking for Instant Success
Advertising in print and electronic media does not guarantee instant success. With cut throat competition in the market, what you need is an awesome PR backup. In fact, in the modern times, it is actually considered to start off with PR and then go ahead with advertising. The PR will work towards creating brand awareness interspersed with a dash of secrecy. This will pique the curiosity of the customers and would work well when you launch the advertising campaign. Remember, go for PR and then let the advertising follow.
If you want your brand to be a success, make sure that you don’t make the above mistakes. Also, don’t get tempted to expand the brand as soon as you see a bit of success. This can actually have an adverse effect on your long run branding strategies.
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