5 Common Misconceptions About Branding
What makes a successful business? The fastest answer would be – the product or service you offer! Well, not quite right… While the product or service surely is a crucial key for a business to run, but there is something more to it. You can be the best consultant the world ever saw or the most skilled jewelry designer ever and no one would come knocking at your door. The answer to that problem is branding! The way the people perceive your business can often be more important than the things you offer! Despite that, not a lot of people see that. In this article, I will tell you the most common misconceptions about branding you need to know.
#1 We don’t need to have a USP
Every business needs a USP to stand out. If your business doesn’t have any USP, how you going to decide the tone and things while marketing your business. Let me make it more simple for you, When we see a logo of Mcdonald’s the very first thing comes in our mind is “Burgers”. You know why? Because that’s their USP, that makes them stand out from other fast-food chains. So, before marketing your business, you need to figure out what’s your or your business’s USP.
#2 Branding is expensive
Well, it’s true that like big brands like Amazon or Pepsi spend hell lot of money in their marketing. But branding your business is entirely depends on what’s the market size of your business. You don’t need to spend millions like Amazon or eBay. You can promote your brand with a small budget. The only thing you need to take care of that you deliver the exact thing to your customers what your brand claims. Marketing of your brand absolutely runs on emotions. So, keep your brand tone even and interactive while marketing your brand. For example Starbucks, the built their brand with one single mission “Our mission: to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.” Unlike other brands, Starbucks focuses on the importance of building a community of happy and satisfied customers one step at a time. That’s made the Starbucks one of the popular brand in the world.
If you are low on budget then read how to promote your business when you’re low on your budget.
#3 Branding is a one-time thing
This is one of the biggest misconceptions most people have. No matter how big is your brand and how much effort you made in your branding, every business needs to review and revise their branding strategy regularly or the result will be devastating. The big example of this is “Nestle”. A few years back “Nestle” wasn’t focusing on managing their online brand management and that cost them a loss of millions. Brands like Coca-cola, Starbucks and other popular brands take care of this thing and always revise their strategy of branding.
#4 Branding is just a logo or name of a business
Logo, the name of your business is a part of your branding, but branding is much more than a name or a logo. Branding is all about the feelings, features, and emotions associated with your company. Let’s take the example of “Liverpool Football Club”. We all are very well aware of LFC, the fans of LFC have an emotional attachment with it, that’s made the Liverpool Football club so popular among all the football fan across the world.
#5 Branding is only for business with products
You have heard this many times from other peoples, that branding is only required for those who have physical products. But, the fact is entirely the opposite. Companies with no physical product required branding more than those who have a physical product. So, they can be recognized by their customers.
There you have it! Hopefully, you have enough real information on branding to start mastering your own strategy and avoid these misconceptions about branding.
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