Branding is one of the most important and misunderstood aspects of running a business. A strong brand can help to differentiate your company from others while attracting more customers. It can also make marketing much easier by providing your business with a coherent narrative and easily identifiable symbols to share on your website, business cards, or marketing materials.
The Truth About Branding
However, there are several myths about branding that often prevent businesses from making full use of it. Knowing and avoiding these is a key step to creating a powerful brand for your company.
A successful brand will transcend mere symbols and will take a holistic approach to communicating the identity of a business, its ethos, and the emotions it evokes among customers.
Branding Myths Debunked
Effective branding is sometimes hampered by misconceptions people have about the process or the strategy. The following myths have been debunked, so make sure they're not holding you back:
Myth #1: Marketing Isn't Important
Marketing is just as important to the success of a company as the quality of the goods or services it offers. Many otherwise talented businesses languish in obscurity simply because they don’t know how to market or advertise themselves. A brand can allow your business to take advantage of today’s complex media environment.
Myth #2: All I Need Is a Logo
A well-designed brand is much more than choosing a type of logo. It will include tangible characteristics of your company such as the colors and symbols on product packaging as well as intangible aspects, such as the emotions your company evokes among customers.
A successful brand has a single narrative that weaves all of these seemingly disparate components together into a coherent whole. It ultimately reflects the ideas, values, and vision of a company.
Myth #3: Branding Is Expensive
Thanks to the Internet, building a brand has never been easier or cheaper. Blogs and social media offer companies an easy and inexpensive way to directly interact with thousands of customers.
There’s a branding strategy for any budget, and a successful brand can greatly benefit a business’s bottom line. The small up-front costs can yield incredible returns for your business.
Myth #4: Instant Brand
Like anything worthwhile, brands take time to reach their full potential. It is important to have patience, but don’t be afraid to make changes if you aren’t seeing results after the first few months.
It takes research, tough decisions and careful refinement to create a brand that can speak to consumers. Give yours the time it needs to reach them before overhauling it unless you receive an overwhelming response telling you to do so.
Myth #5: I'm Too Small for Branding
Branding is an important step to take for any business that seeks long-term success. No matter how big or small your business is, it can greatly benefit from having a strong, unique brand.
Myth #6: My Brand Can Never Change Once I Decide on One
Your brand may change as your business grows and develops or as consumers change their tastes. Conduct periodic surveys to determine the effectiveness of your brand in reaching consumers and communicating the values of your business.
Two decades ago, the marketing firm Interbrand began studying brand equity. It found that a brand can be worth tens of billions of dollars and represent a sizable share of a company’s total value. Taking the time to build your brand could reap benefits for years to come.