Branding is full of myths and misconceptions, and unfortunately, many of these myths can stop you and other business owners from investing in your brand. We’re going to look at 5 common misconceptions, explore what makes these ideas false and explain how believing each of the 5 myths hurts your business. Of course we’ll also see what can be done to bring your business to the next level.
Which of the following branding myths do you believe?
1. “We already have a brand.”
Of course you do. Your business has a brand, whether it be intentional or unintentional. Developing an effective brand will bring clients and customers to you. It’s good to invest in your brand when you’re ready to make the marketing work for you. Do you have a brand that you like and you know how it helps you bring in customers? Then you may not need to invest in branding. However, if you don’t understand your brand or know how it affects your business; perhaps we can help.
2. “I might offend someone.”
PROTIP: You’re not going to make everyone happy, so don’t bother trying. Branding is supposed to make you stand out from the crowd. State your real opinions about your industry, your competitors, and your peers. Admittedly, it’s not an easy thing for people to do, because of our nature, people want to be accepted. Exposing yourself through sharing ideas and opinions will get you noticed; you’ll also get praise and criticism.
If you’re ready to share your thoughts and opinions with the world, then invest in your brand. No matter how good you do there will. be haters. Actually, the better you do, the more haters you’ll have. But with those haters comes a lot of love.
3. “The lowest price will win.”
This is a pervasive myth that so many people fall into, and it holds businesses back. Please don’t fall into this trap. If you think this applies to your industry, please read carefully. You might think nothing can be done about it; and that’s just not true.
Firstly, if you’re price-cutting, then you’ll never invest in branding. If you’re under the belief no one will ever pay anything other than the lowest price. How can you fully believe that yourself? No sane person would ever pay more than the lowest available price, right?
There is so much evidence to contradict that line of thinking. Why would someone buy a Ferrari when they can buy a Honda or a Toyota? Yes, it’s true that it can feel like lowest price always wins in your industry. Make a strong case with your brand and you will find less people asking for lower prices. An effective brand will draw customers in and they will want your service. Ultimately, they won’t question your price and ask for something lower.
The goal for your brand is to be able to charge premium pricing. You can charge premium pricing once you can reliably and repeatedly deliver on your brand promise.
Are you tired of the “lowest price wins game”? Then it’s probably about time you invest tin branding.
4. “There isn’t an ROI.”/ aka “When do I get paid?”
Hopefully you don’t hold the mindset that the investments you make in your business require an immediate return.
Branding can, and usually does, bring immediate results; Branding is an investment that is meant for the long-term. You’re establishing yourself in a way that allows for you to increase pricing, or at least warm up people to your initial offer as your brand grows.
5. “I don’t know what I should do.”
Branding is not well-suited to indecision and that’s why those who are indecisive often lack branding. Branding forces you to make decisions because it has the purpose of directing your business to respond in a particular way and prescribes approaches to everything you do. When your company has a brand, you know exactly how to describe what you do, what you don’t do, and whether your prices are fixed or negotiable.
But there’s some good news! Maybe your current indecision is why investing in your brand is a good idea. it will force you to make decisions that you’ve been putting off for later. One thing to not doubt is that investing in your brand will be good for your business.
Ready to Begin Investing in Your Brand?
Perhaps we’ve managed to dispel some myths that are stopping you from investing in your brand. Or at least we’ve given you some things to think about and information to use when assessing where you and your brand are at and what needs to be done to elevate your brand. Are you ready to stop missing opportunities and get your brand working for you?
Let’s Talk About Your Brand
shane@3catslabs.com | Call +65-3159-4231
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