Have you ever wondered why some brands are instantly recognizable and evoke strong emotions, while others struggle to make an impact? The answer lies in the power of branding. Think of businesses like McDonald's, Dunkin', or Nike, you might instantly recall their logo and iconic tagline. And these companies have invested years in branding to establish their brand identity.
Branding for a company is more crucial than you would realize. Branding may just appear to be made up of external components like logos, colors and catchy slogans, but your brand is the complete identity of your company. Your brand gives you personality.
In today's crowded marketplace, having a strong brand is more important than ever before. It can make the difference between standing out in a sea of sameness or blending into the background.
In this article, we'll explore some of the most common mistakes that businesses make when building a brand and by being aware of these pitfalls, you can avoid them and set your company up for success.
1. Neglecting the Visual Part
Did you know that it only takes 10 seconds to capture the attention of your audience? That’s how important the visual part is. Having a good visual representation of your business is crucial in creating a strong brand identity. Visual elements such as logos, color schemes, typography, and graphics play a vital role in how your business is perceived by your target audience.
One example of a company with a strong branding is Nike. Nike has a distinctive logo - the swoosh - that is simple, memorable, and instantly recognizable. The company's branding is built on a foundation of inspiring and aspirational messaging, such as “Just Do It”, which promotes a message of determination, perseverance, and excellence. Nike's advertising campaigns often feature high-profile athletes, reinforcing the brand's association with success, performance, and achievement.
2. Breaking A Brand Promise
Breaking a business brand promise can be detrimental to a company's success because it erodes trust and credibility with its customers. A brand promise is a commitment made by a company to its customers about what they can expect from its products or services. When customers choose a brand, they do so based on the promise that the brand made to them. If that promise is broken, it can lead to disappointment and frustration.
One example of a well-known company that broke its brand promise is Volkswagen (VW). In 2015, VW admitted to cheating on emissions tests for their diesel-powered cars. The company had marketed these cars as environmentally friendly and fuel-efficient, but in reality, they were emitting much more pollution than allowed by law. This scandal not only broke VW's brand promise but also violated environmental laws and misled customers, leading to a loss of trust and credibility with both customers and regulators.
The fallout from this scandal has been significant, with VW paying billions of dollars in fines, settlements, and recalls. The company's reputation has been damaged, and it has taken years to regain the trust of customers and regulators.
Once a brand's promise is broken, it can be challenging to regain the trust of customers, and it can damage the brand's reputation in the long run. Negative reviews, word of mouth, and social media can spread quickly, leading to a loss of customers and a decline in sales. Additionally, breaking a brand promise can create legal issues, such as false advertising claims, which can be costly to address.
3. Not Providing A Great Brand Experience
It goes without saying that great customer experience is essential to a brand's short and long-term success. 77% of businesses believe that customer experience is a crucial competitive differentiator and 86% of customers would stop using a brand after just two bad experiences. This statistic clearly indicates that not providing a great customer experience can lead to customers not returning, and it can also damage the company's reputation. If customers are not happy with the service or product they receive, they may be less likely to return or recommend the company to others. And according to a study, 72% of customers will tell at least six others about a positive experience. While 13% of unhappy clients will tell at least 15 others about their bad experience.
One company that values public opinion is Amazon. They have a strong focus on customer feedback and use it to continuously improve their products and services. Amazon encourages customers to leave reviews and ratings on their website, which are then used to determine product rankings and recommendations for other customers. They also have a dedicated customer service team that actively listens to customer concerns and works to resolve any issues quickly and efficiently.
Providing excellent customer service is key to creating a great brand experience for customers. It is important to listen to customers because they are the ones who support your products or services. Their feedback provides valuable insights into what is working well and what needs improvement. When you provide quality support, it shows that you care about your customers and their satisfaction with your product or service. In addition, providing great customer service can encourage repeat business and lead to increased word-of-mouth referrals.
4. Not Consulting With An Expert
When starting a business, it's essential to have a team of people who can help you grow and succeed. With so much on the line, it's important to find professionals who can guide and support your company from start to finish. Not only will this help you avoid making costly mistakes, but it will also give you an edge over your competitors.
By working with an expert, you will be able to learn about the specific needs of your business and focus on strategies that will help you reach your goals.
92% of small businesses agree that consulting with an expert directly affects their company's growth and survival. And according to separate American Express Business Blueprint™ report 68% of small businesses achieve profitability in the first year, and 84% do so within the first four years of operation.
Which shows how important it is to consult with an expert.
Working with experts and creating teams of highly experienced marketing professionals is a wise investment and is a great way to create a strong identity for your business that will help you attract new customers and increase sales.
5. Targeting The Wrong Audience
According to a study, 77% of people will choose, recommend, and support a brand that provides a personalized experience. That’s why it is important to target the right audience for your products and services because it enables a business to focus its resources and efforts on the people who are most likely to be interested in its products or services.
And to help you, here are some tips to help ensure that you are targeting the right market:
Define your target audience: Identify the characteristics of the people who are most likely to be interested in your products or services. This may include demographic information such as age, gender, income level, and location, as well as psychographic information such as interests, values, and lifestyle.
Conduct market research: Use market research to validate your assumptions about your target audience. This may include surveys, focus groups, and other research methods to gain insights into the needs and preferences of your target audience.
Analyze your competition: Analyze your competition to understand how they are targeting their audience and what you can do differently to stand out.
Develop customer personas: Create customer personas to represent the different segments of your target audience. This can help you develop more targeted marketing messages and products or services that meet their specific needs.
Test your messaging: Test your messaging on a small scale before launching a full-scale marketing campaign. This can help you refine your message and ensure that it resonates with your target audience.
By following these tips, you can better ensure that you are targeting the right market for your business.
6. Being Inconsistent
Being inconsistent with your branding will make it difficult for customers and potential partners to trust you. Building trust is key to any successful business, and inconsistency with your branding can seriously harm this process as it can lead to confusion, lack of credibility, and loss of trust among customers. In addition, potential partners may feel skeptical about working with you if they don't believe that you're committed to upholding the same standards in all areas of your business.
Make sure to always be aligned with the brand you're trying to create, and stay on message. This means staying true to the core values and mission of the company, while also staying relevant to the needs and interests of its target audience. If a business fails to stay on message, it risks alienating potential customers and losing credibility in the eyes of others.
Conclusion
Branding is more than just a logo or design, it is essential because it leaves a lasting impression on consumers and it lets clients know what to anticipate from your business. It is a strategy for standing out from the competition and emphasizing what it is about what you have to offer that makes you the better option. Branding is the whole package of your product and service, from creating a unique name and identity to developing an effective marketing strategy that will help your business to succeed.