If there’s one marketing buzzword that’s being overused these days, it’s undoubtedly ‘brand’. You hear a lot being said about a particular brand. People make all sorts of assumptions about a company and its products and services based on this one word.
Well, a brand is an enterprise’s most valuable asset. With a strong brand, you don’t just add value to your organisation but also provide employees with motivation.
However, unfortunately, most brands are not as strong as they can be. Today, in an age of crowded and noisy marketplaces, it is more important than ever to build a brand that can function as a differentiator.
Now is the time to push away certain misconceptions that are coming your way in building a successful brand.
We’re here to bust these myths. Read on to find out…
Top 5 Branding Myths Busted
- A brand is just a logo and its colours: Branding is more than a logo, the colours and a tagline. It is the promise you give your target group and the expectations they have from you. It is all these things wrapped up in a creative design. A good logo embodies the sum of people’s perception of an organisation. For example, Nike isn’t just a swoosh. It is a representation of what the company stands for in the minds of millions of people. Also, the ubiquitous slogan ‘just do it’, has helped people develop a personal connection with the brand.
- Only new companies need to work on brand building: Just like people, brands too are living entities. As your company and its products evolve, a brand too must evolve. While it’s true that new companies and start-ups need to put in a lot of time and energy to establish themselves in the market, existing companies also have to continuously revisit and reoptimize their brand strategy.
- Branding is overpriced: There is very little truth in this statement because branding can be expensive sometimes. However, it is not a luxury but a necessity. Instead of looking at the cost, companies should look at the benefits. With a solid brand, you can speak directly to potential customers, give your business a professional feel and present your content and intent in the best light.
- All publicity is good publicity: The mention of your brand in the media can be exciting. A lot of companies believe that even negative publicity is good publicity. However, this idea may be causing your business more harm than benefit. It’s important to understand the difference between good and bad brand awareness. When you’re building a brand, focus on building a positive brand image.
- Brand success cannot be measured: Of course, measuring a brand is not as easy as measuring the success of a campaign. But that does not mean it’s impossible. If you’ve taken steps to setup baselines ahead of brand development, measuring its success is possible. For example, a collection of numbers can paint a picture of the current state of your brand such as perception, sales and overall reputation. Once you establish a baseline, you can measure brand success over time.
Bottomline: Building awareness for your brand will take time and patience, and a great deal of trial and error. If any of these myths are coming your way, debunk them and keep doing everything that will help you establish loyalty and establish brand equity in the long run.