When starting out with a new brand, making the right decisions can mean the difference between success and failure. Most brands fail at the beginning for the same reasons, not making clear decisions on the way forward. But by avoiding these three common mistakes, you can ensure your brand starts on a solid footing.
1.Unclear Brand Strategy
From the moment you bring your brand into existence, you need to start working on a brand strategy. How can you communicate to the world what your brand represents if you are unsure yourself?
A brand strategy will allow you to differentiate your business, products, and services from the competition. It gives customers a reason to choose you over other brands, while gradually enabling you to build a sense of trust and loyalty with your clients. A long-term brand strategy will take your business to the next level, helping you to grow your market share, expand into new markets, and even turn commodity items into luxury goods.
Use the following questions to guide your thought process:
- What does your brand do best?
- How does your brand benefit your target audience? (identify the functional, economical and psychological benefits)
- Why does your brand do what it does?
- What do you want your brand to be famous for?
- In meeting someone for the first time, how do you introduce your brand?
2.Brand Without Protection
Developing a brand name, building a brand image, and growing brand awareness is a huge waste of time if your brand name is already taken or not legally protected. This is a particularly common occurrence for brands who want to take their business overseas but find a competitor or another company is already marketing under their name.
Although a devastating mistake, this is easy to avoid with a little research. When brainstorming names for your brand, do the following:
- Check if your choices are taken through a basic web search (please avoid descriptor brand names)
- Check the domain name is available using the WHOIS database of domain names — this will allow you to see if someone else is using the name in another part of the world.
- As soon as you decide on a name, claim the domain to avoid having it snatched up by another business.
3.Not Knowing The Importance of Intangible Assets
As you grow your brand, you’ll need a clear idea of where your intangible assets lie. Without this knowledge, your ROI will suffer. Bear in mind, intangible assets may include your trademark, design, copyrights, patents, trade secrets and goodwill. You should harness all of these assets to generate income. Rather than jumping straight into a new business, create a clear plan and consider every one of your choices carefully.
Ask yourself the following questions:
- How does your brand help to increase its competitive advantage?
- How does your brand help to increase revenue?
- How does your brand help to reduce cost?
By avoiding these three major branding mistakes, you have a greater chance of setting up your brand for success and will be able to overcome obstacles more easily in the long run.