Plenty of people don’t have the full knowledge of branding or hold on to myths that are not true.
This prevents them from fully knowing the extent of how branding can be beneficial for a business.
With these branding myths circulating, it can stop your business from reaching its full potential.
Let’s talk together and debunk these myths while learning the truth about branding.
1. Branding is just a Logo
A common myth of branding is that it’s only a name and logo. Although they are important in branding, it’s only the tip of the iceberg. In reality, a brand considers its values, messages, reliability, voice, and overall experience. It’s how a business markets itself, what it makes customers feel and how it compares to the competitors.
2. Only Big Companies need Branding
Many believe that branding is only for big corporations rather than small businesses, however, that is untrue. Those large companies are able to use good branding to grow and maintain their space in the competitive marketplace. The same concept applies to businesses of all sizes but differs depending on their needs. Even without the budget, you can start with a logo and branding checklist and build your way up.
3. Branding is a One-Time Thing
Some may think that branding is a one-time investment and should last forever. But the truth is that the marketplace is ever-changing, which means your brand must be on the lookout. The market is always evolving with new ideas, so it’s best to leave behind the old-fashioned style of branding. Whether it’s just a logo redesign or a completely new look, your brand should be able to adapt to new audiences.
4. Branding is Expensive
Many businesses believe that branding is expensive, but that is not completely true. Getting branding from a marketing/design agency can be pricey, but the benefits will outweigh the costs in the future. So it’s best to view it as an investment for your business rather than an expense.
As long as your branding is done properly, it can be the main reason for its success and bring value to your company in numerous ways. According to Lucidpress, it is estimated that revenue can increase by 33% by using consistent branding. As long as you have a clear vision of how to handle your branding, it can improve ROI, marketing, increase revenue, and save time and money.
5. Branding is the same as Advertising
People often misunderstand or use these terms interchangeably. Although they can have similarities, at the end of the day, they are both different.
Branding is the foundation a business is built upon, using unique identification to differentiate its brand from others. It’s a long-term investment that consumers recognize when buying products or services. Advertising is how a business markets themselves to consumers and how to spread their brand.
6. Branding is Only About How you Present
The branding message you send can shape your brand and how people perceive it. However, consumers majorly shape your brand since they are the ones consuming the products. Branding is not one-sided and needs to be able to fulfill the needs of your company and the customer. By knowing who your core audience is and how to satisfy them, you can create a brand you’re proud of and build a company that people enjoy.
7. You Must Appeal to Everyone
A good business will be able to eliminate customers that are not catered to your brand and help focus your business on those that are. Trying to market your brand to everyone won’t make it feel special to the ones that truly benefit your service/product. Catering for the target audience will let your brand be meaningful and trustworthy and create a long-term connection with them.
Remember, trying to target everyone also means you don’t target anyone.
8. Branding is for Product-Focused Companies
Many people think only product-based companies need branding since a product that’s on the shelf is often recognized by their brand. That is because the product can stand out and create a positive experience for the customer. The feeling you get when experiencing a product can be applied to services and B2B companies as well. Creating a positive experience is vital for your brand to be recognized by consumers and to collaborate with other businesses.
9. Branding Can be Done Later
Some people may think that branding can be invested in later along the lines of their business. However, it’s recommended to get your branding done when your business decides to go public to compete in the marketplace.
However, it can be difficult for small businesses to find the budget when investing in other aspects of the company. You can brand as you go while figuring out who and how you want to market the business to consumers. But be careful when releasing your products/services because that’s when they start forming opinions on your brand. It’s fine to brand as you go but it’s best to have a strategy in the beginning to create a brand that people will love from the get-go.
The perfect branding strategy is about working smarter, not harder. No matter the company’s size or shape, each should have a unique branding strategy to keep up with the competition. By knowing how you can brand your business in a way that resonates with your target audience, you can create a company that leaves them with a positive experience.
If you’re interested in creating a memorable brand strategy for your business, book a complimentary discovery call with Sunrise Creative.