As an entrepreneur, one of the essential factors in determining the long-term success of your startup is the creation of an attractive and sustainable brand. Branding is one of the many exciting and essential tasks as an entrepreneur. The brand name will help pitch your business to the world; it is the word you want people to remember after they hear about your company or startup. Due to limited resources and experience, entrepreneurs face difficulties in creating a brand that goes along with their vision and how it translates and communicates accurately with the outside world. Some of the pitfalls entrepreneurs fall into when branding include:
Being Over-dependent on Branding Alone For Success
A lot of entrepreneurs put a lot of their valuable energy and passion into coming up with a great brand’s name, logo, and slogan. Most often they forget that the outside world may not be as excited and amazed by their branding concepts despite the energy put in it. When you focus too much on branding, you may overlook some other important part of your business such as pricing and marketing. After launching, you may find out that the logo or slogan has no positive effect on your conversion rate or sales. Get the best for your brand by offering customers unique services or the best-priced product. These offerings combined with effective branding, will increase your credibility and your customer base.
Focusing More on Customers and Forgetting Competitors
When you are branding your business, if you only think about your competitors, you may end up branding yourself similarly to your competitors. To make your branding efficient, begin by analyzing your competitors, and find out a unique thing their brand lacks. Figuring out their weakness will help you come up with a brand that’s stronger than them, unique, and different. By doing this, you have a pretty great shot at winning over your prospective clients.
Under-Utilization of Social Media
A lot of entrepreneurs neglect the impact social media has on the choices and preferences of customers. By ignoring social media, you may have no idea of the emerging trends prospective customers are looking out for in a brand. While you are branding, don’t forget to create your online presence on every social media platform. Understand the best medium for your brand and post as often as possible.
Creating Weak Visuals
A lot of struggling entrepreneurs built their brands using visuals that do not communicate the brands message. The wrong brand name or logo can be a turn off for customers. As an entrepreneur, try to create the best visuals that will reinforce your marketing strategy. The best brands are built using visuals that depict their message correctly.
Exaggerating Your Brand
Showcase the benefits and positive features of your brand in order to gain the attention of a wide range of audiences. If you over exaggerate, you risk falsely branding your business for the sake of continued customer relationships. Most people will consider your business a fraud when you don’t have most of the values you portray. Try to avoid this mistake by portraying your brand authentically.
Following this guide should put you 5 steps closer to becoming the great entrepreneur you want to be.