Top 5 Branding Myths Dispelled
Branding has been in existing for many years. At the onset, branding was a mark that helped consumers to identify unique products. With the rapid technological advances, the meaning of branding has changed. Today, branding is no longer only about quantity, product attributes, and price or even quality, but the community for which the products appeal. Traditional branding techniques don't cut it anymore in today's largely technological world. So awareness of these 5 branding myths will help you alleviate these mistakes and save you a lot of time, money and effort:
- Heavy investment in advertising will enhance your building business effort
As a first time entrepreneur, you’re likely to hear this statement from marketers a lot. In fact, many business owners still swear by heavy investment in advertising, thinking that it’s the only way to grow their business. However, investing heavily in advertising just because other people are doing so can lead you into a financial abyss. Good branding entails building credibility. To build credibility, you need to take advantage of the media (print, broadcast and online media) to put out high-value content that is both useful and engaging to consumers.
- Branding is all about selling something to customers
Branding has moved from companies trying to trick consumers into purchasing something from them. Communities have taken over branding. Branding is all about the interconnection and interaction of people with similar values, beliefs, and trust. They do almost everything in the same way, for instance, talk, walk, and act the same way. Mostly, they affiliate with a particular tribe, and if you're looking to join the tribe, you must know the words, narrative, icon, and rituals they identify with.
- Branding is defined by products and services on offer
This might have been the definition of branding some years back, but not today. Today, a brand is defined as an individual or entity with a community of followers. For instance, Rihanna is a brand, so is Tailor swift. These individuals are brands surrounded by a community of fans, friends, co-workers, and family. Cities have also grown to become brands. For example, when people talk about the best cities in the world, familiar names such as New York, London, and Paris pop up. People choose to live in these cities because they exemplify environments, values, and experiences they like over their other lifestyle options.
- Branding is all about logos
There was a time when logos identified brands. Not anymore. A logo is just a small part of the brand ecosystem. Besides the logo, a brand includes product design, packaging, the creation story, rituals, creed, non-believers and the leader himself. Synchronizing all these brand factors to come up with a holistic brand story and sharing your brand story via content in social and traditional media is the right process to creating a brand community.
- Branding is for large companies only
A long time ago, branding was left for large companies because they had the financial muscle to kick out small businesses out of the market. However, the innovation of social media, as well as technological advances has leveled the playing field. Today, anyone can create their brand with a small budget; market it for free on social media and rival the likes of Adidas, iPhone, and Samsung. Startups can garner millions of followers in a matter of weeks and make millions of sales. This is why you hear midnight millionaires popping up from every corner o the world these days. However, these brands don’t make it big just like that. They put in extraordinary effort into producing high-quality products and top-notch content.
Today, business owners or merchants don’t have to spend a ton of money to get the required brand recognition. They hire the best content creators and focus on producing quality products that solve customer problems. The brand then sells itself.