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Branding Myths (and How to Avoid Them)
Starr Hall, Entrepreneur
Myth 3: Word-of-mouth and referrals will make you a successful, profitable business.
This myth is the major cause of failure for underfunded startup brands. I’ve heard many new business owners say that they don’t spend a penny on advertising or any other branding method because they’re waiting for “word-of-mouth” to kick in and build their brand. Years ago this was possible; in a small industry without a lot of brand competition or mass messaging, it didn’t take long for word to spread. Those days are over, though. With a different customer attitude and the many options available to the consumer, waiting for word-of-mouth to build their brands leads many businesses to shuttered doors. It’s a great way to increase business over time, but it isn’t something to base your business plan and success on. It isn’t proactive, and it simply doesn’t work in today’s competitive climate. It’s wishful thinking, not a realistic business plan.
Solution: A great way to build a list and incorporate word-of-mouth into your marketing is to launch a blog. They’re free to set up and, if used correctly, you’ll not only engage your potential customer, but you’ll also build loyalty and word-of-mouth. Blogs provide valuable content for your customer in your area of expertise. They’re excellent education and relationship-building tools.
Myth 4: You need to possess a wide range of skills to become a successful entrepreneur and brand.
I’ve met many personable, skilled, well-organized, business-minded individuals who failed to create a profitable brand. If you’re great with people, a real motivator, good at accounting and a hard worker, sure, you’ll have an advantage. But the truth is that even if you have none of those skills or attributes, you can still be an extremely successful entrepreneur. There’s one brand-building skill that most businesses don’t even consider. If you master this skill and make it your No. 1 priority, you can launch as many successful brands as you wish. Here it is: daily marketing. Notice I didn’t just say marketing, I said daily marketing. I’ve never met a business owner who made this task his or her No. 1 priority and didn’t succeed.
Solution: What are you doing every single day to market and grow your business? Commit to doing five new things each day to grow your business-make that call, post on a new site, launch a blog, release an article. Your business is likely to grow by leaps and bounds almost overnight.
Myth 5: The costs to brand your business (including advertising, PR, marketing and social media), are enormous.
So many people believe this myth that it’s practically written in stone. Yes, many new brands fail because they lack funding. But you don’t need to spend a fortune to launch or grow a successful brand. I started my agency with no capital, using all of the tools available on social networks and through online and print media. You should focus on marketing to larger markets online and build your credibility through media features and placements.
Solution: You can reach hundreds, even thousands, of new contacts and potential customers or clients using online tools such as Twitter or LinkedIn. Another great way to get exposure for your business is to contact local media outlets and persuade them to run a feature on your business. Even if you’re looking to expand worldwide-start close to home. This type of coverage shows larger-scale media outlets that you’re newsworthy.
Starr Hall specializes in PR, co-branding and licensing, online branding and building businesses worldwide through the power of social networking.
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