A company’s brand can be one it’s most valuable assets. If cultivated, it can lead to steady growth that not only reaps bountiful rewards but also creates long-term stability. What makes brands so difficult for most is its ambiguity. You may find it hard to define what exactly branding is and what it means to your business. The secret to success is clearly defining what your company is and then marketing that to your target audience in ways which appeal to their needs. To get your company’s branding on the right track, steer clear of these common misconceptions:
1. Branding doesn’t affect the bottom line – While you may not see actual sales figures from your campaign, successful branding does lead to an increase in the value of a company. Customers are more likely to purchase from brands they trust leading to increased sales. A great image can also boost the organizational structure of the firm with less turnover and the ability to recruit stronger candidates for employment.
2. Branding can only be done through social media – The marketing world has fallen into the trap of solely utilizing social media to promote the brand. This is a dangerous path to take. While viral videos, Facebook campaigns, and hashtags can certainly be a big piece of the branding pie it shouldn’t be the only piece. Venture beyond the latest social media craze to realize your brand’s true potential.
3. Branding is complicated – Many marketing professionals think that developing a strong branding initiative is a complicated task to complete. Branding can actually by quite straightforward. The best strategies use a common-sense approach to developing a company’s appeal and recognition.
4. Branding is all about beating the competition – Have you ever heard the term “Stay in your own lane.”? This is a great analogy to explain how you should structure your company’s branding strategy. Many organizations become too fixated on what everyone else is doing. They quickly react to each campaign the competition puts up. This can muddle your own brand while straying your attention away from the real work. It is important to stay focused on your own initiatives.
5. Branding requires multiple strategies to be successful – Too many irons in the fire may seem like a smart way to “cover all your bases” but can actually be detrimental to a company’s success. The most important objective of any good campaign is making your name recognizable. Achieve this by keeping things simple – one logo, one identity, one message.
For assistance in branding your small business, contact the team at GMS. We can help to align your brand with the current trends while staying true to your company’s overall mission. Our experienced team utilizes a number of proven strategies and resources to get our clients recognized among the competition.