When you're in the early stages of building your brand identity, you’re likely to encounter branding myths. Unfortunately, many businesses fall for these myths and buy these Myths from so-called marketing agencies, ultimately hurting their brand in the long run.
To help you find truth in the chaos, here are 3 common branding myths and the surprising truths behind them.
Branding myth #1:
“Branding is important only when I’m growing”
Don't underestimate your company's strongest asset, branding. Branding can account for as much as 30 to almost 50 per cent of a company's value. This is because properly executed branding makes your product or service distinguishable and unique: the one-of-a-kind experience you provide to customers.
Your branding is crucial at every stage of your business. You have to be relevant to get anyone's attention, so if you've got an established brand, isn't it time you put some effort into finding out who your audience is? You must communicate your values and how they can help others. This will be essential in building your brand - people will create their ideas of what your business is without you putting any effort into building it.
Branding myth #2:
“I can’t afford that expense!”
Branding may not seem like an expense at first, but it’s an investment in your biggest assets. Product awareness, quality and loyalty are all important parts of this equation. It can be hard to put a value on intangibles, but that doesn't mean you should skip out on this key asset. One of the best ways to get started is by grabbing your story and building it!
How much should you budget for branding nowadays? A good rule of thumb is to spend 12% - 15% or more of your initial investment on branding. We can budget your marketing needs by examining how to use your budget efficiently. For example, you could get part of the way there with a graphic designer, web design expert, copywriter and marketing expert - without spending too much.
Branding myth #3:
“Branding is too complicated for my business”
Surprisingly, some people believe that branding complicates things, when, in reality, it’s more complicated not to invest in branding.
It's not always easy to understand the importance of branding. Some people believe that it complicates things, while others think that it's complicated not to invest in branding. The truth is, getting a brand is the only way to stand out from your competitors.