Whether you are a solopreneur, entrepreneur or you have plans to be one, this 3-part series will help you avoid some major pitfalls.
Did you know that 95% of consumer decisions are made subconsciously? Imagine how enormous the power of perception can be to a buyer. Combined with the fact that branding affects the consumer’s decision-making process, this means that even established businesses need to understand the significance of branding to succeed.
Myth #1: Branding is important only when my business is growing
Don’t underestimate the strongest asset of your business. Branding can account for between 30-50% of your business’ value. Sounds amazing right? But when properly executed, branding transforms your product or service into something unique that cannot be replicated. A unique value that you offer your ideal clients – now every business needs that!
Branding is critical at every stage of your business, not just when you are growing or starting. Building a brand does not necessarily mean your target audience will come to you in droves. To grab people’s attention, your brand must be relatable and must communicate your value and your solution.
If you face the world with a passionate idea and no investment in your brand, consumers will form their own perception of your business – that could be a bit risky!
Why? Well, to start with, their perception may not be what you want or need! A real world example to illustrate this is a ceiling fan company based in Kentucky USA. They even have an office in Brisbane, QLD. Their ceiling fans first hit the market in 1999 with the brand name “HVLS Fan Company,” in recognition of the concept of moving high volumes of air at low speeds. It seems reasonable, how exciting could you make ceiling fans, even if they are very, very large.
But do you know what their customers said when they called?
“Are you the guys that sell the BIG-ASS FANS?”
After trying to fight this, they eventually decided to run with it. They rebranded and adopted the mascot “Fanny” the donkey. No joke, check out their website.
Luckily, it worked out and they could use it to their advantage. I mean, it is a quirky name and not easily forgotten, which is a marketer’s dreams come true! But imagine if the public perception had been the opposite of what they wanted to be associated with their products? As you can imagine, it can take forever to change the public perception of your branding.
So the moral of the story is to be careful and pay attention to your branding and how you represent your business – it is uber important at all stages of your business lifecycle. Take control of your brand and attract your ideal target audience. This might be the one thing that rockets your business into enormous growth.
In our next installment, we will look at the 2nd myth that will hurt your business.