If you’re starting a business and don’t have a background in marketing, there’s a good chance you have some misconceptions about branding. According to research, a brand will likely win over nearly 50% of customers on the first transaction or experience. Branding can help you leave a long-lasting and favorable impression on the customers and make them return.
It gives your brand a personality and can be the most significant competitive advantage. In a way, branding is the most crucial yet the most misunderstood part of your business strategy.
Here are the top five misunderstood facts about branding.
1. Branding is Not the Same as Marketing
While both are tools to promote your business and retain customers, Branding and marketing are not the same. It’s easy to get confused since both serve closely related roles and tend to feed off each other.
Branding is the core values of your company, the reason it exists, and the perception customers have of you and your products. It encourages long-term commitment and loyalty.
Marketing, on the other hand, includes strategies to increase public awareness of the products and services offered by your business. It also means promoting and protecting the brand, shaping its reputation, and accountability.
While marketing, you need to understand who your customers are and what they want so you can develop and position your products according to their likings.
Bonus Tip: While branding, you must ask yourself, ‘Who are we?’ Whom do we serve?’ ‘How are we different?’. This will help you build the foundation of your marketing strategy and the rest of your operations.
2. Branding Does Not Mean Logos
It’s a common misconception that branding means developing logos. However, the reality is not much alike.
Though a big part of branding is creating a suitable logo for your brand, branding is a much broader term. It encompasses many aspects, including developing brand voice and identity, positioning and conveying your brand’s ideology to the market.
A brand mixes all the tangible and intangible qualities that characterize the business. In contrast, a logo is a visual element that symbolizes the brand alone and is only just the tip of the iceberg!
3. You Do Need a Branding Strategy with a Great Product
One of the most rampant misconceptions in the market is that your product speaks for itself, and you don’t need the branding to sell it. This common myth has taken the lives of many novel ideas and startups.
Even if you have a great product, bad branding and marketing strategy can overshadow its features. It would help if you had a good plan in order to convey the most vital points of your company and your product.
Branding is vital because it creates a distinctive impression on consumers and informs your customers and clients on what to anticipate from your company. It’s a method of separating yourself from the competition and defining what makes you the superior pick.
4. Branding Does Not Have To Be Costly
Another common myth is that branding is only for the big MNCs loaded with money. In reality, branding doesn’t have to take up a large portion of your budget.
Remember that the main aim is to imprint your brand onto the minds of consumers. There are a million ways to approach this. You can choose your marketing strategy according to your brand’s and target audience’s needs.
However, do not skimp out on your branding budget either, as it remains the driving force behind your growth.
Bonus Tip: instead of heavy advertising techniques, you can approach the consumers more subtly by employing different marketing techniques. They all lead to the same destination.
Here are some tips to help you choose the best marketing strategy for your business.
5. Branding Does Pay You Back
Just because you cannot see the direct impact of branding on your sales, it does not mean there is no effect. Understanding that the money and efforts invested into branding your product will definitely pay you back is essential.
You can turn prospects into consumers more quickly if you have good branding. It allows you to tell your story to your customers so they can pick you over other products in the market and become loyal customers.
Trust us when we say you will not regret spending on your branding team!
Don’t Fall For These Common Misconceptions About Branding
There are many misconceptions regarding branding, which sometimes undermine its importance. To fully utilize the potential benefits of branding, we first need to bust some of the common myths around the concept. Now that we have done that, you can successfully brand your products and business however you want.