You’re likely to come across some typical branding misconceptions early on in the process of developing your brand identity. Unfortunately, far too many business owners believe these urban legends, which may be detrimental to their firm in the long term.
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Before that, the following are three significant branding misconceptions that have been debunked:
“Branding is only essential while I’m expanding.”
Don’t undervalue your company’s most valuable asset. Branding may account for anything from 30% to almost 50% of a company’s revenue. This is because well-executed branding transforms your product or service into something unique and unrivalled: the value you provide to your target market.
To put it another way, branding is not only important but also necessary at every step of your company. Your brand must be relevant in order to capture anyone’s attention. Just because you’ve established a brand doesn’t guarantee people will flock to you. It ought to convey your value and solution. Consumers will form their own perceptions of your business if you merely go out into the world with a passionate concept and no investment in your brand.
“I can’t afford that!”
Branding is an investment, not a cost. It’s a financial asset purchase. It has the potential to be your most valuable asset, even if no one agrees on how to value it. Consumer awareness, related traits, and loyalty are all part of brand equity. Although intangible features are difficult to evaluate, this does not mean you cannot or should not invest in this important asset. The easiest approach to deal with this asset’s intangible nature is to seize your tale and create it.
This begs the question: how much should you set aside for this investment? Budget 12 – 15 percent or more of an initial expenditure on branding, according to our rule of thumb. This money may be used to hire a branding strategist, graphic and web designers, a copywriter, a marketing expert, a social media specialist, and other relevant professionals.
“Branding is too difficult for my company.”
Surprisingly, some individuals feel that branding makes things more complex, while in truth, not investing in branding makes things more complicated.
Invest in your brand strategy, regardless of how “basic” you feel your company is. Determine the plot of your narrative as well as make it easy to understand, consistent, and repeatable. Making future decisions based on a set of branding standards is easier than rehashing your narrative every time you start a new advertising campaign or email funnel.