When you’re a new entrepreneur, just starting a business, the last thing that you want to do is waste money. Especially if you don’t have much to start with. Every dollar is precious and needs to be spent wisely.
In general, investing in Branding for your new business is a good idea, but there are some Branding mistakes that could actually end up costing you more money in the long run.
Not knowing what Branding truly is: believe it or not, most new entrepreneurs don’t even know what Branding is. In fact, you might be one of those people. Branding is often confused with Marketing and oftentimes it is thought of as just colors and a logo. Both of these are wrong, and by not learning what Branding actually is, you’ll never be able to gain the benefits of it.
Limiting your Branding to your social media: I can’t stress this enough, but YOUR SOCIAL MEDIA ACCOUNT IS NOT YOUR BUSINESS, it's just 1 platform that you use to reach and communicate with your audience. If you are only developing a community and consistency on your Instagram page, but your customer service and the quality of your products are trash, then you’re costing yourself a lot of money.
Not choosing a target audience: there are billions of people in the world, but, let’s say only 5,000 of them can actually benefit from your product. You’re going to waste more money than you bring in by trying to sell to a bunch of people that don’t need or want your product.
When I first started my business, I made the mistake of not choosing a target audience, and it took me a year to realize how I had hurt my business’ growth.
These 3 common Branding mistakes played a critical part in why created The Ultimate Brand Planner. I wanted to help new entrepreneurs better understand Branding and ALLLLLLLLLLLLL the things that are included in it.
Question: When you hear the word Branding, what do you think of? Let me know in the comments.