Did you know that it takes 5 to 7 impressions for people to remember a brand? If you refuse to focus on a working brand strategy, it might take people even longer to remember your brand if they ever do.
So, how can you implement a brand strategy that works? First, you’ll need to avoid the most common brand management mistakes. Read on to learn five of them.
1. Inadequate Business Name
One of the worst brand management mistakes you can make is having an inadequate business name. Often, the first step in opening a new business is coming up with a business name but it has a huge lasting impact.
Your business name should explain your identity, purpose, offerings to the public, and the actual services that you provide. A business name that is irrelevant, mainstream, or confusing won’t be good for your brand.
For example, if you open a dive bar that only plays music by the Nine Inch Nails and decide that your business name should be “Nail Bar,” chances are, you’re going to have people coming in expecting to get a Mani/Pedi.
2. Focusing on Generic Branding
Generic branding will only get you so far. Your brand management strategy should include specified niche-based marketing.
Your best bet to avoid this mistake is to hire a marketing company that can formulate specific strategies based on your brand and target audience. When you solely focus on generic branding, you’ll lack the necessary sales to succeed.
3. Not Having an Online Presence
The value of marketing brands online is bigger than it’s ever been. With the internet and social media platforms being readily available to all, every business must build its brand with an online presence.
Once you find the platforms that your audience is using, you’ll need to stay consistent with updating content and new developments.
4. Ignoring Analytics
Analytics for branding is just as important as financial analytics and other key business metrics. Data tracking your campaigns, social media, and website allow you to see who you are reaching.
It’s also important to track your company’s risk. Reputation risk intelligence can identify potential risks and help you avoid them or respond to them.
5. Not Following Brand Trends
When creating a brand you don’t want to be like everyone else, but you can use current trends to get your name out there. If you stay up to date on trends, brand management and marketing will be much easier.
A trend that is very current nowadays is influencer marketing. Influencer marketing involves using a spokesperson to promote the brand to a certain audience.
Can You Avoid These Brand Management Mistakes?
Whether you are just starting or have been in the game for a while, avoiding these brand management mistakes should be a breeze. If you fall victim to one of these mistakes, revisit the situation and adjust where necessary.
Once you have your brand management strategy down, the benefits will come rolling in. Don’t be afraid to bring in an expert to help your business get further.
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