You can have a great business idea, but it can fail because of your inability to build a brand around what it is and what it represents. This is a truth every entrepreneur must confront before starting a business.
Then there are those who have built a brand but are unable to survive the test of time. They take their brand for granted and it dies a slow death. In a sense, they kill their own brand without even trying or by not trying to stand up for it.
I assume they are not doing it deliberately. So, why is it that so many of them are unable to pull off a good marketing strategy to survive? Or, “What is it that they are wrong about?”
With this in mind, let us see the common blunders most of the marketers do when it comes to building a brand and surviving the competition.
You Fail To Deliver
Think of building a brand as building a relationship that is based on trust and value. Many brands fail to keep up their promise. They fail to deliver the service or the expected product that the larger portion of their target audience has in mind. This undermines the trust of customers.
Brand promise must be compelling enough to create a belief of uniqueness. And for the greater good, it must be fulfilled every single time the customer makes a purchase. If you don’t deliver, you won’t be able to recover from this self-inflicting wound.
You Are Unable To Create a Differentiation
Unless you have a very great idea, someone must be there doing the same thing you do. The strategy that one should aim for is not to be different because it is good to be so. Rather, one should thrive to be different keeping in mind a competitive landscape. You can do that by looking at what’s unique to your brand and then highlighting it in a unique way.
Your Team Is Internally Misaligned
Many times employees in the company are unaware of the brand’s promises and purposes. And this can reflect in the work they do. This poor behavioral pattern can then lead to a bad customer experience and affect the company’s brand name.
Internal misalignment is a very common mistake that can go unnoticed for years. To solve this problem, you must put efforts to make employees at all levels aware of the values that the company stands for. It begins by building a strong company culture that unites the company’s internal stakeholders – the senior most management to the front end staff.
Your Brand Is Static
With time, markets change. What people wanted a month ago, they might not want it now anymore. And the same goes with your brand. Successful brands are the ones that are dynamic in nature. They are constantly able to grow themselves up by reacting to the changes happening around them.
Having a strong foundation is prerequisite for the ability to refine and enhance oneself with time. One should have a clear vision for the company and use the starting point as a reference in giving that vision a reality.
You Have An Ineffective Brand Story
The digital age has brought with itself the monotony of marketing and advertising that has perplexed us. This has made us subconsciously subversive towards the majority of ads. But there are always some of them that can be heard through the crowd. They have a good story to tell that customers would love to hear.
Don’t let your brand be the part of the background noise. Let it command customer attention by building a great brand story which is relevant, unique, persuasive and meaningful.
These were some common pitfalls where your brand could have fallen without you knowing about it. Now you know where you could have lacked, so it is time to go ahead and correct these mistakes.
This post is part of our contributor series. It is written and published independently of TNW.
Read next: Why retailers need big data to succeed