It is all about branding and creating an identity in the big, bad world of brands. As a rookie entrepreneur, you would know that designing a brand is easier said than done. It is all about sweating it out and coming up with a unique appealing idea. It involves a lot of research, hours of brainstorming and, let’s face it, a dash of luck as well.
Why do some brands FAIL?
Sometimes it’s the inability to tap the right DNA, and other times, sheer bad luck.
Often, it has been cited that the failure of certain brands can be contributed to few common mistakes that business owners ignore completely. So, if you are at the branding stage of your venture, make sure you don’t commit the same mistakes.
Goof Up #1 — Keeping only Customers in View
There is no doubt that customer is the king. You have to work to satisfy your customers. However, when designing a brand, thinking only from the point of view of the customers might just not help. You also need to look analyze your competition and find out what they are up to. Keeping in mind the market analysis as well as the competitors’ view point, you need to come up with a brand that would be appealing to the customers and at the same time, different from your competitors. This is what will make your brand unique and give you a strong hold in the market.
Goof Up #2 — Lack of Right Focus
While coming up with the brand, you need to decide what you intend to focus on with it. The market place is strewn with competition and to make a mark, you need to think about something different to prove your mettle. For this, you need to establish your goals and then work out some strategies to achieve these. A lack of focus is what proves to be destructive for most brands.
Originally published at www.thugstart.com on March 28, 2016.
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