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Debunking Branding Myths – Part Two

Myth:  Word of mouth will make your business successful.

This myth is a major cause of failure for underfunded start up brands.  Many new business owners say that they don’t spend anything on advertising or any other branding method simply because they are waiting on word of mouth referrals to kick in.  That may have been a possible brand building method years ago, when industries were smaller and it didn’t take long for the word to spread.  Those days are over, now.  With a different customer attitude and so many options available to the consumer, waiting for word of mouth to build their brands leads many businesses to close down.  Word of mouth can help, over time, but it is not proactive and simply doesn’t work in today’s competitive climate.  Word of mouth has gone from a reasonable marketing strategy to being wishful thinking today.  It is just not realistic.

Solution: Blog it!  A great way to build a list and incorporate word of mouth in your marketing is to launch a blog.  They are usually free to set up and when used correctly, you will not only engage your potential customer, but you will build loyalty and worth of mouth.  Blogs should provide valuable content for your customer in your area of expertise.  They are excellent education and relationship building tools.

Myth: You need to possess a wide variety of skills to become a successful entrepreneur and brand.

I have met many personable, skilled, organized, business minded people who failed to create a profitable brand.  You can be great with people, a real self starter, good at accounting and a hard worker and those things may give you an advantage.  But the truth of the matter is that even if you have none of those attributes you can still be a successful entrepreneur.  There is one brand building skill that most businesses dong even consider, yet if you master this skill and make it your number one priority you can launch as many successful brands as you wish.  Market daily. I didn’t just say marketing, I said daily marketing.  I have never met a business owner who made this task their number one priority and did not succeed.

Solution: What are you doing every single day to market and grow your business?  Commit to doing five new things each day to grow your business, make that call, post on a new site, launch a blog, release an article.  Your business is likely to grow by leaps and bounds almost overnight.

Myth: The cost to brand your business is enormous.

So many people believe this myth that it is practically written in stone.  Yeah, many brands fail because they lack funding, but you do not need to spend a fortune to launch or grow a successful brand.  Many businesses start with no capital, using all the tools available on social networks and through online and print media.  Focus on marketing to larger markets online and building your credibility through media features and placements.

Solution: You can reach up to thousands of new contacts and potential customers or clients using online tools such as Twitter or LinkedIn.  Another great way to get exposure for your business it to contact local media outlets and persuade them to run a feature on your business.  Even if you are looking to expand worldwide, start close to home.  This type of coverage shows the larger scale media that you are newsworthy.