Brand Growth Pitfalls to Avoid
A business’s brand is arguably its most valuable and important asset. Consisting of logos, slogans, catch phrases, taglines, colors, sounds and other elements, it plays a key role in a business’s success. By promoting your business’s brand across multiple channels, you’ll help prospects remember who you and what you offer. However, you should avoid the following pitfalls when growing your business’s brand.
Always Saying ‘Yes’
As your business begins to grow and finds its footing, colleagues will probably pitch new ideas for marketing and brand promotion. And with your business’s recent success, you may feel inclined to pursue these ideas. Sometimes, however, it’s best to take a few steps back by saying “no.” Pursuing all of these new ideas could negate your business’s previous success, placing you back at square one.
Growing Too Fast
Another pitfall to avoid is growing your brand too fast. Some businesses see an opportunity to grow and immediately take action without thinking about the potential effects. A retailer, for instance, may hear about a new building lease offer in an adjacent city. Rather than researching the market, they sign a contract in hopes of opening a second store.
Keeping Customers Out of the Loop
When growing your brand, keep customers informed about any changes. It’s not uncommon for businesses to change their logo, for example. Google has changed its logo several times over the past decade. If you’re going to change your logo, or make any other changes to your brand, let your customers know. They’ll appreciate being kept in the look, and this helps to further cement your brand’s visibility.
Lacking a Clear Vision
You can’t expect to grow your brand unless you have a clear vision. In other words, how do you want prospects and customers to perceive your brand? A good rule of thumb is to align your brand with your business’s culture and core values.
Overlooking the Cost of Brand Growth
Finally, don’t forget to factor in the cost of growing your brand. Conventional wisdom should lead you to believe that growing your business costs money. While the exact costs vary, growing your brand will consume at least some of your business’s money and resources. If you aren’t prepared for these costs, it could place a financial burden on your business.
Avoiding these brand growth pitfalls will keep your business on the right path for success.