The brand is the heart and soul of your business, if it fails, you not only lose profits, but also an entire market segment. When you know the mistakes of others, you get to learn and make changes before it happens to you.
Here are some of the reasons brands fail and how you can avoid them:
Selling Instead of Reaching Out
Digital marketing experts at VerbatimSG.com note that brands lose their way and alienate their audience because they focus on sales rather than reaching out. The constant bombardment of advertising and the ease of which to do so have made people think twice before giving their time to a company. They want authenticity from brands that may have the solutions to their problems. Hard selling turns potential customers off, connect with them by providing excellent customer service, reply to emails or social media messages and use personas that they relate to.
Lack of Strong Positioning
Even the biggest brands lose themselves over the years; they forget who they are and what put them atop the totem pole in the first place. Positioning and differentiation are two important aspects that make or break a brand. Building strong ones over the years is difficult, many companies fall into the trap of trying to reinvent the wheel. They begin selling other products or services and entering a market segment they are unfamiliar with.
Poorly Developed Brand Message
You may have the best quality product or service on the market, but if you fail to communicate your message, it will be useless. A well-crafted message that resonates and connects with an audience will fare better, even if the competition offers less or equal value to yours. Be consistent across different platforms when you formulate a communications strategy. Make changes based on need and who your audience is.
Learning from the mistakes of others allows you to change your branding approach and strategy. Build a strong brand as it makes selling and gaining market share easier.