What Are Two Biggest Branding Mistakes?

Don't make these two deadly branding mistakes that a lot of business owners make.

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TRANSCRIPT

Today I am going to share with you two biggest mistakes what we see all the time. And sometimes we see them made by the same business—even though they would look like the opposites of each other.

The first mistake is spending too much time and agonizing too much on trying to find that perfect brand at the expense of actually building a successful business behind that brand. Don’t get me wrong, a good brand is very important. But the good brand, or a great brand, or an amazing brand are not going to create that business for you. It’s not going to create that product or that service that millions of people are going to be interested in. The biggest problem of small businesses is obscurity. So, just because you have an amazing brand is not good enough. So the focus should be on building something that a lot of people want to use.

And what we see a lot is the brand owner would say, you know what, we haven’t launched the product because we are still working on the 5th version of that logo. I fired all my designers because they were just not good enough and very soon, probably in a few months, we’re going to have the next version—and then we will launch. I mean, come on! Nobody really cares about the logo so much if you don’t have something to offer to them.

Remember, there are three things that are important to every successful brand. It needs to be memorable, it needs to be connected to a successful business, and it needs to be well protected. So, as long as your brand is memorable, as long as people can remember what it is, it doesn’t have to be perfect. Again, it’s not gonna sell. What is gonna sell for your business, what is going to make you money, what is going to make you happy, what is going to make your market happy, is if you offer to that market something that they want. And if all you do is focus on that logo, you’re not gonna get there. So it’s the first branding mistake.

The second branding mistake is failing to protect that brand that you came up with early. And the problem with that is you just want to build and build and build, and say, let’s wait and see if the market likes it. OK, you wait and see if the market likes it, and then, yeah, you just need to wait just a little bit more to see if the market really likes it. And then you want to wait a little more to see if the market loves it. And until you make the first $100,000. And until you make the first $500,000. Until you make the first 10 million dollars. And you wait and wait and wait until—you realize that somebody has taken your brand and you need to start everything all over again.

Interestingly, what I realized is that the cause of these two mistakes—agonizing too much over the brand and failing to protect it soon enough—is the same. The same cause is lack of self-belief in that you don’t believe that you can build something valuable… So you play around, you procrastinate, just doing something that is not really gonna get you any closer to the success.

What I’ve learned from my mentor, which I found to be very profound, is that he said, “You know what, everybody says that the biggest fear is the fear of failure. That’s not true. The biggest fear is fear of success. Because people who fear failure, they at least know what the’re fearing, they’ve been there, they’ve lived there all their life. What they don’t know is how the success feels like. And they don’t realize that the success is not some luck. It’s not a fluke. It’s basically a logical result of the steps that you take to get you there. And a lot of people are afraid that they’re not gonna get there.”

I understand, but really all this has to do with with your belief in your ability to built something valuable, to build something that the market would love… And that’s really why we are starting a business, that’s why we come up with brands, that's why we spend sleepless nights and work crazy hours to do something awesome, to have people around the world, or people in your country, or people in your town, depending on what your business is, love you for what you do, and respect you for what you do, and take out the credit cards, and give the numbers—because of what you have to offer to them.

So if you start something, at least expect that you have a reasonable chance of success because otherwise, why are you doing this?

And if you do expect a reasonable chance of success, protect what’s so important for that success, the brand. Because the brand really is what people think about when they think of your business. It’s not just you personally, it’s the name of the business, the name of the product, the name of the service, your tagline, or whatever it is.

So, two opposites, but not really...

Come up with a name that is memorable, and protect it right away!


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