Making mistakes is common when it comes to business – everyone makes them; it is a gamble, after all. But it is also true that you learn more from failure than success. Falling down after each try is the best lesson, because it helps us stand tall eventually. That being said, however, all mistakes aren’t the same and no one knows this better than start-ups. Impact of any mistake is normally bigger in start-ups than well-established company that already have big customer base.
Today, being ‘online’ is the latest wave that has taken over the world and that includes businesses too. Online shopping and Online video shopping are currently reigning supreme and this is where everyone is taking their business, including start-ups. Needless to say, it is a high-pressure industry and if a start-up makes mistakes, their brand isn’t big enough to hide behind. As a result, it can seriously affect business growth.
That being said, start-ups need to be careful about how they brand it; they need to keep their eyes open and analyse the market. Since your branding determines the way your target audience perceives you, one mistake can demolish your chances of success and damage your entire schedule. There are a few pitfalls that you need to avoid and we’re here to tell you exactly what they are.
Failure in Identifying a Target Market
Start-ups are experimental, especially in the initial stages of the business – there’s often a ‘wait and see’ attitude instead of a long-term vision, which is the wrong way to go. You have to consider your target market before you do anything because without targeting the market, you can’t develop a brand. You can’t afford to wait and see how consumers respond to your product before making a decision how to proceed. Identify your target market from the very beginning.
Choosing an Unengaging Name
Studies have shown that 77 per cent of consumers make purchases based on a brand name. A great brand name will become synonymous with the product or service you’re offering. This is why you have to put your maximum effort into creating a strong brand name. Your brand name should be short, catchy and easy to pronounce – something that people are most likely to remember. Secondly, people should be able to associate your product with your brand name.
Rushing into Building a Brand Strategy
We understand that you can’t wait for your product or services to launch and make the sales and revenue that you desire, but rushing into building your brand strategy won’t help you. It will only push you back further. When you rush into things, you basing your decisions on a brand that you yourself don’t know well yet. If you want to build something unique, something different, then take one step at a time. Take your time, evaluate your options, craft your brand slowly, but surely. PR agency Australia, is one of the options for banding of products or servies. PR agencies, as opposed to advertising agencies, promote companies or individuals via editorial coverage.
Neglecting the Importance of a Website
As we mentioned earlier, the entire world has gone digital. Therefore, not having a website in this situation will only end up harming your brand. It is extremely vital for every business to have a website because most consumers’ first natural instinct would be to check out your products or services on your website before they decide to communicate with you directly or make a purchase. If you don’t have a website in the initial phases of your business, you will lose a potential customer to a competitor who does have one.
Visible Blunders on Social Media
Social media may be an effective branding tool, but it can also be a dangerous resource under certain circumstances. This is with regard to your visibility, of course. Although start-ups appreciate the exposure that social media offers, it can eventually prove to be incredibly costly to make a mistake or faux pas on such a grand scale. Remember two things: never pick a fight and avoid going off-brand. It is pretty simple, if you think about it. Social media platforms are public and fights with customers always makes the brands look bad. Secondly, control the temptation to speak out or give your opinion on a social or political issue that is not related to your business. Giving in to temptation and voicing your opinion will throw your brand message out of whack. Make social media guidelines and make plan to engage with customers.
Avoiding these pitfalls, especially if you’re an online business, is important. They may seem minor, but they can cause you the kind of damage you probably can never imagine. The e-commerce industry is oversaturated and at a time when virtual shopping and live video shopping are ruling the roost as the primary means of retail, start-ups need to focus on building a strong foundation – a powerful brand which will help them stand out.
