10 Myths That Stop You Creating a Unique and Profitable Brand for Your Business
This is part 1 of a 3-part series on how you can transform your business by creating a unique and profitable brand. Be sure to read the others after reading this article:
Part 1 – [You Are Here] 10 Myths That Stop You Creating a Unique and Profitable Brand for Your Business
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In building two very different and very successful businesses, I’ve found one thing that has given me a clear advantage is building a distinctive and memorable brand.
As The Real Estate Queen, I cut through the clutter in a crowded market and created a multi-million dollar business in just a few months.
Now my SuperWoman Lifestyle brand has allowed me to create a successful coaching and consultancy business serving entrepreneurs which has now expanded into a range of new areas including beauty and fashion products.
Yet still I find many people I meet miss out on the advantages of building a successful brand because they misunderstand what it’s about. This is costing them thousands or even millions of dollars in lost revenue because they don’t recognize the potential and seize it.
Here are 10 of the most common myths I come across that are preventing so many good business people from realizing the opportunity to build a unique and highly profitable brand to help create a highly successful business.
Myth #1: There is nothing special about me so I can’t have a brand
Your brand is simply what other people think about you. So you already have a brand whether you like it or not.
The key is you need to develop a brand that makes you stand out from your competition and gives people a reason to choose you.
When I decided to enter the property market, I knew much less than the many other people who had been running businesses in this field for years. However I created a distinctive positioning that quickly gave people reasons to choose to work with me instead of one of the others.
In my experience, everyone has something that makes them special in their market and the key is just finding what makes you the right choice for your ideal customers.
Myth #2: You need a big budget
I find that when many people think of what a brand is, they think only of big names like Apple and Coke. However each and every one of us has a brand in our businesses and it’s driven by everything we do.
Your brand can be driven simply by the clothes that you wear when you meet people or the way you answer the phone.
Having a brand is not about how much you spend but is about getting a clear idea of how you want people to think of you and then ensuring everything you do matches that.
I talk more about this in my FREE 7-part Branding Blueprint video series. Why not sign up for it now to learn more of the secrets for transforming your business into a unique and highly profitable brand.
Myth #3: Branding doesn’t matter for solo entrepreneurs or small businesses
A clear brand is about having a distinctive message and being consistent in everything you do to promote it. Big businesses often have lots of money to spend on advertising whereas smaller businesses and solo entrepreneurs have to make the most of everything.
One of my mentors began his career by positioning himself as America’s top young speaker and this carved out a niche that positioned him differently. Today he is known for his Big Money Speaker brand that enables him to attract thousands of people to his events every year and he teaches others how to do the same.
Myth #4: I can’t control my brand anyway so don’t need to do anything
As your brand is based on what others think of you, it’s true that you are not the one who determines exactly what it will be.
However you can choose to influence it by being clear what you want people to think and by being consistent in the actions you take to ensure people think and act the way you want them to.
Myth #5: It takes too much time and money
This does take a bit of initial effort but it’s time well spent and can actually save you significant marketing dollars down the line.
If you follow the right process, which I talk about in my FREE Branding Blueprint video series, this can be done quickly and easily.
You need to spend time and money on marketing your business anyway and having a clear and distinct brand makes it both easier and cheaper when done correctly.
Myth #6: Quality of service is more important
Of course it’s important that you deliver good value and good products or services to your clients or customers.
However take a moment to think about the most successful businesses you know in most fields, whether it’s a big national company or your local store or restaurant.
Often the ones that are most successful are not necessarily the ones that deliver the best service. It’s the brands that connect best with their customers that win every time.
Myth #7: Having a distinct brand would restrict my freedom
It might seem true that having no distinctive brand allows you to do what you want. But it also means you have no guiding principles to determine the products and services you offer and the kind of customers you want.
A clear brand gives you direction and creates success that allows you to move into new areas.
When I began my SuperWoman Lifestyle brand, I had no idea that I would end up having a successful cosmetics business. The brand gave me a sense of direction that led me there but allowed me the freedom to expand my business into new and unexpected areas.
I talk more about this in my FREE 7-part Branding Blueprint video series. Why not sign up for it now to learn more of the secrets for transforming your business into a unique and highly profitable brand?
Myth #8: I’ve already got a logo and I like it
One of the most common misunderstandings I find people have about brands is they think they have a cool logo and that’s all you need.
Certainly a logo and the way your website and business cards are designed can play an important role in supporting your brand. But what people think of you is determined by a much wider range of factors that you need to think about and control.
Myth #9: It’s easier to cut prices so that’s the best way
Cutting your prices may be one way to beat your competitors in the short-term but it’s rarely a good strategy for long-term success.
When people start to compete on price, there is only one way prices can go and that is down – along with the prospects for your business success.
In the markets I’ve worked in, I have always sought to create a premium position that allows me to deliver better services to my clients while helping me create a more successful business.
Myth #10: It’s better to attract a wide range of customers and a distinct brand would limit me
One of the most common myths in business is that it’s better to try to appeal to everybody. One of the keys to creating a successful brand is knowing exactly who your ideal customers are and ensuring that your message appeals directly to them.
When you know who your ideal customers are, you will attract more of them.
A strong brand built on the basis of a clear market then enables you to expand into other areas as I’ve been able to do with my SuperWoman Lifestyle brand.
If you want to beat the myths and seize the opportunity to make more of your business – whether you’re well-established or just getting started – please sign up today for my FREE Branding Bootcamp 7-part video series.
You have nothing to lose by signing up today and possibly so much to gain. I’ll see you in the first video shortly!
In the second part of this 3-part series on how you can transform your business with a powerful brand, I’m going to tell you the four steps I followed to create two unique and highly profitable brands in very different markets.
I’ll give you an exact process you can follow to do the same!
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Be sure to sign up for my free video series on how you can turn your business into a unique and highly profitable brand, you’ll learn more about branding and how it can help your business grow.