Entrepreneurs will often ring in the New Year with renewed creative energy, rejuvenation, and motivation. Unfortunately, many CEOs get swept up in the excitement and spend thousands or millions of dollars and countless hours building a brand that turns out to be unprofitable after it’s launched. Whether your goal for 2021 is to remake an existing brand or create a completely new brand, avoid these mistakes to ensure that your brand is ready to soar into 2021.
1. Lacking Intention
It is impossible to create a plan when you don’t have a specific destination. And in order to successfully create a brand - unless you’re a top Fortune 500 company with near unlimited funds - your plan cannot be to reach “everyone.” An unfocused brand will get lost amongst the consumer population and slaughtered by the competition. Your brand, target audience, and how you intend for your audience to perceive your brand are all aspects that need to be clearly and specifically defined.
2. Talking Too Much and Too Long
The elevator pitch, although not a new concept, is more relevant than ever. People’s attention spans are arguably becoming shorter with information and entertainment instantly available thanks to the internet. For this reason, your brand needs to make an immediate impact, otherwise you’ve already lost whomever you are speaking with. Talk too much and in circles? You will likely get a polite smile and an excuse to exit the conversation. Before you approach someone, consider a topic that will resonate with them and plan how you will open the conversation. This will lead to an instant connection and meaningful rapport. In branding, connection is everything.
3. Asking for Support Before Demonstrating Value
If you've seen an episode of “Shark Tank,” you know that without a superb pitch and clearly demonstrated value, “the Sharks” will have no hesitation in saying no to a deal and moving on to the next entrepreneur. Outside of reality TV, the marketplace has a similar competitive atmosphere; people aren’t obligated to invest in your business or buy your product. Take the lead by demonstrating why and how you can help people with their unique situations. This relationship building approach plants a deep seed and makes people want to reciprocate leading to opportunities for one-on-one conversations or to offer a free sample or learning tool.
To be continued in part 2...