Small and medium enterprises tend to underestimate the power of branding. This must rank as one of the deadliest mistakes in the world of making business.
You have most likely read about the branding failures of large businesses in the news – those massive errors that spelled doom for once successful ventures. While not making headlines, the collapse of small businesses are more common. Studies reveal that 63% of all South African businesses fail within the first two years of trading.
Many of the errors behind the collapse of small and medium enterprises are branding errors – or the result of business owners not understanding the importance of it. Many people think of “brands” as being large, important identities everybody knows about like Nike, Coca-Cola, and Harley Davidson. But building a credible identity for a small business is just as vital, and one of the first steps along the path to success.
Branding need not be a headache or anybody’s worst nightmare but it’s essential to make sure you have a little know-how before you start your business. Ensuring that you have the basics down will allow you to steer clear of avoidable errors and take a significant amount of stress out of running a small business or start-up. Plus, if you do it right, you’ll likely find you enjoy it! And the value of a good brand is quite simply, beyond measure.
Across the board, there are five common branding mistakes committed by small businesses. All can be avoided with a little thought and planning.
Bad business name
We’ve all driven past them: those businesses called “Bob’s lawnmowers” or “The very best nuts and avocados”. With the possible exception of The No. 1 Ladies’ Detective Agency, few of these achieve fame and fortune. And the latter is fictitious.
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Original article appeared on www.howwemadeitinafrica.com