4 Reasons Why Businesses Are Scared To Turn Into A Brand
From small-scale firms to already established businesses, the process of functioning is never the same. However, the one thing that is common between the two of them is “fear” - the fear of being a brand!
Brand renewal or branding, as we all call it, is an amazing opportunity which takes businesses towards innovation and growth. If this is the case, why do organizations find the entire process to be so intimidating?
Well, one of the main reasons behind this common fear is the ambiguity that comes with branding – what if it doesn’t work? Now, it sure might fall flat provided you don’t have the required expertise and experience of branding. However, with the help of useful resources and professional knowledge, it is next to impossible that your efforts might not pay off!
There are several reasons as to why a business feels edgy about being a brand. Getting to know what they actually are, will help overcome that fear.
Unless you don’t see what branding has got in store for your business, you can’t help but be terrified about being a brand. You see, it’s like walking right into the unknown – you’ve got no clue where you’re headed or what’s about to happen.
The only way you can overcome this fear is by arming yourself with enough experience and the right methods of branding. It’s like taking an anxiety medicine before undertaking any medical procedure or practising before getting on the stage to give a speech.
On the other hand, you could even seek for professional assistance from a branding consultant or agency, as they can tell you what exactly does it takes for you to be a brand and how it could benefit your business. Besides, when done in the right way, you could actually change your business in a positive manner.
Need for more money
It is always better to seek assistance from an agency with enough experience when it comes to turning your business into a brand. However, be ready to shell out your money, because it is surely not going to be easy on your pockets!
Now, if you’re a startup, it’s obvious that you won’t have enough funds to hire an agency. But, you can still explore other options, like employ a freelance designer to create a logo for your business at an affordable rate.
Or else, you could even crowdsource the design of your website or logo for free. Although the design might not surpass your expectations, that way you’ll at least be saving a lot for rebranding.
But before you hire someone, do go through the type of designs they’ve previously made for other clients and see how that worked out for them. Always weigh up your end goals and only then select a partner who can best execute them.
No immediate returns on investment
When it comes to branding, it is of utmost importance for you to comprehend that it isn’t some tactic or ad campaign that will instantly trigger off computable and quantifiable returns.
It is basically a method that helps you grow and branch out your existing customer acquisition tactics and other campaigns. Put simply, it’s an essence that makes your business familiar in the eyes of your customers.
Truth be told, you cannot weigh up the returns on your branding expenses in terms of money. It’s more about the brand name and image it creates for you and the sense of trust it develops in your target audience. It is these things that must be given the topmost priority, provide you want your business to walk down the path of success for a longer period.
A higher obstacle to entering the new industry
Yes, it’s true that turning your business into a brand can act as an obstacle when trying to be a part of the new market. You’ll have to set up a brand new office and company in the market – on the whole, you’ll have to start from scratch!
Not only will it eat up a lot of your time, but also cost you an arm and a leg. Nonetheless, there are certain tactics that you can implement to make a name for yourself in the foreign market without having to burn a hole in your pocket. Some of the strategies are direct exporting, franchising and partnering, to name a few.
Now, the strategy that will best suit your requirement is highly based on the market you’re planning to break into not to mention, the country you’re currently in. Even though the agency you’ve hired is using the best branding methods like giving away promotional pens to help you get into the market, you can’t expect ‘one size fits all’ kind of solution.
Know that your brand is a reflection of what exactly your business is and plays an essential part in its success. So, don’t be afraid of turning into a brand; rather seek assistance from a well-known agency and bask in the success of your business whilst they’re taking care of those branding strategies.