At first glance, launching your own brand is a piece of cake: just draw a logo, come up with a name, a slogan – and you’re done! But in practice, it’s not that simple. The main difficulties are as follows:
Incorrect planning
It can be applied to both finances and time equally. When drawing up a business plan, many aspiring businessmen allocate only a couple of months to the formation of a TM, but in reality it takes much more time. Under the conditions of a strict deadline, many stages have to be skipped, which negatively affects the brand launch.
Also, introducing a new vk data package product name may be avoided for the sake of saving. Often, entrepreneurs do not include in the budget the costs of introducing a new product into trade, naively believing that branding consists only of naming, logo and slogan. The costs of introduction are a small fraction of all that are to come, so is it worth saving from the start?
Misunderstanding of brand goals
One of the most common mistakes is the lack of understanding of the specifics of the business and the desire to do “like everyone else.”
Mistakes in brand strategy development
You need to answer the questions: what do you want to get by opening your business? What niche do you want to succeed in? What is its geography? Who do you plan to compete with for a place in the sun? How much money are you willing to invest in all this? It is desirable that the answers are formed in your head before you start branding.
Lack of clear technical specifications
Creating a technical task is one of the most important parts of the work. The final result depends on how high-quality the technical task is. The more clearly your technical task is formulated, the higher-quality product you will receive at the end.
Important! In the technical task, talk only about the project of the future business, and not about your own wishes.
Ignoring market analysis
The owner and director of the company believes that he has fully studied his clientele and the market. Is this really so? Often, the illusions created are very different from reality. If the management of the company makes decisions, following their own erroneous judgments, they cannot be called far-sighted. Everything must be taken into account: the current market situation and prospects, the portfolio of competitors and their offers to the audience.
Often entrepreneurs are confused by the prices for conducting such an analysis. In this case, a desk type of research will help save money. The price is several times lower than that of surveys and focus groups. Alternatively, you can find the results of past "research" on the Internet, but there is a high probability of encountering outdated information that may not answer current requests.
Once your business has established its position in the market, you should not forget to conduct a SWOT analysis to determine its strengths and weaknesses.
Ignoring SWOT Market Analysis