Five branding myths uncovered

If you want to follow a best practices process for branding, you need to get the facts on branding. After all, a well executed brand may help in creating competitive advantage for your expansion stage business. Last year, Entrepreneur ran an article by Starr Hall “debunking the branding myths” and the message is still relevant to today’s marketing and business growth strategies.

According to Hall, the five branding myths are: (Check out Hall’s article for the solutions).

1. Offering a consistent and great product will process a successful business.
2. The more you spend on advertising the more profitable you will become.
3. Word-of-mouth and referrals will build a successful business.
4. You need to possess a wide range of skills to become a successful entrepreneur and brand.
5. The costs to brand your business are enormous.

I have blogged about another common branding myth earlier this year. Read my post to learn why a brand does not only equate to logo design.