Black Meetings and Tourism

Sept/Oct 2019

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B M & T ••• September/October 2019 ••• www.blackmeetingsandtourism.com 31 MISTAKE #1: You don't claim your brand position at all. Instead you let the market do it for you. Position happens whether or not you are driving it. If you allow your- self to be positioned by the market, it most likely will not be your optimal brand position for growth. So, the number-one mistake is to underesti- mate the importance of brand positioning by not intentionally claiming your brand position at all. "Don't be an accidental brand," says Pedersen. "It's too important. A business's brand can either unleash your competitive advantage or thwart it." MISTAKE #2: You delay on brand strategy. Ironclad brand strategy is not just for established businesses with traction. It is also for start-ups. The sooner you have a brand strategy, the sooner you'll have both your North Star and your rudder. Know your purpose now—you can always revisit it later as your product gains mar- ket fit and momentum. As with any business, you will refine your direc- tion as you learn more about your customer, the competitive space, and your own strengths as a business. MISTAKE #3: You focus on the category benefit of your product. Assuming you do participate in careful brand positioning, the most common business pitfall is choosing a positioning idea that is not own- able and differentiated. Many businesses pin their brands on a category benefit or "table stakes": a benefit that is not only not unique to the mar- ket, but is a must-have for anyone in the space. If you sell a pancake mix (and your brand isn't dominant), it's vital to avoid relying on table stakes like "comfort food on Sunday mornings." Instead, you have to focus on something that only you bring to the pan- cake experience. Identify the things you are particularly good at (maybe your mix is healthier than the others, or you deliver a traditional Swedish- style pancake). Then isolate which of these are unique in the market. Finally, determine which of these resonates with your target audience. MISTAKE #4: You don't recognize the vastness of brand. Lots of people misunderstand brand because a lot of different com- ponents and tactics make up brand. It includes things like logos, advertis- ing, TV and social media, the product itself, customer experience, tagline, SEO, font, your business's personality, and even the color of your employees' uniforms. But none of these are, by themselves, brand. Brand is the interconnected web of what your business means and how you deliver that meaning, all made possible by your special position in your customer's universe. "To conflate brand with one of its many manifestations is to miss its power," says Pedersen. W hether or not you realize it, brand is tremendously important to every aspect of your business. A well-crafted and well-executed brand strat- egy can cut through the noise of a million messages, articulate your promise to the customer, set you apart from the competition, scale your business, and establish yourself as a leader in the space. Problem is, most leaders underestimate and neglect their brand. Even those who think they know brand inside and out often have big miscon- ceptions or serious flaws in their strategy—and in this case, what they don't know can hurt them. "Misunderstanding brand leads to costly mistakes," says Lindsay Pedersen, author of Forging an Ironclad Brand: A Leader's Guide (Lioncrest Publishing, April 2019, ISBN: 978-1-544-51386-7, $27.99). "Only by recognizing common missteps and avoiding them can you fully realize the power of a strong brand and put your business ahead of the competition." Pedersen says brand should be a company's North Star. It should guide every decision you make. Forging what she calls an ironclad brand lets you occupy the single best position in the hearts and minds of your customers. When you pinpoint this optimal position, you'll be able to create value, maximize scale, and lead with purpose. On the other hand, a poorly crafted and executed brand position can seriously cost you. Read on for a list of mistakes that too many companies regularly make: BIG BRAND MISTAKES COMPANIES REGULARLY MAKE Brand Expert Lindsay Pedersen Says She Sees Companies Make the Same Mistake Over and Over. Do You Recognize Yourself in the List Below? 11

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