WHAT'S MORE IMPORTANT, A GREAT BRAND OR A GREAT PRODUCT?

They say that perception is reality, and when it comes to having a great brand versus a great product, this adage becomes even more profound.

In marketing, both offline and online, there are two competing schools of thought. In University 1, marketers believe that the product is more critical to a company's success. Students and professors of University 2 diverge, thinking that brand is more important than the product. Here, we're proponents of the University 2 school of thought - that having a great brand is more important than selling superior products.
 
Why do more people believe that having a great product is the key to a company's success?
Logically, it makes sense that a great product comes before a great brand. The thinking goes that the product comes first, then a great marketing strategy is built around the product to influence perception. If a company has a superior product, then the goal of the marketing department is to communicate the product's unique features and benefits effectively.
 
It's simple, logical, and intuitive that a company would first develop a superior product and then work on developing a marketing or branding strategy to move the product. But while this may seem accurate on its face, this line of thinking completely ignores a key component of human nature; that perception is reality.
 
Why is the brand more important than the product?
It's counterintuitive, but having a great brand is more important than having a great product. Why? Because of perception. In reality, there are no "facts," when it comes to which product is better. There are only perceptions that your target customers hold that drive their purchasing decisions. Think about the ongoing feud between Apple and Microsoft supporters or the iPhone versus the Android. It's impossible to pin down which product is factually superior, as opposed to which product the customers perceive as being better.
 
Also, which is easier? Creating a "better" energy drink than the most famous of all energy drinks, Red Bull, or changing people's perception of Red Bull? Perception is not only the key to creating a "superior" product and building a great brand; perception is also difficult to change. Once someone's perception of a brand is established, it's hard to change it. Unless a great brand does something idiotic, it's nearly impossible to damage a customer's positive perception of a brand.
 
What do businesses need to create perception and build a great brand?

• Differentiation - It's better for brands to be different than to have a superior product.

• Believability - Become a market leader to influence positive perception.

For businesses, establishing positive perception in their target audience's minds is the way to build a great brand. And a great brand is superior to having a great product. But this isn't binary. Product is also essential to a company's ultimate success; it's just not as important as great branding.

What do you think is more important?

IS INFLUENCER MARKETING ALL IT'S CRACKED UP TO BE?

In 2020, the influencer marketing industry is set to reach a whopping 10 billion dollars. A startling 99.3% of businesses who use influencer marketing use Instagram to build and launch their campaigns. But with the rise of major and micro-influencers proliferating on Instagram and elsewhere, is influencer marketing all it’s cracked up to be? For brand awareness, maybe. But when it comes to sales, we don’t think so.

Why has influencer marketing become so popular?

There isn’t a company or marketer alive who hasn’t struggled with creating awareness and driving sales. Often, marketers don’t have enough unique and original content to support all their channels and entertain and inform their audience members. It’s also challenging to foster trustworthiness and brand identity. And with so many brands using online and offline marketing and advertising, it’s becoming increasingly difficult for marketers to break through the noise and capture their ideal customer’s attention. Because of these marketing difficulties, influencer marketing quickly became the go-to solution for these problems. But the solutions influencer marketing brings to the table - trustworthiness and attention-grabbing - aren’t necessarily going to result in direct sales.

So, what’s the problem with influencer marketing?

When they first came on the scene, influencers may have been able to build the type of trust that brand’s want to foster with their target audience. But in today’s world where fake bots and large follower counts are often an illusion, influencers are more akin to reality stars than trusted authorities for most consumers. Having thousands, and hundreds of thousands, of followers might be what marketers want to see, but this doesn’t always translate into a sign of trustworthiness for consumers.

Studies and surveys on influencer marketing bear this out. Only 23% of surveyed consumers believe that content and recommendations from celebrities and micro-influencers are in fact, influential. Conversely, 60% of consumers are more apt to trust recommendations and content from their friends and family members. A social influencer, to most consumers, is just another marketer. They are inherently untrustworthy. Consumers are savvy and understand that content from influencers is simply the digital, modern equivalent of paid advertising.

The impact of social influencers is similar to the effects found with native advertising forms. It’s useful for steadily improving soft metrics like awareness and engagement. But when it comes to metrics like sales and conversions, influencer marketing falls short. Companies must understand that influencer marketing does have a place - to build awareness. But when it comes to direct sales? Not so much, and your efforts are more likely to pay off if you focus your marketing efforts elsewhere.

Who are your greatest influencers?

The effectiveness of influencer marketing will vary somewhat depending on your industry and your specific marketing goals. But the prevalence of bots and fake followers has seriously sullied the reputation and effectiveness of influencer marketing when it comes to sales. Your best bet? Get your real customers to recommend your products and services to their family and friends.

10 WAYS TO KILL A BRAND

Companies will spend a lot of time and money on creating an effective branding strategy. But mistakes can, and often do happen during this crucial phase. Here’s our guide on the worst things you can do to kill your brand and how to avoid them. Now these might seem like nothing new, but it doesn't hurt to have a refresher.

1. Using Poor Quality Visuals
Or worse - no visuals at all. Pictures are more memorable than words, and humans tend to think in pictures. Attention spans are getting smaller and smaller, so make sure to invest in something that connects with the visual thinker.

2. Inconsistent Branding
Your company needs to use the same name, logo, and tagline across multiple mediums and channels, both inside and outside the business. The name on your sign for your brick-and-mortar location? It has to be same as what’s on your business cards and website. Keep it consistent, invest in brand guidelines.

3. No Employee Training
Your employees are walking, talking advertisements for your company. Train them well on how to be effective ambassadors for your company. Implement a Brand 101 course with monthly courses to ensure your message is being properly conveyed.

4. Not Tracking Marketing Efforts
Each time a new customer contacts your company, it’s a good idea to have your employees ask them how they found out about your brand. Keep a master list of these answers to inform where you should focus your future marketing efforts.

5. Not Leveraging Word-of-Mouth Advertising
Your previous clients and customers are your greatest marketing assets. Use their testimonials and quote them in your ads and brochures. A real, authentic voice might be just the validation someone needs to click the buy button.

6. Using Old Marketing Materials
Many small businesses will make this mistake. They invest heavily in a brochure or sales letter, order thousands of copies, and then use the material for many years until it’s all gone. The marketing quickly goes stale. Instead, order smaller increments of marketing materials, and refresh them frequently with new content and mediums.

7. Confusing Consumers with Too Many Choices
We get it; you’re a jack of all trades. But that doesn’t mean you need to advertise as such. Instead, focus on a core offering and build your branding strategy around it. You don’t want to make the mistake of confusing the public and overwhelming them with too many choices. Analysis paralysis is real.

8. Unbelievable Taglines
Trust is critical for fostering a relationship with your customers. Don’t use an unrealistic tagline like “We Do it All.” Do you really do it all? Play it safe here and use a believable tagline your customers can trust, and that’s memorable.

9. Jumping on Trends
Here’s the thing about trends - they come and go. But you want your brand to stick around for the long haul. Avoid trends and cliches when building your brand.

10. Not Welcoming New Customers
Brands need to think logically and convey a warm, welcoming tone. You may have a local market you’re targeting, but we live in a global economy. Brands should try to welcome customers from diverse backgrounds by being culturally sensitive, inclusive, investing in translation software, and using language the average person can understand and appreciate.

Know where successful branding starts. Be aware of these top ten branding mistakes and avoid them when launching your new company, product, or service.