My Business Failed!
According to Bloomberg, 8 out of 10 businesses fail within the first 18 months. Do you know what is the main reasons? Branding, people don’t care about Branding.
The new business owner invest ton of money on the new product to sell, he/she buys the hosting for the website, the domain, hires the best employees. The business owner invest thousands of dollars on online marketing or direct mail marketing, pays for a great Internet service to attract clients with a wonderful “Free Wifi” offer in location, but, still 8 of 10 fail.
Why? Because the business owner doesn’t want to invest in the most important aspect for the business, the Branding. When it comes to invest money on a good Logo to represent the business or a great Identity package to keep consistency through every component of the business, this business owner doesn’t want to pay more than $100. This business owner will reject every professional and wont stop searching until he/she finds a “cheap designer”.
BIG mistake, and a very usual one. That’s what separates Domino’s Pizza from a local pizza service. Domino’s understand that good Branding is everything. Domino’s invest money in every part of the product and experience they offer to the client, because Domino’s knows that every dollar invested in Branding is a future customer.
The local business owner doesn’t understand this, the business owner will invest thousands of dollar in everything but Branding, when it comes to Branding, the business owner will invest nothing and, that’s why the business owner wont have a business to offer the next year.
Always remember to take a look at my latest projects…