Is your Branding Harming or Helping your Business?There's no denying consumers crave a deeper connection with companies they do business with. This is why a beautiful website and a logo isn’t enough to define your brand. Uploading a good looking logo and writing a few lines on social media platforms are never enough. Curating a personal brand that genuinely shares who you are and what you stand for are pivotal for your hair business brand. Your brand should show who you are and what you stand for to create a more profound connection with your consumers. More importantly, if your brand isn’t appealing to your intended audience or not genuine, it can repel your future customers. So how do you avoid hair branding blunders when it comes to helping your brand instead of harming it? Here are five branding mistakes that are harming your business.
1. Failing to Research the CompetitionResearching your competitors is especially crucial if you are a newer business. Researching your competition helps you understand what other established companies in the hair business have done. Without knowing how to differentiate your hair business from your competition you run the risk of creating something identical. Knowing your competition helps you:
- Understand what your competitive advantages are.
- Get clarity on who your competitors are.
- Clarity of the pricing market in your area. You don't want to low ball yourself, but you also don't want to overprice your products as well.
- Allows you to create marketing strategies that take advantage of your competitor's weaknesses, and improve your business performance.
- Allows you the upper hand in making your products, services, and marketing campaigns stand out.
Who Are your Competitors?All businesses face competition, even if there is no one locally with your same business model in this day and age with the increased use of the internet to purchase goods and services you are competing worldwide. Your competitors also do not have to offer the same products or services as you; they can provide a substitute or similar products. To find out about your competition existence, you can check with:
- Local business directories.
- Local Chamber of Commerce
- Press reports
- Exhibitions and trade fairs
- Searching the internet
- Word of mouth
- Flyers and marketing literature
- What do you need to know about your competition?
- Their pricing.
- How they distribute and deliver.
- How they enhance customer loyalty to their brand and what backup services they offer. (Back-up services are services that require a continued return to do business).
- Their brand values.
- Are they innovating their business methods and products?
- Are they technology aware? A website, social media savvy, etc.
- Who’s the owner, are they personable?
- Their media activities.
- What type of customers are they targeting?
- How they treat their customers and who their customers are?
- Who are they?
- What products or services different customers buy from them?
- What customers see as your competitor's strengths and weaknesses?
- Do they have long standing customers?
- What is there an ideal customer?
How to Act on the Information you Have?Okay, so you have all this information, now what? Evaluate the information that you have collected about your competition. Draw up a list of everything that you have found out about your competitors. Place the information into three categories:
1. What can you learn from them and how it can be better?If you realize that they are doing something better, respond accordingly. It could be anything from improving a seamless transaction from initial contact of a potential client, assessing prices and updating products, to designing some marketing material, to developing customer service. Remember to try to innovate your business, do not imitate. Now that you see some mishaps ask yourself how to add more value to your company, and do even better than your competition.
2. What are they doing the same as you?Analyse your common areas and see if there's room for improvement.
3. What are they doing worse than you?Use and exploit the gaps you’ve identified. This can range from products, marketing, or distribution. Renew your efforts to cover the deficiencies you’ve discovered. The information collected should inform you whether there are gaps in the market that your hair business can exploit. Also, figure out whether there is saturation of suppliers in certain areas of the hair business industry, which will lead you to focus on the lesser competitive areas and become the go-to hair business.
2. Failure to Understand your Target AudienceBefore you start selling or even pitching an idea, you must understand what kind of audience and individual you are speaking to through your branding. No one can afford to target everyone; small businesses can effectively compete with larger companies with little fine tuning and targeting a niche market. Targeting anyone interested in your services is too general. Targeting a specific market does not mean you are excluding individuals who do not fit your criteria. Instead, it allows you to focus your marketing dollars and branding messages on a market that will likely buy from you vs., other markets. Understanding their demands, their expectations, what they identify with and what kind of brands they favor makes branding and messaging a lot easier. This is why failing to understand your target audience is number two of 5 branding mistakes that are harming your business.
How to Find your Target AudienceWrite out a list of each of your products and services. Next, to each thing you listed, list the benefit it provides. Once you have your benefits listed, make a list of people who need that your benefits fulfill like these for example:
- Wig making (benefit) protective hairstyling
- Clip-Ins (benefit) adds volume and length to hair for fuller hair
People Who Benefit
- Cancer patients
- Someone going natural
- Someone in need of constant change
- Someone who suffers from alopecia
- Brides seeking an updo and require more hair
- Someone with short
Choose a Specific DemographicDigging more in-depth than who needs your product or service, analyze who is most likely to buy it. Think about their:
- Income level
- Education level
- Marital or family status
- Ethnic background
Evaluate your Target AudienceOnce you’ve decided on who your target market will be, ensure you consider these questions:
- Are there enough people who fit my criteria?
- Will my target audience benefit from my product or service? Will they see a need for it?
- Do I understand what drives my target audience to decide on purchasing a product or paying for a service?
- Can they afford my products and services?
- Is my branding message relatable?