At HostMyBytes, we see a lot of startups order hosting, and six months later (sometimes sooner) we find out that they’ve failed. Sometimes they run out of money, or they don’t get enough customers, or they’ve lost interest. The commonality that we’ve found among all these failed ventures is failed branding.
What does it mean to build a brand?
Let’s look at it in terms of a recent example. Most people won’t pay $15,000 for a no-name watch. On the other hand, a Rolex watch could easily fetch $15,000. Even an Apple branded watch has a hard time fetching $15,000. Why? It’s all about the branding. Rolex is an established luxury brand, and Apple is a technology lifestyle brand.
Building a brand means creating something that others want to associate with. iPhones have a distinct hipness toward them that other phones merely don’t have.
As a new business owner, you can begin the first steps of building a band and start on the journey to cashing in. It takes years to create a brand, and it is not a task that should be taken lightly. Public image is important.
Building a brand means building a product that casts a memorable image. When you think of American fast food, what’s the first thing you think of? Probably McDonald’s. Their brand casts a memorable image. Now is the time to harness the power of a brand to help your company.
How did brands use social media to become successful?
Let’s look at a major brand and see what they did to become successful.
Old Spice is a reputable brand, and it has been around longer than many men have been using its products. In 2010, it ran a series of semi-viral videos, where “The Man Your Man Could Smell Like” replied directly to tweets via YouTube videos. In The Thank You Economy, Gary Vaynerchuk describes how, “Old Spice Played Ping-Pong, Then Dropped the Ball”. Old Spice succeeded in building its brand through this campaign, but they stopped too soon; they had no way of continuing the conversation with their viewers.
Old Spice already had a following, and they mobilized it through good, quality content to turn their video viral. What they failed to do was to keep people engaged over the long term.
Next week, we’ll deconstruct the steps taken by Old Spice for their viral campaign, and we’ll create an action plan to building your brand in 30 days. Subscribe to our blog so you won’t miss out.