I really love my Buzzoodle Brand. I doubt I have monitized it the best I could, but I do love my brand.
In some ways it is important to love your brand. If you really love it, you will be excited and talk about it with passion.
But loving your brand (and maybe yourself) too much can also cost you a fortune.
With the closing of Woolworths, people are not sad about the closing of the best way to buy toasters. They are sad because they have grown used to the brand name and the idea of something with a long history. People that have long ago stopped shopping there are still probably sad to see it go.
Successful people know the importance of brand, and they also know that it is just a tool for making money.
The problems with branding come into play when you let your love for your brand cloud your judgement. A business exists to make you money. A brand should contribute to that. Business first, brand second.
– If you have a brand you love and you are still trying to figure out how to make money with it, your brand is costing you a fortune.
– If you are spending many months building the perfect website, best logo, etc to establish your brand, the brand is costing you a fortune. Launch earlier and test your ideas, then continue to perfect it.
– If you are loosing money but think it is going to turn around next year because of the strength of your brand, your brand is costing you a fortune.
– If you are spending time tweaking your brand instead of improving the business process, your brand is costing you a fortune.
Falling in love with your brand can blind you to the hard facts about business. The only brand you should be in love with and committed to is your personal brand, because ditching it for another is rather difficult without some plastic surgery and moving to another city.