I’ve identified some common mistakes founders make when building their brand, and so you can avoid these mistakes I’m going to take you through them.
Price bombing happens when your purpose isn’t built into your brand, this will cause all types of problems. You’ll struggle to quickly communicate how your brand can add value. No one will understand what your brand stands for, which means they won’t be able to see past the price. It also means you’ll struggle to get your team, prospects, investors, and strategic partners to rally around your idea.
A typical price bombing scenario might go something like this…
You’ve built your MVP, you’ve tested it on some early adopters, made changes and improved its performance. You’re finally ready to take it into the big wide world. Now, in your head you know what you’d like to charge and, if you’ve done your market research properly, you’ll know how much your customers are willing to pay, so you know you can make a profit – happy days. And of course, you believe your idea is the best thing since sliced bread, so selling it will be a doddle.
Then you launch your product, and you realise that getting people to buy things is actually really difficult, so you panic, your internal monologue will sound something like this:
“Shit, we’re already behind on our sales forecasts and we’re barely 6 months in. I know, we’ll do an introductory offer.”
So you do, and you get a few sales – maybe because of the offer, maybe because you just so happened to come across some people that needed your product. The introductory offer ends, and sooner or later you go through another bad patch. And the same thing happens again. Eventually, it snowballs and before you know it you’re price bombing. You end up running a summer offer, autumn offer, Christmas offer, New Year offer, New Financial Year offer, Queens Jubilee offer, Chinese New Year offer and an End of Offer, Offer.
You’ll find yourself focussing so much on the numbers you’ll lose sight of what makes you great, and so will your customers.
