This type of focus creates a reactive mind set which leads you to take the wrong actions. Your actions begin to look and feel too much like the competition. Building a brand should separate you from the competition, not emulate it. Knowing about the competition is only important as a means to guide you into the areas that are not being effectively addressed by them. The reason brands command premium pricing is because brands are not "me-too."

Turn it around: Watch the amount of focus that you give to your competition. It is best to develop your own game plan based on your strengths and where the competition isn't playing, than to over emphasize what they are doing. Chances are that your competitors' actions might not suit you and your brand. Just because the competition does it, doesn't mean it is right for your brand.

Mistake #3: You think everyone can use your product/service

Everyone is not a potential customer. In fact, successful brands focus on the 20% that generate 80% of the profit. The biggest destroyer of your branding efforts will be the word "Yes". Once you begin to do all things for all people, you no longer have a brand that can command a premium. A brand is not interchangeable with another, which is why brands earn what they are worth.

One of the most challenging parts of branding is selecting the target. Nobody ever wants to give up a potential market. However, the best brands have made the toughest choices and stuck to them. Branding efforts are not inclusive, they are exclusive. Brands sacrifice large markets of opportunity to be like a beacon in one. When you do this successfully, your market grows because clarity is appealing.

Turn it around: Practice narrowing your focus. Do less in order to provide more value. Force yourself to pick one target and stick to it. Build your communication and your focus around this one target. Don't get off the track. Turn things away that don't support this focus.

Mistake #4: You rest on your success

We can all reach a plateau from time to time. You have worked hard to get where you are and you stop reassessing your brand. This is death for a brand. Customers, like bosses and the marketplace are ever-changing. A brand is a living thing and is never stagnant. You have to continuously redefine your offering relative to your changing strengths coupled with the feedback and impact on the market.

This is particularly crucial for anyone who is in a leading position. Maybe you are #1 in the marketplace, or you are a #1 producer for your company. This is the time when most of us don't want to change a thing, because it has worked and gotten us where we are. However, this is precisely when recreating and reassessing your brand is essential to keep it sustainable for the long-run.