You want a business, but what you need to build is a brand.
A brand is what separates your business from the competition. It is what makes you and your company unique.
How do you build a brand? Find out in this video.
Building a brand is something that is not easy, it takes time, and it takes thinking, a lot of forethought before you even launch your business.
What do you want people to associate with your company?
We can think of some brands that are very well-known, Apple being one of them. What is Apple really known for? High quality, beautifully designed products that work really well. That is the association that people have with Apple.
What associations do you want people to have?
The reason this is so important is because almost anything else within your business can be copied. It’s only a matter of time. Technology can be copied. Anyone that has a certain technology has a certain amount of advance on the competition because they’ve already put in the time. It’s just like in the pharmaceutical industry. They have put in huge amounts of dollars, huge amounts of money into R&D, so they’re far ahead. But at some point in the future, that drug is going to become generic, the price will drop, and they will start losing market share.
At the end of the day, the thing that keeps customers loyal to your business is your brand. That is why it is so important to create a strong brand and to put a lot of thinking into what you want your brand to be.
What do you want it to stand for? What is truly going to make you unique in the marketplace from your competitors?
As an example, with my ESL company, JackESL, when we were looking at what can make us unique, during our research, we found that every business model you could think of is already out there. The space already has a number of competitors that are doing very well and are very well-funded. So what can make us unique? And once we figured that out, that is what is becoming the JackESL brand. That is what’s going to keep people loyal to us and not jump ship to a competitor when, inevitably, they come into the space and start trying to eat our lunch. Because that is going to happen.
If you are successful in what you do, competitors are going to start coming out of the woodwork, people are going to copy you, and they’re going to try and eat your lunch and take your customers from you. I’ve had it happen in previous businesses, and it is really an inevitability in any business that is successful. That is why it’s so important to have a brand, because you develop brand loyalty so that your customers, again, won’t simply jump ship when someone comes along with a product that has a few new features or a little bit lower of a price. Because they’re loyal to you, they’re going to stick with you through time.
So my advice to you is start learning about branding and think about what is it that makes you and your business unique. Do the research, look at your competitors, see where you can fill in the gaps.
A certain technology isn’t the brand. The thing you’re offering – also not the brand. The brand is what people are going to associate with you and your business on an ongoing basis.
Give that quite a bit of thought, write it down, look at your competitors – that is my advice for building a brand. Because again, at the end of the day, and I’ve heard many people say this from VC-backed startups to very successful coaches and authors, at the end of the day, you don’t really have a business, you have a brand. And if you don’t have a brand, then you’re not going to stand the test of time with your business.
So my friend, build your brand.