How to build your business around brand and the different types of people developing brands today
Most CEOs and management teams build their business around product. Market leaders know they must build their business around brand.
This defines your brand DNA, which helps everyone focus on what’s important for the business to grow. Without everyone truly understanding your brand DNA, people inside and outside the business will struggle to engage and deliver the brand’s true passion, purpose and vision.
How to define your brand DNA
There are several key ingredients for defining brand DNA and making your business stand out from the crowd.
Connect the brand ecosystem
How the whole business joins together to create one message.
Create the brand blueprint
Enables the business to understand its market gap and deliver key brand messaging. It also enables everyone to understand the core values.
Create business clarity
Everyone in the business can articulate what you are – and most importantly what you aren’t – what you want to be known for and how you want clients to feel.
If people understand your target audience, they can engage and interact with these specific needs and desires rather than speaking to everyone.
Define your game
What’s the big game you’re looking to play and how do you know when you’ve arrived? Both commercially and culturally.
Tell the story
Ensure people understand your story and can believe it.
What types of people are creating brands today? We observe three types of people creating brands in the market:
People in the early stage of business growth – typically 80k-1.2m.
People in a mature brand that haven’t continued to invest. The once famous brand is lying dormant and needs renovation to come back and exceed its former glory.
People who constantly refresh their brand. These businesses might be market leaders already. Or they simply understand the value in providing a regular spend to refresh their brands and associated tools.
People commonly invest in a brand at one point, say 1m in revenue and don’t invest again until they reach 10m. This pattern of ‘build then run-out, rebuild, run-out…’ is a huge cost as the expense of renovating and rebuilding a brand is enormous.
We encourage people to become ‘refreshers’ by consistently investing in their brand rather than relying on renovation. Refreshing costs less and the ROI is much higher.