If you ask ten people for the description of a ‘brand’, you will get ten different answers. The problem, you see, is that with all the different definitions going around, few actually know what a brand is, and more importantly, what value a brand can hold.
Take FMCG (Fast Moving Consumer Goods) for example. Once again, it all started with money and greed and companies striving to give their shareholders more, at any cost. These companies have meetings – ‘brainstorms’ on ways to cut costs in order to make more money.
I was privy to a number of these meetings with a big yoghurt brand. Someone in marketing or production or even sales comes up with a great idea: change the milk to a cheaper grade and save money. Make the plastic cup smaller and save money. Turn fruit into fruit bits and then just fruit flavour and save even more money. All the while increasing the price.
Each of these ‘double-whammy’ ideas creates a spike in sales and profits at a particular time of year. Which instantly becomes an expectation from the shareholders for next year, only they expect it to be bigger. So begins a never-ending cycle of taking away all the value you came to love in a product in the first place.
A number of very big, very ‘successful‘ companies run their business in this cost-cutting manner. Which inevitably means they do the bare minimum when it comes to marketing and advertising too, again to keep costs down. What they don’t realise is that these misleading sales cycles are in a downward spiral. By devaluing a product and failing to build loyalty through advertising, the end result is inevitably that customers will seek better value, at a better price, elsewhere.
As competition in the marketplace becomes more prolific, more and more companies find themselves losing out on a lot of sales before they have to spend a lot of money re-investing in their products. All of which could easily have been avoided.
Winning back customers
I am very happy to report that the yoghurt company in question did reinvest. They put back all the things they took out and added in more and turned a bland, tasteless product into a leading brand once again. They won their customers back too.
But not all companies and marketers do. I bought a packet of chips/crisps tonight, again a leading brand. It was a large packet (125 grams) and it was less than a third full. Even in a bag half the size there would have been room.
You’ve all heard the joke “I bought a bag of air today and was surprised to find a few chips in it”, but all joking aside, there comes a point when psychologically ‘fooling’ the customer takes away all sense of the brand promise, to the point of fraud.
Just take a look around. Notice how small a slice of bread has become? Chocolates, lollipops, containers of coffee are two-thirds the size they were not too long ago. Fast food, especially, carries the evidence of my point. Which means very few marketers are looking at the bigger picture. Long-term strategies are a thing of the past and instead of looking to the future, instant gratification is the order of the day.
As long as it is all about money, I am not sure what the solution is. But if we continue to diminish everything we know and love, we need to ask ourselves: where it is going to end? Where are we headed?
5 Tips Every Entrepreneur Must Follow In Order To Build A Personal Brand That Sells
Personal branding, a service once reserved for politicians and superstars, is nowadays the key to entrepreneurial success. Personal branding is the venture of the future. It is the best investment you can make in yourself.
Personal branding is a disciplined process meant to differentiate and elevate the brand owner from the competition. A clever personal brand entails a series of elements such as but not limited to strategy, logo, website, professional photos, social media platforms, social circles – depending on the goals of the entrepreneur.
Owning a personal brand not only ensures the entrepreneur sells more, it also increases legitimacy, transforms the entrepreneur into a respected thought leader, attracts investors and partners and ensures overall upward mobility.
Even though branding is a current buzzword, proper personal branding remains a mystery for most entrepreneurs. To navigate this intricate process, read the following real-life tips for brand building and reputation management.
1. You are not born a brand, you become a brand
From Oprah to Obama and Ellen to Elvis, every grand personal brand was once a mere mortal – just like you. They had a dream and they hustled just like you. Personal branding when done right is interlinked with personal development. Through an intricate process and an array of strategic actions, entrepreneurs just like you became world-wide leaders.
- Branding is an ongoing process.
- When in doubt, ask for professional help; an entire team is involved in managing a brand.
- Do not compare your first week to someone’s 40th year.
2. Do not be a copycat
Good brands get replicated. Great brands cannot be replicated. If you want to own an average brand, go ahead and copy one. However, you will only be able to copy another brand up to 80% and usually the remaining 20% makes the difference. If you aim to be special, you should incorporate your authentic self into the brand – showcase your mission, vision and story. If you cannot do your business at a superior or different level from your competition, you should probably be doing something else!
3. Stable is better than spectacular
- In the world of Elon Musk and Richard Branson, the brand of the average entrepreneur may seem quite dull. Remember though that your mission is to receive legitimacy to sell your services not appear in the tabloids.
- You do not want to be a one hit wonder. You want to be in business for many years. Focus on building a stable base for your brand that will evolve and develop throughout time.
4. You network really is your net worth
- Who you surround yourself with is who you become. You know it, but are you implementing it?
- Every business is run by an inner circle of individuals; befriend them! The creme de la creme have specific mannerisms and a characteristic way of doing business. Learn to speak, act and behave that way.
- Before you break the rules, you should know the rules. You learn the rules when you are at the right place with the right people.
- When your potential customer sees you with accomplished entrepreneurs, you receive instant validation.
- Your friends with a bad reputation might be costing you brand equity.
5. Brand building is a life-long game
- Building a brand that sells takes time. You are not selling a product in the supermarket, you are selling a perception. Every online and offline interaction potential clients have with your personal brand straightens or decreases its value. The ROI is often slow in the beginning.
- Once your brand is established, the world or some part of it will be at your feet!
3 Mind Hacks For Overcoming Your Fear Of Marketing Yourself
Take it one step at a time. You get nowhere until you put yourself out there.
When I first started my business, I was so uncomfortable about marketing myself and putting myself out there. For most of us, that’s not something we were raised to do or taught in school. Many of us are taught the opposite.
These days, I see many of my clients struggling with this same challenge. They aren’t sure what to say when asked, “What do you do?” Or they’re afraid to go out and market their product or services.
They’re afraid they don’t have enough experience, or are not an expert and people won’t want to hire them.
The only way to get experience is to get some business. And that requires marketing. So what can you do? The key is to get yourself in the right mindset. Here are three mind hacks to help you overcome your fear of marketing yourself:
1. You only have to be one or two steps ahead
If you are offering a service, you only have to be a step or two ahead of someone to be able to help. If you’re offering a product, you only need to know a little more about the product than they do to help them make an informed choice.
It’s also okay to tell people that you’re just starting out or to say you’ve reduced pricing for a limited time in order to build your new business and gather testimonials.
Keep reminding yourself that you don’t need to be at the finish line – whatever that may be for you. You only need to be a little ahead of the people you want to help. Everyone starts somewhere. As Lao Tzu said, “A journey of a thousand miles begins with a single step.” Take that step.
2. Get clear on your message
When you have a clear message, and you know it inside and out, it can give you a much needed boost of confidence to get out there. That confidence has the added benefit of drawing people to you.
Obviously, your business evolves as you evolve. Your message might change with time, but it’s important you start out with one that is clear and consistent – something that gets you excited so others can feel your excitement and confidence.
Create a statement about what you do, and make sure it aligns with your values.
Distinguish yourself by including the following info:
- The issue or complaint your ideal client is facing
- How you can help them
- The shift – the benefit or outcome of your product/service
Here’s an example. You know how some people are living a life others want for them, instead of doing what makes them feel good? I guide people on how to ask themselves powerful questions to figure out what they truly want, what fuels them, so that they can be the CEO of their life and business.
I could just say what I am – a coach. And so could you. But when you say it, people will just think of the last person they met who does something similar. A clear, consistent and exciting message makes you stand out.
3. Get your feet wet
“Do. Or do not. There is no try.” – Yoda.
These words may have been uttered by a fictional character, but their meaning is very real.
If you want to get into the mindset of doing something, do it! It’s okay if you’re uncomfortable initially. You’re doing something out of your comfort zone.
Welcome to entrepreneurship. As an entrepreneur, you will always be doing something out of your comfort zone. That’s what keeps your business moving to new levels. You are always trying, testing and trying again. It’s not about the failures or missteps. It’s about the doing.
Go to networking events, go where your target clients hang out (online or offline), join a group or just start speaking to one person at a time about what you do. It truly does get easier and easier.
It’s the same when it comes to selling your product or services. Reach out to one person or one company at a time. You’ll start out with one client, then two. And with each client, your confidence builds.
Take it one step at a time. If you have a fear of speaking in public, go to Toastmasters to practice speaking and overcoming objectives. If you have a fear of contacting someone by email or phone, commit to just one a day, then five a day, then 10 a day. Take it step by step. It doesn’t have to be a big step, but it does have to be a real step.
Whatever fears come up, remember they’re normal. This is something totally new for you. It takes time to get comfortable with the uncomfortable. Those thoughts in your head that prevent you from moving forward, the ones that want to keep you safely in your comfort zone, you need to identify them and reprogram them with thoughts that will help you create the successful life and business you want.
This article was originally posted here on Entrepreneur.com.
The Real Value Of Building A Brand
Young people today are likely to join or stay with a company, even if the pay is less, if they feel they belong and are part of the team.
What is your company’s brand? That may sound like a strange question and the answer could range from thinking about your logo or colour scheme, or the values you frame and put on the wall in your reception area. But that is not what your brand is.
Let me ask you another question: what do customers and employees think when your company’s name is mentioned? Do they think you are a great bunch of people who go the extra mile to deliver on your promises, or do they think you’re a bunch of incompetents who always deliver late and below standard? Do employees think their company is money driven and couldn’t care about people?
What do these people feel when your company is mentioned or when they see your logo? Do they have positive feelings about the company and certain employees they deal with, or do they cringe and hope not to have to deal with you again?
The answers to those questions is your brand. It’s the ability to articulate and deliver on the promise your company makes to the market. It is the integrated result of the values the company leaders hold and the values they inculcate into their employees through their actions. It’s the quality and usefulness of your products or services, and how you deal with customers. And it’s how you promote and operate the company. All these things are your brand.
While the company’s executives are key to developing the brand and all it stands for, the brand promise is the who, what, where, when and how of all you do; the sum of all the company’s interactions with the market and internally with each other. Gartner indicates that companies that prioritise the customer experience generate 60% higher profits than their competitors.
Who you are and what you stand for is critical to companies in today’s market where trust is a rare commodity (86% of US and European customers says their trust in corporations has declined over the last five years). Your promise to the market and your ability to fulfil it again and again engenders that trust, which puts you at the top of the pile when it comes to competition.
Related: Are You A Commodity Or A Brand?
When it comes to your product or service, are you the first name that comes to mind because you are a trusted partner? Do your employees deliver on time and to or above the standard expected as far as is possible? Do your employees represent the company in a natural, proactive manner because they are invested in the company and its culture? Or do they do the minimum to get by and collect their pay at the end of the month?
There’s much talk about company culture in the media, but most of these articles miss the most important aspects of culture, buy-in and commitment. When your employees value the culture they are part of, when they feel they belong and are valued, it shows in their commitment to the company, each other and to their customers. Did you know that between 60% and 75%of customers will do business with a company again if it deals with a customer service issue fairly, even if the result is not in their favour?
In fact, young people today are likely to join or stay with a company, even if the pay is less, if they feel they belong and are part of the team.
Customers are the same. While everyone wants to pay the least possible for a product or service, your brand and the associated value (and positive feelings) customers associate with you means you don’t have to cut margins to the bone to get the job. Customers will pay a bit more (within reason) to ensure they get the full package – product, service, support etc.
So your brand, its value and standing in the minds of people includes the marketing and brand building you do, but the promise you make (sometimes unknowingly) to each customer and each employee is what is critical to success. That promise is made up of the products and services you have on offer, if you are meeting the real needs of the customer. It depends on your culture and how valued and appreciated your employees feel, which extends to how they value and treat your customers. And finally, all that impacts customer service, how you react when there is a problem and what you do to keep your promise and develop and maintain their trust in good times and bad.
Brand enthusiasts are welcome to follow Kyle Rolfe’s latest thoughts on brand building in South Africa and his analysis on relevant global trends and issues via Twitter @kylerolfeSA or on LinkedIn at linkedin.com/in/kyle-rolfe-brand-engineer.
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