The desire to create a brilliantly successful brand is the fuel that keeps entrepreneurs going. It triggers them into action and takes them through the days.
The term “brilliantly successful” is as subjective as it gets. It depends on your industry. It could be like Coca – Cola, that serves about 1.7 billion servings each day globally, or it might resemble the most popular tailor in your neighborhood whose calendar is booked for months in advance and you would not dream of calling a week before Diwali.
Irrespective of which business you are in – selling soda worldwide or stitching clothes in a non – descript street in Hyderabad – there are five basics you must know
Knowledge of what your clients want today and what they will want tomorrow
Coca – Cola is one of the most successful brand in the world. The company has changed its secret formula numerous times over the years just to suit the changing tastes of the customers. Today, it has a whole array of drinks with various caffeine content, calorie content, and other flavors. And all of this to meet the demand of today – and tomorrow!
Know your competition
In a competitive market, it is not enough to just do your job well. You need to have a thorough understanding of what your competitor is up to. Coca – Cola knows which fast food chains, convenience stores, and supermarkets promote their products, which promote their competitors, and why. They also have specifics from each consumer demographic that you can think of – age, gender, income, eye color, marital status.
Be conscientious about your brand
You must care about what people say about you and your company. Every company must listen to its clients, irrespective of its size. It could be via online reviews, response cards, or through direct contact. They must then take action for whenever the clients are not satisfied. A satisfied customer will tell about two to three people about his experience with you, while a dissatisfied customer will tell about 8 to 10 people. So, it is in your best interest to be very particular and make sure that every client and customer is satisfied.
Be known to your clients and prospects
There are small business owners – like tailors and carpet cleaners – who usually leave their business cards on the doors of the neighbors of their customers. They also double – check to ensure that their regular customers have a couple of extra cards, just in case someone asks about a tailor or the wonderful condition of the person’s carpets. These businessmen need not spend a lot on advertising for they know that the most potent tool is word – of – mouth.
Be the best in your work
Price competition is a losing battle. There will always be someone who will be ready to go bankrupt before you. It is always better to be the nit – picking tailor who won’t let a single stray piece of thread remain on the stitched product, than be the cheapest tailor available.