When I mention “Nike” or “Apple” an visualization came into your mind. That’s essentially what a good brand does. It creates an image in your head of what that company sells. When I say “Nike” automatically what came into my mind is a person running on a track. And when I mention “Apple” I can envision someone using an iPhone for business and life. Essentially a good brand is a product that the company is known for. Nike might make all types of shoes, clothing, and accessories as well as Apple has their fitness watch, personal computer, tablet, etc but there is always one thing that really stands out. That one thing makes them the king of that hill (industry). I am going to list the important traits a brand must have in order to be a top performer in that market:
Good intentions – The company must bring good value to their clients besides making a profit. Profit is important and without profit a company will not succeed but we must look a profit as a reward for their good intentions. If that business brings lots of value to many individuals then those individuals will reward them by purchasing their products.
Trust – If anyone is going to have any type of a successful relationship it involves trust! I cannot sell you something then collect all your information then sell it to someone else behind your back and hope you never find out…..People are not naive. Businesses and companies that sell out to investors eventually lose large market shares when their products do not meet customer expectations.
Innovation – markets change fast and if your not innovating then your going to be gonzo! A great example is Kodak with film and photography, at one time a name that nobody would think will ever fail, now a name that people put a time stamp on. This company did not innovate to compete with rising competition. It had the money and power but felt comfortable being number one for decades for too long.
Listen – The ability to listen, process, and solve is by far the number one factor for a great business. If you stop listening to your customers and keep pushing them to what they should have essentially they will go somewhere else…..to someone that listens. Ask and listen is key to growing your business. Delivery of what you listened to will make your brand stand out.
With these four factors you can have a successful brand that will stand the test the time. Speaking of time….when I mention “Rolex” here is a prime example of a brand that has prestige and an exquisite product that everyone would love to have but not everyone can afford to have.