Anyone can helm a business, but for a brand to constantly innovate and excel, a good entrepreneur needs to intervene directly into the makings of that brand, whether it be the experience, the look or the feel of it as a whole. Here is how a brand can easily become the best brand to beat on the block.
A brand needs to constantly walk off the beaten path
What does the business do that’s new, exciting and different? If nothing, then that there is a surefire sign that the moment has come: you need to be more creative in how you view your business. It’ll only make it easier to find your niche.
To live long and prosper (see what I did there? I’ve been watching Star Trek…) in a highly competitive market, one needs to fearfully walk off the beaten path and question the way things are done, and perhaps do the opposite of what’s expected in order to surprise customers and counter the effects of the previous, tired technique you’ve been using. How do you see your business right now? Are you catering to all or to a select few? Perhaps you can review your targeted market and see whether your views are shared across the board. You might find that you need to question whether you’ve been right or wrong all along, and do something different about it.
Lego’s re-rise to fame
Lego made a huge turnaround in the last 10 years by changing their business model and handing over creative direction to their fans, who were using the blocks in the first place – kind of like ambassadors of the brand to begin with. Lego was going under, but their fans weren’t letting go without a fight. Who better to dictate what was next in the Lego empire than the people using their products, right? If you didn’t know the outcome already (or if you’ve been living under a rock, here goes: it worked. The tactic saved the company from the brink of bankruptcy and the partnerships made their numbers boom) you might have flinched at the idea of letting outsiders into your business decisions, but since it worked, it begs the question: would you be gutsy enough to try something crazy like that?
Partnerships are one way to do it (such as Lego with Star Wars), but the secret is basically this: engage. Ask your customers what they see in your brand, how they use it, why they use it and what they’d like to see from it. You’ll gather gold.
What can make your business the alpha of the pack, so to speak? That’s what you need to ask yourself in order to get a leash on what your brand is all about, and help you find how to put your best foot forward in the vast expanse of the market.