In-order to transcend the generic business outlook that exists today and build a successful brand and product, we need to evaluate the innovators who came before us. So how does one build a successful brand in this century?
What is a brand? A brand is the name of a product or a company that specializes in a specific field. It is the very the life force of any business endeavour whether it be supplying a product or rendering a service.
Let us back track to the 1970s, this is the era in which Steve Jobs founded Apple. It is a company which had its first assembly line in a garage and it is no secret that Apple is one of the world’s technology powerhouses. The question we should be asking is, why it turned out to be a successful company? Selling your product means selling your brand, what you put into your product or rather how much you work on perfecting your product determines how your product performs. Apple prides itself with the quality that comes with their product. Apple users are encouraged to turn in their old devices so as to have them recycled and integrated into the process of making new devices. This may be appealing to the environmentalist demographic, which is a smart marketing strategy on Apple’s part. All these perks allow Apple to assert its dominance as being not just a brand but a status symbol.
Tesla is a brand that is on the fast track to being inducted into the parthenon of status symbol brands. “How?” you may ask. The tech mogul Elon Musk has amassed a fortune through his innovative incentives and products. That’s the magic word, innovation. As it stands Tesla has paved the way for high functioning electric cars and interstellar exploration. These two brands follow a mirrored strategy, they both champion sustainability and innovation. Those concepts are the cornerstone of building a successful brand in this modern age.
The key to starting your company is to find a need or a want, finding a market for it and exploiting that market. This theory works even better especially if said market is untapped. At the rate at which technology is evolving there are plenty of markets that are bound to appear. An example is the marketing scene. When the internet first came into existence, before it was readily available for domestic use. No one thought it would evolve into the cash cow juggernaut it is today. Digital marketing has become the go to for many businesses all over the world. Traditional marketing strategies have become obsolete because the mediums through which you can market a product have increased rapidly. The possibilities are endless.
Observe your competitors
Doing research on competitors is very important. This is especially vital if you are tapping into a market that already has a competitive presence. The most important element when researching your completion is establishing their short comings. Having knowledge about what a specific brand fails to deliver to its customers can help you build a product with a competitive edge. This can be done by observing product reviews and taking part in surveys.
One thing to take note of is that your brand or product isn’t something that a consumer is just buying blindly. Your brand should change your consumer’s lifestyle, you should aim for it to become a status symbol and not just a generic product. Always take the mantra to heart. Sustainability, innovation and affordability.