What do the super brands have in common? What did they do differently, which set them apart from the rest of the small businesses around the corner? What do you need that will transform your little startup into a mega structure business? Here are some lessons from the big brands which can change lives of any business startup.
- Insanity at its best
Nike, one of the biggest footwear retailers, started their business in 1964 with a humble amount of US$1200. In 2012, their net income is reported to be US$2.223 billion. Obviously their brilliant business strategies came to play, they could tap the right opportunities at the very right moment, and their hard work paid off. But what drove them in the core was the passion to succeed.
- Looking beyond today
Vision plays an important part in the existence of any business. Your dreams become your tomorrow. Vision connects the company in its essence and helps create the drive among the core employees to see beyond the open eyes.
- And that’s how we do it
Culture defines its people and so, plays a subtle yet far reaching impact on the success of brands. An open culture where everyone is welcome to share their ideas and thoughts, Google has gone past the traditional hierarchy to create one of the leading brands providing Internet related services and products.
- Smart strategies at smart moments
When Sam Walton launched Wal-Mart in 1962, he followed a simple strategy. Whatever savings he got from his suppliers through bargaining with wholesalers, he passed those to his customers. Typically other retailers would cash the savings in their own pockets. But this simple strategy of Sam Walton has created a retail society of “Always low price, always”.
- Making customers feel right
Every brand has a story to tell, a story about the person owning the product. Levi’s makes you feel young and chic and 3M is a “promise of trust” for its customers. Branding is less to do with what it does than what it says. To create a strong brand, it is crucial to give the right and consistent message across all product lines, provide an overall perception of the brand, slowly build a niche, and stay away from overstretching the brand.
- Promises are not made to be broken
All the big talks come into nothingness if companies can’t live up to the customers’ expectations. This is the soul that keeps the business running in day-to-day lives. What keeps an inexpensive Chinese phone with hundreds of apps and features apart from an Apple’s iPhone is the promise of strong security and better quality.
- Beyond the traditional media
With the buzz of social media at the boom, brands in recent years have actively participated in this realm. Brands today understand the value of the fast proliferation of the “word of mouth” through social media. Boots, a leading UK based brand in beauty products, actively promotes it products, share news of its promotions, and runs contests and competitions through Facebook.